Bitcoin has seen a surge in recent weeks and months, showing that even in a world of uncertainty, it has value. Analysts say these rallies are institutional players.
A crypto asset analyst “Light” noted that from the data he has, he can see that there are serious institutional players buying BTC.
News events indicate this is the case. MicroStrategy, a US business services company, bought $ 425 million worth of BTC in the space of two months, while fintech company Square put $ 50 million off its balance sheet into Bitcoin.
Despite this increase in institutional interest, not all investors are convinced of the leading cryptocurrency. Billionaire investor Ray Dalio, who runs the world’s largest hedge funds, recently said he is not yet convinced Bitcoin has long-term value. He has said this before, but this comment comes after a number of other investors changed their vote on the asset.
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Not convinced of Bitcoin: Ray Dalio
Ray Dalio is one of the world’s foremost Wall Street investors. It’s no surprise, then, that those interviewing him have asked for his views on Bitcoin and cryptocurrency as this asset class has continued its rise.
In a recent interview with Yahoo Finance, he said he thinks digital currencies launched by governments and central banks will gain traction more than Bitcoin and other decentralized cryptocurrencies.
He admitted that Bitcoin is an alternative repository of wealth, but said he would still prefer using gold over the leading cryptocurrency. He specifically said central banks are more likely to hold gold than BTC, which is correct.
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Growing number of supporters
This comment comes shortly after Stanley Druckenmiller, a billionaire investor, announced his support for Bitcoin.
Raoul Pal, CEO of Real Vision and former Goldman Sachs hedge fund manager, recently stated in the news:
The significance of the world’s largest and most respected money manager – Stan Druckenmiller who just said he is a long bitcoin cannot be overstated. That has removed any obstacle for a hedge fund or endowment to invest … “
Druckenmiller joins Fidelity Investments CEO and Paul Tudor Jones, a billionaire Wall Street investor, as the latest Bitcoin bulls in traditional finance.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Billionaire Investor Ray Dalio Isn't Convinced Of Bitcoin Just Yet