What must happen for Bitcoin ( BTC ) to consolidate its role in public opinion as a valid investment option?
Aleks Svetski, CEO and co-founder of Bitcoin’s investment platform, Amber, told Cointelegraph in an email „This is NOT a technological revolution,“ he said, adding:
„It’s a currency revolution, which would take (traditionally) centuries to manifest, whereas in the digital age, Bitcoin is likely to do so in decades.“
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Bitcoin consolidates despite instability
Since Bitcoin Code / Bitcoin Era / Bitcoin Profit / Bitcoin Evolution / Bitcoin Billionaire / Bitcoin Revolution / Bitcoin Circuit / The News Spy / Bitcoin Trader / Immediate Edge prices fell to 50% in March, amid fears and uncertainty about the coronavirus, the general public has become increasingly interested in the pioneering cryptoactive. The currency also recovered its value dramatically, registering gains of more than 130% from its low.
Bitcoin’s positivity occurs in unstable conventional market conditions. Traditional market gauges recorded some of their worst results since the 1987 market collapse, as business closures and coronavirus prevention measures took hold. Although markets have since recovered, unemployment figures provide justification for continuing concern.
As a global asset, Bitcoin is independent of government control, which can be attractive during economic uncertainty. Svetski explained:
„The more holes appear in the building we call society; whether monetary, fiscal, social, political. The more people will want to preserve their wealth in something immune to state manipulation.“
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Bitcoin is gaining popularity recently in the general public
In recent days, Bitcoin has seen a number of conventional entities express interest in the crypto industry, including billionaire Paul Tudor Jones and his coverage play using Bitcoin.
Svetski mentioned two reasons for attracting the public to crypto space, he explained:
„I have a saying: ‚People will go into Bitcoin out of curiosity or pain. I would also add ‚greed,‘ but that may be under the banner of curiosity.
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Even JPMorgan Chase has changed its mind towards cryptospace, recently announcing the loan of its services to the cryptomoney exchanges, Coinbase and Gemini. The move is in stark contrast to 2017, when Jamie Dimon, CEO of the banking giant, called BTC a fraud.