Crypto-currencies have again attracted the attention of the mainstream media. On its front page, the Wall Street Journal talked about the Bitcoin rally by 80 percent.
Bitcoin (BTC) has held a rally and has risen 80 percent in two months. This means that Bitcoin is now once again attracting media interest. The Wall Street Journal reported on 23 November on the homepage of its website about the acceptance of the crypto currency among institutional investors.
The report states that Bitcoin has recently received support from „Wall Street billionaires“ Paul Tudor Jones and Stanley Druckenmiller, as well as other celebrities, including a sports radio host.
Prior to this report, Bitcoin was rarely present in the mainstream media, despite its rise. And this despite the fact that the rise resulted in share prices that it had not achieved for a long time, and at the same time it set new records for market capitalisation.
In addition to the substantial investments by hedge fund managers and grayscale investments, the WSJ emphasises that there is growing demand among small investors. They can now access crypto assets through well-known financial services companies.
The report states that the volume of Bitcoin in Square’s cash app was $1.6 billion in the third quarter of 2020. This compares to a total of only $555 million in 2019. Trading activity on the US stock exchange ItBit also increased sharply following the announcement that PayPal’s Bitcoin trade would be processed through the platform.
On the same day, PayPal CEO Dan Shulman predicted on CNBC that the increasing acceptance of Bitcoin would lead to crypto assets „evolving from a pure asset class to a currency“. He also said
„As paper money is slowly disappearing and another type of transaction is becoming established, central banks, particularly in retail banking, will have to replace paper money with digital fiat currencies“.