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Why are Bitcoin Bulls more Optimistic than Bitcoin Bears?

The joy ride of Bitcoin has been a topsy-turvy track. Arguments, predictions, and testimonies for and against the flagship cryptocurrency have been strong on both sides of the spectrum. At one end, big names like Warren Buffet slammed the crypto market by calling it not real trading. On the other hand, names like Elon Musk have been actively campaigning on social media platforms for endorsing BTC. After the unexpected attack of the Corona Virus last year, all major economies experience a crash.

However, only a few commodities like BTC and Gold showed resilient and continuous growth during this trying period. In a matter of few months, Bitcoin has been able to rise exponentially with an appreciation of more than 800% since last year. The flagship digital asset has broken through an all-time record high of $61,500 already with a market capitalization of $1.6 trillion. Many bears have been moving around with a sound bite that BTC would crash to zero. The fact of the matter is that despite all skepticism, BTC has never gone back to zero to date.

Old and New Generation Gap in the Crypto Markets

Since the year of conceiving, BTC has been subject to ridicule and depreciation by major names in the investment world. Nouriel Roubini termed BTC as a Ponzi scheme. Charles Munger from Berkshire Hathaway used the words rat poison and turds for this crypto asset. Saudi Prince Al Waleed Bin Talal’s impression of BTC was as another Enron waiting to explode. Interestingly, a recent report of Deutsche Bank observed a huge difference of opinion between the young and older generation. 

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The report projects that the young generation understands crypto investment better and is also more likely to invest in digital assets compared to the boomers. It should be noted that the above-mentioned noteworthy remarks about the crypto markets were made back in 2017. Other than Roubini, no big names have reaffirmed their earlier convictions and reservations about Bitcoin since its recent boom. Many celebrities like Ja Rule, Lindsay Lohan, King of Leon, Shawn Mendes, Grimes, Paris Hilton, 3LAU, and many others have reportedly invested in Bitcoin directly or in its derivatives.  

Institutional Endorsements for Bitcoin

Noteworthy names like JP Morgan’s CEO Jamie Dimon once called Bitcoin to be a scam worse than tulip bulbs. However, recently the investor has completely changed his stance on Bitcoin by calling it something that smart people invest in. Mark Cuban has also recently endorsed Bitcoin and believes that it should be adopted in public sectors like healthcare and Insurance.

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Many noteworthy Wall Street hedge funds like Cathie Wood of ARK, SkyBridge’s Anthony Scaramucci, and Bill Miller, among others, are dealing heavily in Bitcoin and other cryptocurrencies. The list of institutions that have endorsed BTC thus far includes names like Goldman Sachs, JP Morgan, Deutsche Bank, GrayScale, VISA, MasterCard, Square Inc., MicroStrategy, PayPal, and many more. 


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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