Binance Founder and CEO, Changpeng ‘CZ’ Zhao took to his Twitter handle, saying that most people still don’t own bitcoin. Bitcoin has become the way out for most institutional and individual investors as the price continues to surge, making it a hedge against inflation; its decentralized nature also makes it possible for investors to control their funds without any central influence.
Several individual billionaires now own bitcoin in their portfolio, one of which is the co-founder of Starwood Barry Starnlicht who in a recent interview with CNBC said he considers gold as “kind of worthless” and regards its Value as “minor”. Since the amount of Bitcoin in circulation is limited in supply, Sternlicht also prefers it as a store of value over gold.
Another bIllionaire Mark Cuban strongly believes that cryptocurrencies are a better investment option. In a recent interview with CNBC, he said that Bitcoin is “More gold than gold”. Cuban has said in the past that the price of Bitcoin will surge “if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity”.
As individuals get to Know this asset class, it gains more adoption and valuation as well. Since most people still don’t own Bitcoin, it means there is a bigger possibility for its value to grow. The influx of institutional investors has already started this and has helped to drive the price to its current level.
This year alone, Bitcoin has gained over 120%. The top cryptocurrency also recently broke above its all-time high of over $64,000. Analysts believe it will soon enter a new price discovery phase, which means a new all-time high is on the horizon.