Influencers and Wall Street keep Bitcoin front and center

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The price of bitcoin may be down, but that hasn’t stopped some big Wall Street influencers and banks from talking about its role in the markets. Bitcoin investors buy the downside or run for the hills after the BTC price drops below the psychologically sensitive level of $ 30,000. Either way, Bitcoin continues to find ways to stay relevant.

Bulls and bears

Most recently, a trio of influential CEOs including Teslas Elon Musk, ARK Invests Cathie Wood and Squares Jack Dorsey will come together for a roundtable at The B Word initiative to potentially resolve their bitcoin differences. The wheels were set in motion for the event in June when Musk took to one of Dorsey’s Twitter threads on Bitcoin developers and education.

Technically, they come together to discuss bitcoin and how global institutions can use it to their advantage. It’s no secret, however, that while Dorsey and Wood are bitcoin bulls, Musk has been more critical of the major cryptocurrency lately. He took issue with the carbon footprint left by Bitcoin mining. The Tesla chief has touted what he believes is a more sustainable cryptocurrency, Dogecoin.

Woods ARK Invest, meanwhile, increased its exposure to bitcoin. The company just distributed more than $ 53 million in Square shares. The purchase follows an announcement by Dorsey regarding Squares’ new Bitcoin development platform for Decentralized Finance (DeFi). In addition, ARK has invested over $ 14 million for around 64,000 shares of the Coinbase cryptocurrency exchange.

The bitcoin event is likely to attract more attention in the bitcoin market. Whether that will be enough to get the price out of the grip of the bears is another question.

Bitcoin as an asset class

Big financial media Bloomberg just ran an interview with a Wall Street executive on bitcoin from June. During the discussion, Mary Callahan Erdoes, Managing Director of JP Morgan Asset & Wealth Management, reveals that many corporate clients view digital assets as an asset class, even though JP Morgan herself does not.

The story continues

She goes on to say that time will tell whether or not bitcoin is a true store of value, highlighting the price volatility inherent in cryptocurrencies and saying it has to play out over time.

This article originally appeared on FX Empire

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