It has been a roller coaster year for this generation’s digital GOLD and of course many other altcoins! The leading cryptocurrency, which was invented in 2009, has seen better days and it has doubled, tripled and generally multiplied in value over the course of the COVID-19 pandemic, protest and lockdown ridden year.
When it comes to the mainstream adoption of BTC and other altcoins, many investors, world financiers, industry giants, government agencies, economists, financial news commentators and even bank executives have swam between the tides of embracing the crypto to eclipsing the coin’s worth with degrading remarks. The coin hit its all-time high of $24,300 from $7,168 at the beginning of this year. Many believe that the good fortune that became of the coin is due to the devaluing of many nation’s legal tender. Others opine that it is due to the unnecessary hype and industry adoption of the currency.
Overall, this coin has scaled and suffered for many reasons including the remarks of key stakeholders and global industry players in the economic scene. Here are some interesting takes about the coin over the year- in no particular order:
· Michael Saylor, The Mastermind behind Microstrategy urged Tesla’s Musk thus: “If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor”
· Kevin Kelly, who is lead analyst at Delphi Digital, a cryptocurrency analysis firm, said: “Bitcoin and crypto in general still very much sit further out the risk curve in investors’ minds.”
· Paul Tudor Jones II, a hedge fund manager: “We’re watching the birth of a store of value, and whether that succeeds or not, only time will tell.”
· Goldman Sachs Consumer and Investment Management Division, quoted: “Cryptocurrencies including bitcoin are not an asset class. … We do not recommend bitcoin on a strategic or tactical basis.”
· Stanley Druckenmiller, hedge fund investor, “Frankly, if the gold bet works, the bitcoin bet will probably work better.”
· JPMorgan analysts: “Even a modest crowding out of gold as an alternative currency over the longer term would imply doubling or tripling of the bitcoin price from here.”
· Jamie Dimon, CEO of JPMorgan Chase, Bitcoin is “not my cup of tea.”
· Zac Prince, BlockFi’s CEO “This coalescing of fintech and bitcoin is yet another bullish development for investors.”
· Mati Greenspan, Quantum Economics’ Founder, tells subscribers: “It’s a bit surreal to see gigantic corporate entities now going knee-deep in bitcoin.”
All of these and more are the remarks made about the leading crypto. What do you think? Let us know your takes in the comment section.