In spite of the global liquidity crisis that has been rocketing through the financial sector in the aftermath of the COVID-19 pandemic, many feel that investment into Bitcoin and cryptocurrencies will demonstrate resilience. Even in the midst of the financial strain of this past spring, Bitcoin was still up over 33% from the year prior.
It continues to be a favorable and undiluted form of value, and according to the experts, will not experience the same devaluing of traditional currencies as a result of inflation. Though Bitcoin has been a safe investment, especially when purchased through a safe and secure exchange like NordikCoin, regulatory influences have kept it from becoming a more plausible option for investment funds. Should the government open the way for insurance funds, pension funds, endowments, or other financial vehicles, there could be a more massive run on the cryptocurrency.
The Future for Bitcoin
The turmoil found in most economies around the globe is likely to bolster the prices of Bitcoin. This is good news for the top billionaires and celebrities that have already hedged their bet on Bitcoin and its role in their financial future. For these individuals, the chance to purchase Bitcoin is an option to protect their massive wealth. Bitcoin represents a way to retain the value of their fortunes, even when the domestic currency is set to lose value over the coming years. The volatility in the financial markets, global economy, and national unrest has a significant impact on the standard portfolio, so for the millionaires and billionaires who taken the Bitcoin plunge, it has been a tremendously valuable way to diversify their portfolios. Using the safe, easy, and secure exchange of OmniMatrix can lead your finances toward a similar path. In fact, these celebrities and billionaires have a lot to say about the value and potential of Bitcoin.
The Voices of Encouragement
In some ways, cryptocurrencies have been seen as a disruption and polarizing distraction to more than just the financial sector. Bitcoin has touched law enforcement, real estate, hedge funds, banking, and health care, just to name a few. It is still in its infancy, yet the enthusiasm over the marked potential to revolutionize financial security from major investors is running high. Several of the world’s wealthiest individuals have taken a strong stand on blockchain technology and aren’t afraid to buy in or speak their minds.
Jeff Bezos: As the world’s richest man, there is no surprise that when he makes a financial move others will follow. The Amazon founder has a net worth of over $130 billion, and some of this massive fortune has been rumored to be invested numerous times into Bitcoin. The CEO of Bitcoin, Changpeng Zhao, has even been quoted as claiming Amazon to be a key catalyst for future Bitcoin runs. So far, the e-commerce site has denied plans to accept Bitcoin on its site, but one cloud computing partnership of the multi-billion is a blockchain startup called Kaleido.
Elon Musk: As the founder and CEO of Tesla, Elon Musk has been the center of both criticism and speculation over his stance on Bitcoin. Over the past few years, there has been a steady release of cryptic tweets on the currency, though some of the more noted comments addressed his speculation that the currency was widely used for illegal transactions. However, more recent exchanges reveal his understanding and enthusiasm for a safe and consistent cash alternative, though he still wasn’t convinced that cryptocurrencies could be an absolute replacement. He is savvy enough to know and admit that banks are in trouble with the new competition and that there many changes coming to the financial industry.
The Winklevoss Twins: For some, the Winklevoss twins are only famous for their highly-public clash with Facebook found Mark Zuckerberg. However, these two brothers have earned notoriety on their own, especially on the heels of their Bitcoin purchases in 2017. Shortly after the prices surged in 2017, the brothers found themselves the first Bitcoin billionaires. The brothers had founded the crypto exchange Gemini, and through their purchases claim to own around 1% of all the Bitcoin in circulation. The saga between the Winklevoss twins and Zuckerberg may continue, as it was reported that the three had a conversation just before the Facebook founder announced its Libra stablecoin. The brothers spoke positively about the impact Libra would have on the cryptocurrency industry.
Tim Draper: One of the earliest billionaires to take a bullish stance on Bitcoin, Tim Draper accumulated an estimated worth of about $19 million back in 2014 when he purchased a load of Bitcoin that was being auctioned off by the U.S. Marshals after it had been seized. In the fall of 2019, the venture capitalist reiterated his strong position on the cryptocurrency when he ventured a prediction that the value of bitcoin will reach $225,000 by the year 2022. In the spring of 2020, Draper moves more of his wealth of public stock markets and moved it into his Bitcoin portfolio.
Jack Dorsey: A co-founder of Twitter and founder of Square, this technology entrepreneur is one of the biggest cheerleaders in Silicon Valley for the blockchain technology. More recently, Twitter added a Bitcoin emoji, but Dorsey himself has a sweeping impact on the price of Bitcoin and cryptocurrencies. He already leads the payment giant Square, and have created with a cryptocurrency division that boasts of the Bitcoin-buying Cash App. The app has brought in almost half of its last quarter earnings from 2019 with Bitcoin. The app earned a Bitcoin revenue of nearly $178 million in just three months.
The Bitcoin development of Square, Square Crypto, has also been busy. It recently awarded grants to two different Bitcoin developers and their open-source projects to impact the Bitcoin network. Dorsey is happy to oblige the Bitcoin community and is actively seeking ways to make it practical and useful around the globe. Part of his 2020 plans were to spend several months living in Africa to explore the future of Bitcoin for the continent.
The are many positive expectations for the future of Bitcoin, with those who have already watched their fortunes grow becoming more bullish in their stance. According to those in the know, such as billionaire investor Ray Dalio, there seems to be a growing perspective of Bitcoin as the “digital gold” of currencies. Regulations still keep the movement in a state of flux, but in spite of the restrictions, the interest in the currency doesn’t seem to wane. For those that have the money to invest, there are several safe and easy online sites where you can create your Bitcoin wallet and purchase your own coins.