Ray Dalio, Elon Musk and Mark Cuban dominate the growing crypto market.
It looked like Bitcoin was going to take a spin on Elon Musk’s rocket on Friday. When the richest man in the world added #bitcoin to his Twitter bio and the record number of options contracts expired, the crypto asset grew by 20% to reach $ 38,000. However, despite the spike, the world’s largest cryptocurrency was returning to the world soon after.
This crazy surge has normally had a relatively quiet week in the crypto asset market. Bitcoin moved largely sideways in a report that revealed that Ivy League universities were accumulating crypto assets, while Stellar, EOS and other altcoins were making double-digit gains.
Ray Dalio comes to Bitcoin
In another example of crypto skeptics changing their settings, billionaire Wall Street legend Ray Dalio came to Bitcoin.
In a post on LinkedIn, the former skeptic said, “I believe Bitcoin is an important invention,” before concluding that the crypto asset “looks like a long-term option in a very unknown future.
Dalio’s comments came in the same week as two other high-profile figures announced their feelings. VISA CEO Alfred Kelly said the company is “uniquely positioned to help make crypto assets more secure, useful and viable for payments,” and billionaire Mark Cuban said blockchain-based assets “are now legitimately becoming stores of value” on his personal blog. Wrote.
GameStop legend makes crypto stand out
The WallStreetBets subreddit group coordinated a 700% rally on GameStop’s price, forcing Melvin Capital to close its shorts with billions of losses.
In response, many trading apps have suspended functionality, and this has fueled the confusion as investors seek alternative ways to buy and sell.
Industry commentators took this as a positive omen for decentralized entities. SkyBridge Capital’s Anthony Scaramucci told Bloomberg that the epic provides “more evidence that Bitcoin will work,” and Anthony Pompliano told CNBC that the events will serve to “accelerate the digital decentralized financial system.”