{"id":171941,"date":"2021-02-06T01:11:48","date_gmt":"2021-02-05T22:11:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-is-not-a-bubble-anymore-amber-group-ceo-says\/"},"modified":"2021-02-06T01:11:48","modified_gmt":"2021-02-05T22:11:48","slug":"bitcoin-is-not-a-bubble-anymore-amber-group-ceo-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-is-not-a-bubble-anymore-amber-group-ceo-says\/","title":{"rendered":"# Bitcoin is not a bubble anymore, Amber Group CEO says"},"content":{"rendered":"

“# Bitcoin is not a bubble anymore, Amber Group CEO says <\/strong>”
\n<\/p>\n

A number of entities have called Bitcoin (BTC) a bubble since its inception roughly 12 years ago. Michael Wu, CEO of digital asset financial services outfit Amber Group, thinks otherwise, however.\u00a0<\/p>\n

\u201cI think it\u2019s always like this when people come into a new paradigm shift,\u201d Wu said<\/a> in a CNBC interview on Thursday, referring to the concept of Bitcoin as a bubble. \u201cPeople start with doubts, with skepticism \u2014 it\u2019s very natural because they will have to take time to understand what\u2019s new there, is it sustainable,\u201d he said, adding: <\/p>\n

\u201cIn the early stage, that kind of understanding, that kind of skepticism, always comes with a lot of price volatility. However, I don\u2019t think you can call Bitcoin a bubble anymore, because, like I mentioned earlier, you have all these institutions, all these billionaires, multi multi-billion-dollar listed companies, all these, you know, all these newcomers into crypto. They\u2019re buying Bitcoins, they\u2019re buying crypto and there are only 21 million Bitcoins out there.\u201d<\/p><\/blockquote>\n

References to large mainstream players buying Bitcoin has become much more common in recent months. Microstrategy allocated more than $1 billion to Bitcoin in 2020. MassMutual put $100 million into BTC\u00a0sometime thereafter, and\u00a0Square later came in as welwith $50 million.<\/p>\n

Rationale for Bitcoin\u2019s long-term price rise includes its limited supply matched with significant interest in the asset, Wu explained. \u201cThere will be price volatility, there will be short-term price corrections,\u201d he added. \u201cSometimes these price corrections can be violent, but I think we\u2019ve passed the stage of calling Bitcoin a bubble anymore.\u201d<\/p>\n

Wu also commented on BTC and its store of value role, similar to gold. Bitcoin has seen its fair share of comparisons against gold over the years. \u201cThe worst case scenario of Bitcoin is still a better form of gold,\u201d he said. <\/p>\n

On Wednesday, Wu\u2019s company Amber Group announced that Annabelle Huang, one of the firm\u2019s partners, had been given the task of furthering institutional and retail involvement. Amber Group \u201capp<\/a>ointed partner, Annabelle Huang, to lead GlobalX Center, a strategic global expansion team established to grow the company\u2019s institutional and retail product offerings in regions including South Korea, Japan, Hong Kong, Singapore, Taipei, North America and more,\u201d said a statement provided to Cointelegraph. <\/p>\n