Bitcoin is booming as we speak, and the coin managed to surge by a few thousands of dollars in under an hour.
Twitter is going crazy with excitement, and more important figures in the crypto space already noted that Elon Musk charged his bio. So did Jack Dorsey.
Check out a relevant post below – it seems that these moves are the ones triggering the massive bull run.
It’s happening. #Bitcoin becomes the flag of technology, and all web services gradually get rebuilt on crypto.
— balajis.com (@balajis) January 29, 2021
He also made sure to point out to the following issues:
“It’s hard to see this now with the recent wave of deplatforming & censorship, but understand (a) that’s driven mainly by recent employees at the biggest companies and (b) a critical mass of founders, angels, VCs, CEOs have a very different take. The pendulum is swinging back.”
At the moment of writing this article, BTC is trading in the green and the coin is priced at $36,957.92.
Institutions are hoarding Bitcoin
Now, it’s been revealed that Ari Paul, the co-founder and chief investment officer of crypto-asset investment firm BlockTower Capital, said that institutional investors are increasingly buying Bitcoin to protect their wealth.
During a new interview, he said that large investors are taking a defensive approach when they are putting their money in Bitcoin.
“We’ve been talking with a lot of billionaires in the financial world. It’s such an interesting shift in mindset. They are now thinking defensively. They think enough of their billionaire buddies have 10% of their net worth in Bitcoin. If they don’t, they are thinking ‘Man, if Bitcoin does another 20X, I’m not invited to the parties anymore. I’m not in that rich club’” he said as cited by the Daily Hodl.