The staggering rise in the price of bitcoin has been largely driven by a growth in BTC’s reputation as a store of value.
Bitcoin is on everyone’s lips. The main cryptocurrency is experiencing 2021 like never before, reaching all-time-highs almost every week and experiencing a bullish rally that has taken it to exceed USD 55,000 in recent days, to then correct and stay around USD 53,000 .
This staggering rally has been largely driven by a growth in BTC’s reputation as an investable store of value. This shift in sentiment around Bitcoin has been heavily aided by positive announcements about the asset by large Wall Street investors and leading millionaires in the financial system.
Among these people, there are three of the most important billionaires and recognized investors , who have expressed themselves in favor of Bitcoin, providing support to the cryptocurrency and the ecosystem that is very important to add confidence:
Ray Dalio , Co-Founder of Bridgewater Associates ► recently stated that Bitcoin is “a great invention”, and that the cryptoasset can be seen as an alternative asset similar to gold.
Stanley Druckenmiller , one of the best investors of all time ► confessed a few days ago that he owns Bitcoin, although he warned him by saying that he owns more gold than the cryptocurrency. He said that if millennials start supporting bitcoin to a greater extent, BTC may outperform.
Paul Tudor Jones , Macro Investor and Founder of Tudor Investment Corporation ► said in May 2020 that he believes Bitcoin is the “fastest horse” in the race against inflation right now.
Despite the support of these three benchmarks, and a host of other billionaires and Wall Street executives who are getting closer and closer to Bitcoin, not all have changed their minds about the major cryptocurrency yet. Warren Buffett, for example, has long been an ardent critic of Bitcoin. Let’s remember what he commented in 2020:
“Cryptocurrencies are basically worthless and they don’t produce anything. They don’t reproduce, they can’t be sent in a check, they can’t do anything, and what you hope is that someone else will come and pay you more money for them later. In terms of value: zero. ”
The comment above is actually one of the least intense investor comments on Bitcoin. During interviews in the past, Buffett said that Bitcoin is ” rat poison squared . ” And on another occasion he expressed that the cryptocurrency “has little more value than a button on his suit.”