Bitcoin, the world’s most valuable cryptocurrency, is facing tough challenges these days amid negative market sentiment. The digital currency touched a low of nearly $31,000 yesterday.
During an interview with Bloomberg, Ken Moelis, an American billionaire and investment banker, said that the recent craze in Bitcoin is similar to the gold rush of 1848. Commenting about the future of the cryptocurrency market, Moelis mentioned that there is a growing interest in Bitcoin and other digital currencies.
“We are focused on having expertise. Cryptocurrency is a big market, there is a lot of capital in the market. There are several projects. It’s like the gold rush of 1848, a lot of people didn’t know if there was gold in the ground. But we need to know what people want and what tools they need to be successful. I’m trying to keep a track of Bitcoin and other cryptocurrency assets,” Moelis told Bloomberg.
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The founder of investment banking firm Moelis and Company has a net worth of more than $1 billion.
Despite the latest dip in the price of BTC, institutional buyers announced the purchase of Bitcoin this week. MicroStrategy, a leading business intelligence firm, announced yesterday that the company is planning to expand its Bitcoin portfolio with the purchase of nearly $500 million worth of BTC. Currently, the company has more than 92,000 BTC. In a recent interview with CNBC, Marc Lasry, an American businessman and hedge fund manager, expressed his desire to buy Bitcoin in a large amount.
“I can make you an argument Bitcoin can go to $100,000, and I can also make an argument about BTC going to $20,000. But the probability as more and more people keep using Bitcoin, it is going to keep moving up. It’s happened a little bit quicker than I thought it would. I should have bought a lot more,” Lasry said during the latest interview with CNBC.