The demand for Bitcoin is currently beating its availability, reported by Anthony Scaramucci, co-founder of Skybridge Capital, whose hedge fund recently launched a more than $300 million crypto-centric fund.
It was mentioned that the former White House Communication Director claimed that “Bitcoin is better at being gold than gold is at being gold.” This indicates that the crypto asset has now become an internationally accepted value storage.
He further added that, as the “floodgates” are now open, crypto adoption is rising. He also spoke of the purchasing of Bitcoin through Microstrategy, reiterating that demand for the digital asset is now greater than availability.
For his part, Wayne Trench, CEO of OSL, stressed that this year would be the year of the institutionalization of cryptocurrencies. The influential investor, Bill Miller, also confirmed trench’s view.
According to Miller, if more businesses wanted to put some of their cash balances into Bitcoin, the comparatively lower investment in the coin would be significantly boosted.
As a store of value, Bitcoin is gaining more attentionâ€”OSL CEO
Wayne Trench made it clear that BTC was now earning more interest and publicity as a store of value. He recognized that the entry of PayPal into the foray would go a long way in aiding the development of Bitcoin.
He also assumes that the latest coin rally led by institutional investors will go a long way in curbing the uncertainty currently linked to the market.
Dan Schulman, PayPal’s CEO, announced that his firm would soon allow his company to use crypto assets as a source of funding. Schulman said his payment company accepts that its app users have been able to transact cryptocurrencies. Still, his company focused on how retailers can obtain the coins on the platform as a legitimate means of payment for goods and services.