The Wall Street Journal, which covered the recent Bitcoin rally, highlighted that BTC traded only 4% below the December 2017 record. WSJ stated that with the legendary investors and institutional players turning to Bitcoin investment, new investors are also more eager to enter the industry. The article also suggested that the current cryptocurrency industry is not as amateur as it was in the Bitcoin bull run in 2017.
The Wall Street Journal wrote an article about Bitcoin, which rose more than 50% in the past weeks. While the Bitcoin price was testing $ 19,000, WSJ said that this rise for BTC attracted large masses; He stated that investors such as Paul Tudor Jones and Stanley Druckenmiller have also started to appear in this Bitcoin field.
In the article written by Paul Vigna and Anna Hirtenstein, it was stated that more Bitcoin buyers were triggered with the participation of legendary investors. According to the Wall Street Journal, with old investors holding tight and new investors joining the Bitcoin network at a record level, the price came close to the all-time record of $ 20,000. As evidence for this, Bitcoin reserves on cryptocurrency exchanges have decreased by about 30% since the beginning of the year.
“Bitcoin has begun to act as a hedge”
The Wall Street Journal article mentions Bitcoin as “designed to have a steady supply that makes it resistant to inflation.” According to the WSJ, while central banks are increasing inflation this year, Bitcoin has become even more valuable in the eyes of investors, who will be a hedge asset.
The Wall Street Journal stated that one of the factors that helped this interest is that many platforms that facilitate BTC trading have become more familiar. WSJ also included the statements of Dan Morehead, CEO of Pantera Capital, who has been investing in the cryptocurrency industry since 2013. Morehead suggested that cryptocurrency platforms, which have become even more accessible with Bitcoin’s potential as an inflation protection, is what is driving this year.
“The value of paper money is falling, not that of Bitcoin”
“The industry is not as amateur as in 2017”
According to The Wall Street Journal, while Bitcoin rose to $ 20,000 in 2017, the cryptocurrency industry was not yet ready for it. Except for startup cryptocurrency exchanges, there were hardly any trades available, and BTC had little practical value. According to the WSJ, the market lacked momentum and new investors dried up and disappeared.
However, WSJ said that today most Bitcoin bulls argue that these conditions have changed, and the outlook for Bitcoin is much clearer than it was in 2017. WSJ, CME Group Inc., Intercontinental Exchange Inc. He underlined that well-established companies such as Fidelty Investments and Fidelty Investments have started to offer services for cryptocurrency trading. In addition, WSJ emphasizes the success of the crypto money fund Grayscale; He said that PayPal’s involvement in the cryptocurrency industry should not be forgotten.