Investors worldwide are hearing about Bitcoin on a regular basis these past few months. These days, it’s not uncommon for mainstream media, investment moguls, and organizations to shine a light on bitcoin’s excellent performance over 2016 and into the new year. With many individuals and companies discussing the cryptocurrency’s merits, investors worldwide are unknowingly getting an earful of Bitcoin.
Wyre CEO Says ‘Bitcoin Is Good Investment for Everyone’
This week, on Bloomberg Markets with Rishaad Salamat, the show sits down with Michael Dunworth, CEO, and co-founder of Wyre to discuss bitcoin demand. Dunworth explains that bitcoin may be worth more than gold soon and discusses some investors’ issues with the digital asset’s volatility. Host Rishaad Salamat asks Dunworth why the young entrepreneur believes bitcoin will be worth more than the shiny precious metal.
“If you look at the principles of bitcoin, it’s actually already met parity with Gold in 2013 for one bitcoin per ounce of gold,” explains Michael Dunworth of Wyre. “But moving forward, bitcoin has what gold wishes it had. It has divisibility, still has scarcity like gold, but it’s also extremely transferable. If I wanted to get a brick of gold to you over there, Rishaad, it’s going to be pretty tough. If I wanted to send you some bitcoin with the same level of store of value, I can do that pretty quickly. So I think it’s a new age for storing value.”
Market Watch Investors Say Trump May Ease Bitcoin ETF Regulation, But it’s Not a Sure Thing
Following the Bloomberg Markets report investors then heard from the Wall Street publication Market Watch this week. According to the investment publication, investors are waiting patiently for the upcoming Bitcoin ETF decision from the U.S. Securities and Exchange Commission. Furthermore, some investors believe that Donald Trump as POTUS may pave the way for a cryptocurrency-based ETF. However, even though Trump may ease regulatory policies across the country, it still may not happen. “Trump will ease the way, but that doesn’t mean it’s suddenly a sure thing,” details Phil Bak, former head of ETF listings at the New York Stock Exchange. Bak told Market Watch that regulators have a hard time dealing with innovation, stating:
Market makers need to hedge, and the fact that you can’t short bitcoin means there could be liquidity issues that make it trade off its fair value, which is a problem from the SEC’s perspective. Plus, Bitcoin is new and different, and there’s no incentive for regulators to be innovative.
Blockchain CEO Tells World Economic Forum Broadcast Bitcoin ‘Already is Legal Tender’ and the First True Digital Asset
Another broadcast which gave investors a glimpse at Bitcoin this week was an interview with Blockchain CEO, Peter Smith at the World Economic Forum in Davos. On the “Davos Today” program, Smith tells the host that people are reexamining their relationship with the world and Bitcoin is a part of a shift. The shift has “created an opportunity for new technology,” explains the Blockchain founder. When asked if bitcoin could ever become legal tender, Smith believes most of the framework has already been established.
“Most of the G7 has figured out how they’re going to tax bitcoin, as a commodity and as an asset,” details Blockchain CEO, Peter Smith. “I think it’s already a legal tender. There are millions of people using it on a weekly basis, but what I think what it is, it’s the first example of a truly digital asset. So what I think will happen over the next five years is we will see the creation of a lot of new digital assets. Some of these will be issued by governments themselves, others will be specific to companies, specific to loyalty programs, and specific to products like identity or governance. But I think it’s the first initial step in rewriting how a lot of this stuff works.”
As bitcoin breaks its latest price barrier into the US$955 range, it’s safe to say investors heard about Bitcoin from all angles this past week.
What do you think about investors hearing about Bitcoin a lot more than usual? Let us know in the comments below.
Images courtesy of Shutterstock, Reuters, and Bloomberg Markets
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