• Bitcoin has undergone a strong surge over the past few months, moving beyond $50,000.
  • The digital asset’s rally has largely been driven by a growth in the reputation of BTC as an investable store of value.
  • This shift in the sentiment around Bitcoin has been strong aided by positive announcements about the asset by Wall Street investors.
  • Not everyone on Wall Street is convinced, though.
  • Warren Buffett has long been an ardent critic of the leading digital asset and has yet to come around to the cryptocurrency market.

3 Wall Street Investors That Support Bitcoin

Bitcoin has seen significant maturation over the past few months, becoming an asset on the fringe to one seen as a viable investment by many across the world.

This shift in sentiment has largely been a byproduct of positive announcements about the digital asset by Wall Street billionaires and executives. The following is a list of such individuals that have come out in support of Bitcoin over recent months, along with snippets and excerpts from what they said:

  • Ray Dalio, the co-founder of Bridgewater Associates: Ray Dalio recently said in a research note that Bitcoin is “one hell of an invention,” adding that the asset may be seen as a gold-like alternative asset.
  • Stanley Druckenmiller, one of the best investors of all time: Druckenmiller said to CNBC that he owns Bitcoin, though caveated that by saying he owns more gold than the digital asset. He said that with such a large amount of millennial support, the coin may outperform.
  • Paul Tudor Jones, a macro investor and the founder of Tudor Investment Corporation: Tudor Jones said in May 2020 that he thinks Bitcoin is the “fastest horse” in the race against inflation right now.

Not Everyone Is Convinced Yet

While there are a large number of Wall Street billionaires and executives coming around to Bitcoin, not everyone has changed their tune about the digital asset yet.

Warren Buffett has long been an ardent critic of the leading digital asset.

In 2020, he commented on Bitcoin:

“Cryptocurrencies basically have no value and they don’t produce anything. They don’t reproduce, they can’t mail you a check, they can’t do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person’s got the problem. In terms of value: zero.”

The comment above is actually one of the investor’s least intense comments about Bitcoin. During interviews in the past, Buffett said that Bitcoin is “rat poison squared.” On another occasion, he said that the cryptocurrency has little more value than his suit button.

He, along with a number of other Wall Street investors, are still hesitant to buy into Bitcoin or to support it in any way, shape, or form.

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Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

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