Bitcoin on front page of The Wall Street Journal
Crypto-currencies have again attracted the attention of the mainstream media. The Wall Street Journal spoke on its front page about the Bitcoin rally by 80 percent.
Bitcoin (BTC) has completed a rally and increased by 80 percent in two months. Bitcoin is thus once again attracting the interest of the media. The Wall Street Journal reported on 23 November on the homepage from Bitcoin Code of its website on the acceptance of the crypto currency among institutional investors.
The report states that Bitcoin has recently received support from „Wall Street billionaires“ Paul Tudor Jones and Stanley Druckenmiller, as well as from other celebrities, including a sports radio host.
#Bitcoin front page of the Wall Street Journal pic.twitter.com/wD7TUuuMcTp
– WebbDesignz (@DesignzWebb) November 23, 2020
Prior to this report, Bitcoin was rarely present in the mainstream media, despite its rise. And this despite the fact that the increase resulted in share prices that it has not reached for a long time and at the same time it set new records in market capitalization.
In addition to the substantial investments made by hedge fund managers and grayscale investments, the WSJ emphasizes that there is a growing demand among small investors. They can now access crypto assets through well-known financial services companies.
The report states that the volume of Bitcoin in Square’s cash app was $1.6 billion in the third quarter of 2020
This compares to a total of only $555 million in 2019. Trading activity on the U.S. stock exchange ItBit also increased sharply after it was announced that PayPal’s Bitcoin trade would be processed through the platform.
On the same day, PayPal CEO Dan Shulman predicted on CNBC that the increasing acceptance of Bitcoin would lead to crypto assets „evolving from a pure asset class to a currency“. He also said:
„As paper money is slowly disappearing, another type of transaction is becoming established, central banks, particularly in the retail sector, will have to replace paper money with digital fiat currencies“.