August 12, 2022

Bitcoin is not a bubble anymore, Amber Group CEO says

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A number of entities have called Bitcoin (BTC) a bubble since its inception roughly 12 years ago. Michael Wu, CEO of digital asset financial services outfit Amber Group, thinks otherwise, however. 

“I think it’s always like this when people come into a new paradigm shift,” Wu said in a CNBC interview on Thursday, referring to the concept of Bitcoin as a bubble. “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,” he said, adding:

“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 mainstream players buying Bitcoin has become much more common in recent months. Microstrategy allocated more than $1 billion to Bitcoin in 2020. MassMutual put $100Title: Bitcoin is not a bubble anymore, Amber Group CEO says
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Published Date: Fri, 05 Feb 2021 22:11:48 +0000