The mainstream adoption of digital assets and their underlying tech has been the most important goal of the crypto space.
Now, we’re just at the beginning of Bitcoin’s mass adoption, and we’re already witnessing huge explosions in the king coin’s price.
After hitting $40k, at the moment of writing this article, BTC is trading in the green, and the coin is priced at $39,297.93.
It’s been just revealed that the former Federal Reserve governor and one-time Bitcoin skeptic Kevin Warsh says the king coin is now a sensible investment.
The Daily Hodll notes that during a new interview with CNBC Squawk Box host Andrew Ross Sorkin, Warsh, who back in 2018 said that Bitcoin was too volatile to be useful, now seems to have changed his mind and said that he is bullish on BTC.
Investing in BTC is the best in the economic climate of today
Warsh told Sorkin that investing in Bitcoin makes sense in the current economic climate.
“I think that Bitcoin does make sense as part of a portfolio in this environment where you have the most fundamental shift in monetary policy since Paul Volcker (former Federal Reserve Chair). This is a big shift that we’re seeing under the Powell Fed, rightly or wrongly,” he said.
He attributed the booking price of BTC to the weakening of the US dollar.
— Squawk Box (@SquawkCNBC) January 6, 2021
He also says that Bitcoin is eating into gold’s market share as millennials are staking their place in the market.
“So I’m not surprised in a period of dollar weakness that Bitcoin is doing what it’s doing. I’d also suggest that part of the move in Bitcoin is taking some of the bid from gold. I think if Bitcoin never existed, gold would be rallying more right now, but I guess if you’re under 40, Bitcoin is your new gold,” he said.
He continued and posted this: “I think of Bitcoin as a lot of things, but it’s certainly with every passing day, getting new life as an alternative currency. When you see the strength of the Euro, the strength of the Pound, the strength of the RMB, the Korean won, the strength of the Mexican peso, I guess we shouldn’t be surprised at the strength of Bitcoin as well.”