For many investors, Bitcoin is still not yet a viable asset, but it is predicted to garner more attention and interest in the future. How can public opinion shift towards Bitcoin?
Aleks Svetski, CEO and co-founder of the Bitcoin investment platform Amber, simply states, “Time”. He emphasized, “This is NOT a technological revolution.” In particular, he added that, “It’s a monetary revolution – which takes (traditionally) centuries to manifest, whilst in the digital age, Bitcoin is likely to do it in decades.”
Bitcoin is still rising despite the unstable economy
Since Bitcoin’s 50% decrease in Marchin the middle of a global pandemic, there has been increased interest in Bitcoin from the mainstream public. Despite the price dive, Bitcoun rebounded dramatically in value, with a more than 130% gain
Although the current market is unstable, Bitcoin is seen a positive asset. Recently, traditional market barometers posted some of their worst performances since the market crash of 1987. This is in part due to the devastating economic impact of COVID-19, with record numbers of business closures and high unemployment figures.
As a global asset, Bitcoin is independent of government control, which is appealing during the current economic uncertainty. Svetski noted that, “The more holes that appear in the edifice that we call society; whether monetary, fiscal, social, political – the more people that will want to preserve their wealth in something immune to the tampering of the state.”
Bitcoin gaining recent steam in the mainstream
Recently, the crypto industry has gained more and more attention from the public, especially a number of mainstream entities, including billionaire Paul Tudor Jones and his Bitcoin hedge play.
Svetski has also highlighted two reasons why cryptocurrencies are slowly gaining interest from the public. He explained: “I have a saying: ‘People will get into Bitcoin for curiosity or pain.’ I’d also add ‘greed’ but that can come under the banner of curiosity.”
Even JPMorgan Chase has reversed its position on cryptocurrencies, announcing the lending of its services cryptocurrency exchanges like Coinbase and Gemini. This move is in stark contrast to 2017, when Jamie Dimon called Bitcoin a fraud.