It was Microstrategy investing in Bitcoin and it is now the Square’s following suit in the process of investing in BTC.
Michael Saylor stated, “Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation, and government in a fair & equitable manner, without losing any of it. If that’s not intrinsically valuable, what is?”
Barry Silbert, quoted a statement made by Bank of England Governor Andrew Bailey who stated, “I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value.”
One of the onlookers tried to think through the statements and made a comment stating, what is intrinsic value of fiat currencies? All the debt that forces people to stay in their system?
With Square’s recently announcing $50 million investment in Bitcoin (BTC) it appears to be an act that provides a strong vote of confidence for the future of Bitcoin. This is also sign of the lot of potential for the cryptocurrency as an asset.
JP Morgan wrote that very quickly several other payment companies will follow the steps of Square’s failing which they might have to risk getting out of a growing segment.
Researchers have to state that Millennials are using Square’s Cash App to buy BTC. They have also considered other purchases including that of Microstrategy and have stated that the demand for Bitcoin is more than the supply when comparing Q3 and Q2.
Sydney Ifergan, the crypto expert tweeted: “Bitcoin (BTC) is a well evolved version of money. Might not be able to call it perfect, but it has a potential to bring in some wonderful changes in the way we transact.”
Willy Woo, someone who is pioneering on-chain market analysis have to state that Bitcoin is not an approximation to Gold, in fact Gold is an approximation to Bitcoin. Gold gets its store of value based on historical scarcity (but only due to technological limitation) while Bitcoin is a mathematical game-theoretic implementation of a perfect scarcity.
Bitcoin is likely to surpass the Market Cap of Gold though not this month, maybe not this year, but definitely one day.
Some of them draw an analogy stating Microsoft word has value, because it is useful for writing stuff. Same with Bitcoin. It has value because it is useful for exchanging and storing value.
Apart from Scarcity Bitcoin is considered to be a software platform which gold can never be close to be.
Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.
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