As Bitcoin continues its descent to a bottom and the rest of crypto follows, those with the money believe the industry is here to stay.
A new day dawns and the cryptocurrency sector continues to lose value in its total market cap. Bitcoin is finding new local lows almost on a daily basis just recently and many are wondering if it is anywhere near a bottom in price.
Many retail investors have sold at a loss and have fled the market, some of them probably never to return. Others are maybe hanging on for grim death, perhaps with a price level in mind where they will sell – unable to hold on any longer.
However, those with the big money can afford to wait, and for many of these it’s not about making a quick speculation and then getting out with a profit. It’s about putting their wealth into an industry that in their view will still be around for a long, long time to come.
Bill Ackman is one with this particular mindset. The American billionaire investor, and founder and CEO of Pershing Square Capital, is of the mind that crypto is “here to stay”.
Despite crypto’s ability to facilitate fraud, with the benefit of sensible regulation and oversight, crypto technology’s potential for beneficent societal impact may eventually compare with the impact of the telephone and internet on the economy and society.
— Bill Ackman (@BillAckman) November 20, 2022
He certainly acknowledges the existence of fraudulent actors in the space, but despite this, he thinks that crypto has the potential to benefit society greatly, and could have the same impact that the telephone and the internet did on society and the economy.
He believes that there are a number of interesting crypto projects, a small number of which he has invested in. However, he sees the killer app as money, and in his view, the best suited for this is Bitcoin. He believes it is the best “economically, technically, and ethically”, and recommends that people study the protocol.
Another proponent of just a few cryptocurrencies is Elon Musk. The world’s richest man, with $219 billion to his name (Forbes – The richest in 2022).
Everyone who has followed him on social media will know that he has a penchant for a cryptocurrency called Doge. Formerly a meme coin, Doge has become highly traded and many hold it in the belief that Musk will integrate the coin into his space and electric car businesses.
The billionaire said on Twitter spaces earlier this month:
“I think there probably is a future for Bitcoin, Ethereum, and DOGE. I can’t really speak to the others. But if you’ve got one of those three in a cold wallet, and off an exchange, I think my guess is it works out well,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.