New Delhi (CoinChapter.com) — The flagship name in the cryptocurrency wagon is Bitcoin, making it an almost household name for investors. While many see it as a new and better option for investment, it is not without its share of skeptics. However, over the years and after witnessing its meteoric rise, many have turned around to become believers and even zealots.
A recent addition to the list is the ‘Wolf of Wall Street’ Jordan Belfort. He said that he thought that regulators would outlaw BTC in an interview with Fortune, as “it looked like the perfect storm for money laundering.” But now, he predicts that bitcoin will rise all the way to $100,000, riding on the tide of a bigger buyer base, among other factors.
The Latest Bitcoin Converts
Elon Musk’s Tesla has invested in bitcoins. A public listed company Microstrategy has also purchased about $2.21 billion worth of BTC despite its CEO Michael Saylor’s earlier reservation on the cryptocurrency. He tweeted in 2013:
“Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
Talking about his turnaround, he mentioned that he researched bitcoin before he convinced his board to invest in it. He went on to say he believed bitcoin to be a better investment than gold.
Another aspect of bitcoin that appealed to Mr. Saylor is that the cryptocurrency remains decentralized.
Institutional investors now identify Bitcoin as “digital gold.” As such, more cryptocurrency critics like Mr. Saylor, who have been vocal against it in the past, have now become ardent believers.
The ‘The Ascent of Money’ author and financial historian Niall Ferguson confessed that he was “very wrong” about bitcoin and crypto in general. He added that he was wrong in thinking blockchain-based currencies will fail.
Don Tapscott, the founder of the Toronto-based Blockchain Research Institute, was also a skeptic at the outset of bitcoin. However, later on, at a talk he gave, he said that he believed not only BTC will fly as a currency, but the underlying blockchain technology will also be integral to the future of the internet.
Banks, As Well
CEO of the famous investment firm, JP Morgan Chase, Jamie Dimon, can also be considered one of the believers. He had famously said that he would fire any of his traders if they bought bitcoins and that BTC is a scam. However, JP Morgan launched its own coin, JPM coin, which shows that they recognize the power of blockchain-based currencies.
In India, too, amidst talks of a government ban, bitcoin, and other cryptocurrencies have found supporters. Infosys Co-founder and Chairman Nandan Nilekani remarked that regulators should allow people to trade in them and think of crypto as an asset class.
With the increased interest in cryptocurrencies, led by bitcoins, it is not surprising to see more and more investors, either institutional or individual, join the group of believers. And, with increasing believers, bitcoin will become the go-to option for investors in the digital 21st century.