Bitcoin has undergone a strong rally over the past few weeks and months, showing it does have value even in a world where there is much uncertainty. Driving this rally, analysts say, are institutional players.
One crypto-asset analyst “Light” noted that from the data he has, he can tell there are serious institutional players that are buying BTC.
News events indicate that this is the case. MicroStrategy, an American business services company, purchased $425 million worth of BTC over a two-month time span, while the fintech company Square deployed $50 million from 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 biggest hedge funds, recently said that 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 have changed their tune 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 that interview him have asked about his thoughts on Bitcoin and cryptocurrency as this asset class has continued its ascent.
In a recent interview with Yahoo Finance, he said that he thinks digital currencies launched by governments and central banks will gain more traction than Bitcoin and other decentralized cryptocurrencies.
He did admit that Bitcoin is an alternative store hold of wealth, but said that he would still prefer using gold over the leading cryptocurrency. He specifically said that central banks are more likely to hold gold than BTC, which is accurate.
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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 a former Goldman Sachs hedge fund manager, recently stated on the news:
“The significance of the world’s greatest and most respected money manager – Stan Druckenmiller saying just now that he is long bitcoin can not be overstated. That has removed every obstacle for any hedge fund or endowment to invest…”
Druckenmiller joins the CEO of Fidelity Investments and Paul Tudor Jones, a billionaire Wall Street investor, as the latest Bitcoin bulls in traditional finance.
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