Launched by pseudonymous creator Satoshi Nakamoto in early 2009, Bitcoin is now the largest cryptocurrency by market capitalization and the amount of data that’s stored on its blockchain.
There are a number of sky-high prophecies regarding Bitcoin’s price and where it could zoom to in the near-to-long term. But many crypto fanatics see eye to eye about Bitcoin being likely to pass its all-time high soon. Many analysts and critics in the industry say the crypto market has matured in the past three years.
Let’s have a look at some of the famous Bitcoin bulls and what they have to say:
Born February 4, 1965, Michael Saylor is an American businessman who co-founded MicroStrategy, a company that provides business intelligence, cloud based services, and mobile software. In July 2020, Saylor announced that he was interested in purchasing Bitcoins rather than holding cash. As of May 2021, the company now holds 92,079 BTC bought for $2.251 billion at an average price of around $24,450 per Bitcoin. He fancies Bitcoin to a great extent, and his recent tweet on June 15 proves the same.
He strongly believes that Bitcoin is durable over time as Bitcoin miners bring capital, jobs, and economic growth to every jurisdiction where they operate. Furthermore, he believes that Bitcoin will have political support from progressive local, state, & federal leaders because “it’s in the best interests of their constituents.”
He even has his own website dedicated to Bitcoin, i.e., Hope.com. The website is free, updated continuously, and includes links to Bitcoin interviews, books, research, courses, podcasts, leaders, corporate resources, and websites in a single place.
Saylor, one of the most vocal Bitcoin proponents, has over the past year raised the profile of his enterprise software company by investing heavily in Bitcoin.
American investor, fund manager, and philanthropist Bill Miller said in a CNBC interview that he believes Bitcoin is firmly entering into mainstream and has room to run to the upside. He is clearly very bullish on Bitcoin, and said that Bitcoin will keep growing. As it is, its demand and value is increasing rapidly, around 2% a year. He further stated that Bitcoin is much better than gold, as it can be sent anywhere if you have a smart phone and is an excellent store of value. Even price fluctuations don’t faze him, and he says that this irregularity sometimes is “pretty routine”. He doesn’t like to comment on such normal fluctuations. In fact, he likes it when the price dips.
Jay Clayton is an American attorney that served as the Chairman of the U.S. Securities and Exchange Commission (SEC) from May 2017 to December 2020. While resigning last year from his post, he said that the current payment mechanisms have some inefficiencies and due to that, Bitcoin’s hype and value is rising. He believes Bitcoin to be much more than a payment method and store of value. He also said in an interview that he sees a wide array of outcomes for digital assets including firm government regulation, both domestically and globally. Among crypto enthusiasts, Clayton gained the reputation of a hardliner. In March 2021, Clayton took on an advisory role at hedge fund One River Digital Asset Management.
Twitter’s co-founder and CEO, Jack Dorsey is a very well known crypto bull. He believes nothing is more important in his life to work on other than Bitcoin. At the mega Miami Bitcoin 2021 Conference, he said that Bitcoin fixes everything, and if he were to leave Twitter for Bitcoin, he would willingly do so. According to Dorsey, Bitcoin is a means to protect against currency devaluation, and also has the potential to build an infrastructure more supportive and inclusive of underserved communities. His financial services company – Square – is considering making a hardware wallet for Bitcoin. He further said that he will spend his life doing whatever he can to make Bitcoin accessible to everyone. He sees it as a hedge against inflation.
Amrita Ahuja is Chief Financial Officer at Square Inc., an American financial services company headquartered in San Francisco, California. She sees Bitcoin and other cryptocurrencies as widening access to financial services, specially in a global point of view. According to Amrita Ahuja, Bitcoin there’s room for Bitcoin on every balance sheet, and recently tweeted that she’s deeply committed to the crypto community, working towards a greener future. She even said that Bitcoin investment is serious and not merely serves an entertainment purpose. She has been betting big on Bitcoin – a typical bull.
Is Bitcoin really the future?
To us, yes. Bitcoin is the future. It is just inevitable. However, do not just listen to us. If tech companies like Square and big institutions like Microstrategy is betting on the future of Bitcoin, who are we to question them?
Bitcoin invites skepticism and negative criticism, considering that its prices keep heavily fluctuating. It is seen as a volatile and risky investment to some, but a hedge against inflation and the future to others. Many big names also think Bitcoin is a bubble.
Seeing how Bitcoin has risen in popularity and value significantly since it first started, it poses a good possibility to stay for a long time. Enthusiasts have doubled down on their optimism regarding the same. It is believed that Bitcoin will be the face of the future down the line. Even when we look at India, where the Indian Government was hostile towards digital currency a few months ago, now is probable to label crypto an asset class – a revolutionary step.
Also, as El Salvador became the first country to make crypto legal tender, it is notable that other countries are also likely to do so in the near future, not to mention the fact that neighbouring countries such as Mexico is already considering the same.
Even though cryptocurrencies face some challenges till date, they are very likely to remain parts of our lives in the future – as assets, commodities, money, investment options, or even other forms in the time to come.