TL;DR Breakdown
- The current demand for Bitcoin beats its supply chain —Anthony Scaramucci
- 2021 would be the year of institutionalisation of cryptocurrency
Demand for Bitcoin is currently beating its supply, this was made known by the co-founder of Skybridge Capital, Anthony Scaramucci, whose hedge fund recently launched a crypto-centric fund of over $300 million.
The former Director of Communication at White House was noted to have said that “Bitcoin is better at being gold than gold is at being gold.” This means that the crypto asset has become a recognised storage of value presently in the world.
He further added that crypto adoption is on the rise as the “floodgates” are now open. He also spoke about Microstrategy’s purchase of Bitcoin reiterating that the demand for the digital asset is now more than the supply.
Wayne Trench, the CEO of OSL, on his own part, highlighted that this year would be the year of institutionalisation of cryptocurrency. Popular investor, Bill Miller, also corroborated Trench’s view.
According to Miller, the relatively less investment in the coin would become massively boosted if more companies decided to put some of their cash balances into Bitcoin.
Bitcoin is gaining more attention as a store of value – OSL CEO
Wayne Trench made it known that BTC was now gaining more interest and attention as a store of value. He went on to identify that PayPal’s entrance into the foray would go a long way in aiding Bitcoin’s growth.
Additionally, he believes that the current rally of the coin which is being led by institutional investors would go a long way in curbing the volatility attached to the market currently.
Dan Schulman, the CEO of PayPal, announced that his firm was going to soon enable crypto assets to be used as a funding source by his firm. Schulman said his payment company recognises that users of their platform were able to transact cryptocurrencies, his company was, however, working on how merchants on the platform would accept the coins as a valid means of payment for products and services.
