Cryptocurrencies have once again caught the attention of the mainstream media. The Wall Street Journal talked about the bitcoin rally up 80 percent on its front page.
Bitcoin ( BTC ) has rallied, up 80 percent in two months
Bitcoin is now attracting media interest again. The Wall Street Journal on November 23, on the homepage of its website about the acceptance of cryptocurrency institutional investor reports .
The report said Bitcoin recently received support from „Wall Street billionaires“ Paul Tudor Jones and Stanley Druckermiller, as well as other celebrities, including a sports radio host.
Prior to this report, Bitcoin was rarely present in mainstream media, despite the surge . And this despite the fact that the rise came to prices that it had not reached for a long time, and at the same time it set new records for market capitalization.
In addition to the substantial investments made by hedge fund managers and grayscale investments , the WSJ emphasizes that there is increasing demand among small investors. These can now access crypto assets through well-known financial services companies.
The report said the volume of bitcoin on Square’s Cash app was $ 1.6 billion in the third quarter of 2020
This compares to a total of just $ 555 million in 2019. Trading activity on the US exchange ItBit also increased sharply after it became known that PayPal’s Bitcoin trade would be processed through the platform.
On the same day, during an appearance on CNBC , PayPal CEO Dan Shulman predicted that increasing Bitcoin adoption would lead to crypto-assets „moving from a pure asset class to a currency.“ He also said:
„As paper money slowly disappears, a different type of transaction becomes established, and central banks, especially in retail, will have to replace paper money with digital fiat currencies.“