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When prominent companies and investors are coming around to the idea of Bitcoin and cryptocurrency, you beguin to realise this is actually happening. The world and currency as we see it is becoming more readily accepted. Almost Every week we are discovering new prominent investor who have endorsed the use of Bitcoin, and this week is no different.
Many news stations and sites have made some questionable statements in regards to Cryptocurrency and Bitcoin over the years, but it seems that recently they have turned a corner and are now well on the hype train. This has been evident with CNBC regularly highlighting guests that have been recommending Bitcoin and its investment potential.
CNBC did an interview with legendary investor Bill Miller who had some very positive things to say about Bitcoin. "The Bitcoin story is very easy, it's supply and demand," He went on to say, "Bitcoin's supply is growing around 2.5% a year, and the demand is growing faster than that."
What Bill Miller is describing is referred to a bull market and this will positively affect the price of Bitcoin going forward.
CNBC gave reasons why people are buying more Bitcoin and aligned with what we have discussed on previous blogs such as:
With so many uncertain within the economy, people are looking for something safe to grab onto and Bitcoin with its decentralised nature fits that description.
2. Definitive supply
Just like Gold, Bitcoin has a definitive supply that cannot be exceeded which is very attractive to Investors.
3. Investors like Paul Tudor Jones endorsements.
The more a product is endorsed by big names, the more credibility that product gains. It seems all the big investors and companies are going in on Bitcoin.
It would not be Headline News if some young investor new to the game claimed that Bitcoin was the best investment choice, however, when a veteran like Bill Miller, who has decades of investment experience says this, it gives people the confidence that Bitcoin will become an asset that every big investor and company will have in their portfolio.
The world is slowly switching to a digital-oriented means. It seems like currency is the last significant step forward, but with the UK asking its citizens about a digital euro and the Reserve Bank of Australia trialing a CBDC (Central Bank Digital Currency), we may be seeing the first steps towards a completely digital economy. If this does happen then cryptocurrency will become a genuine alternative and we are already seeing the start of this with companies like PayPal and Visa.
The future of Bitcoin is so bright and its potential seems limitless. It may in fact exceed its highest price before the end of 2020.
Bitcoin really just may be the Best Investment of the Year.
To keep up to date with the price of Bitcoin or any of the other major cryptocurrencies, click here and use our crypto tracker.