As Bitcoin continues its downward slide and the rest of crypto follows, those with the money believe the industry is here to stay.
A new day dawns and the cryptocurrency sector continues to lose value in its total market capitalization. Bitcoin is finding new local lows almost daily just recently and many are wondering if it is close to a price low.
Many retail investors sold at a loss and fled the market, some of them likely never to return. Others may be clinging to a grim death, perhaps with a price point in mind where they will sell – unable to hold out any longer.
However, those with plenty of money can afford to wait, and for many of them it is not a matter of making a quick speculation and then exiting with a profit. It’s about putting their wealth into an industry that they believe will be around for a long, long time.
Bill Ackman is part of this particular state of mind. The American billionaire investor, founder and CEO of Pershing Square Capital, believes crypto is “here to stay”.
Despite crypto’s ability to facilitate fraud, with the benefit of reasonable regulation and oversight, the potential for beneficial societal impact of crypto technology can possibly be compared to the impact of the telephone and Internet on economy and society.
— Bill Ackman (@BillAckman) November 20, 2022
He certainly acknowledges the existence of fraudulent actors in the space, but despite this, he believes that crypto has the potential to benefit society greatly and could have the same impact as the telephone and the Internet on society and the world. economy.
He thinks there are a number of interesting crypto projects, in which he has invested in a small number. However, he considers the killer app as money and in his opinion, the best suited for this is Bitcoin. He thinks it’s the best “economically, technically and ethically”, and recommends people study the protocol.
Another proponent of just a few cryptocurrencies is Elon Musk. The richest man in the world, with $219 billion to his name (Forbes – Richest in 2022).
Anyone who has followed him on social media will know that he has a fondness for a cryptocurrency called Doge. Once a meme coin, Doge has become highly traded and many believe Musk will incorporate the coin into his space and electric car businesses.
The billionaire said on Twitter spaces earlier this month:
“I think there’s probably a future for Bitcoin, Ethereum, and DOGE. I can’t really speak to the others. But if you have any of those three in a cold, off-exchange wallet, I think my guess does it work well, “
Disclaimer: This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.