The digital asset climbs as frenzy soars.
The subject won’t go away, and the price keeps going up, now we are getting the second richest man on the planet discussing moving billions to Bitcoin with a tweet exchange with Michael Saylor, a leading promoter of the digital currency.
In a series of tweets, Saylor, chief executive officer of Microstrategy Inc., encouraged the billionaire to shift U.S. dollars from the electric-car maker to Bitcoin and “do your shareholders a $100 billion favor.”
“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” Saylor added in his tweet on Sunday.
Whatever the merits of this tweet exchange, it again nudges the crypto currency into the news and mainstream investing. We are following Musk closely, as he seems to do no wrong so I can guess all the crypto enthusiasts will milk this. I found over 30 headlines on this subject in three hours of the tweet. Examples.
Ok, we can all find info about current news and opinions , how has the market reacted already?
BTC/USD Takes a Breather as Bulls and Bears Contemplate Next Move but the price is breaking new territory.
What I want to know is what are the big banks and hedge fund managers saying about Bitcoin now?
A survey by the Bank last week reported,
that investors are increasingly optimistic about Bitcoin. The top cryptocurrency was the third-most crowded trade at 15%, beating traditional heavyweights such as gold and bonds. Bank of America Corporation (NYSE: BAC) revealed in its survey that investors have been reducing their cash positions for ‘riskier’ assets.
Ok, they are not endorsing or committing to the long term merits of owning the digital currency but have acknowledged that there has been increased demand this year.