As per Michael Wu, the CEO of Amber Group, Bitcoin will still have noteworthy value fluctuations. Nonetheless, it’s out of the bubble territory, as per him.
It is to be noted that a number of entities have called BTC a bubble since its beginning around twelve years ago. The CEO of digital asset financial services outfit Amber Group, Michael Wu contemplates otherwise.
Referring to the notion of Bitcoin as a bubble, Wu mentioned in a CNBC interview,
“I think it’s always like this when people come into a new paradigm shift.”
He further said,
“People start with doubts, with skepticism — it’s very natural because they will have to take time to understand what’s new there, is it sustainable.”
“In the early stage, that kind of understanding, that kind of skepticism, always comes with a lot of price volatility. However, I don’t think you can call Bitcoin a bubble anymore, because, like I mentioned earlier, you have all these institutions, all these billionaires, multi multi-billion-dollar listed companies, all these, you know, all these newcomers into crypto. They’re buying Bitcoins, they’re buying crypto and there are only 21 million Bitcoins out there.”
References to large conventional players purchasing Bitcoin has become much more common in recent months. Last year, Microstrategy allocated over a billion dollars to Bitcoin. MassMutual put hundred million USD into Bitcoin sometime afterwards. Apart from that, digital firm Square later invested fifty million USD in Bitcoin.
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