What needs to happen for Bitcoin (BTC) to consolidate its role in public opinion as a valid investment option?
Aleks Svetski, CEO and co-founder of the Bitcoin investment platform Amber, told Cointelegraph in an email. “This is NOT a technological revolution”he explained, adding:
“It’s a monetary revolution, the manifestation of which (traditionally) would take centuries, while Bitcoin is likely to do so in decades in the digital age.”
Bitcoin is consolidating despite instability
Since the price of Bitcoin dropped to 50% in March, the general public has become increasingly interested in the pioneering crypto activity given the fear and uncertainty surrounding the corona virus. The coin also dramatically regained its value, Registration of profits of more than 130% against the minimum.
The positivity of Bitcoin occurs under unstable conventional market conditions. Traditional market indicators have seen some of their worst results since the 1987 market crash, when business closures and corona virus prevention measures took flight. Despite the fact that the markets have recovered since then, unemployment figures justify the continuing concern.
As global capital Bitcoin is independent of government control, which can be attractive in the event of economic uncertainty. Svetski explained:
“The more holes appear in the building that we call society; be it monetary, tax, social, political. More people will want to preserve their wealth in something that is immune to government manipulation.”
Bitcoin has been gaining popularity in public lately
In the last days Bitcoin has seen a number of mainstream companies that have expressed interest in the crypto industry, including billionaire Paul Tudor Jones and his hedging game with Bitcoin.
Svetski mentioned two reasons to attract the public to the crypto space and explained:
“I have a saying: ‘People will get into Bitcoin out of curiosity or pain.’ I would add ‘greed’ too, but that could be under the banner of curiosity. ”
Even JPMorgan Chase has changed its mind about the crypto space and recently announced the lending of its services to cryptocurrency exchanges, Coinbase and Gemini. Measure shows A stark contrast to 2017 when Jamie Dimon, CEO of the banking giant, described BTC as a scam.
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