Brian Armstrong Once Again Showed his Support for Bitcoin ($BTC)
Brian Armstrong is the Chief Executive Officer (CEO) of the largest cryptocurrency exchange, Coinbase. He usually makes his bullish prediction on Bitcoin.
Earlier this week, Armstrong replied to a tweet of a popular technology investor, Anthony Pompliano, who wrote “United States national debt is now $31.41 Trillion.” Over which Armstrong replied “this is the bull case for Bitcoin.”
Eight years ago, in his old tweet, Armstrong called Ripple, Steller, and Altcoins “a distraction,” while “Bitcoin is way too far ahead.” He further added that everyone should be “focused on Bitcoin and sidechains.” But now this tweet is not available, which seems like it got deleted.
Armstrong is one of the biggest supporters of Bitcoin. And his bullish statements on Bitcoin showed that Coinbase CEO is watching the bright future ahead of this most-traded cryptocurrency, Bitcoin. However, he did not seem much confident about the Altcoins.
Besides Armstrong, many of the institutional investors started their investment in Bitcoin, according to the relevant recent reports. The report says these investors see Bitcoin as a legitimate asset class with great accessibility.
In addition, the annual Fidelity Digital Assets survey that was conducted by the financial leader Fidelity Management, states that 58% of institutional investors bought cryptocurrency in the first half of last year. And 74% of those were planning to begin their investments in cryptocurrency in the near future. This institutional survey was across 1,052 institutional money managers who belong to North America, Europe, and Asia.
It must be noted that these investors have more buying power than the average retail investor. And their presence in the crypto ecosystem could theoretically surge the price of Bitcoin.
Will Bitcoin Price Going “to The Moon”!
Bitcoin noted its 90 day high this week at $23,722, while some of the analysts are predicting that Bitcoin price could reach at $35K level in coming months. At the beginning of this year, Bitcoin already made a record by breaching the $23k price level.
The above graphic representation indicates the price surge of Bitcoin this year. That surged more than 40% from the $16k to the $23k level. The recent update on Bitcoin says that indicates the bullish divergence is being formed on Bitcoin. And the sellers are not pushing the price lower, as the bigger players are holding all of the bearish pressure.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
