Price is above $18K and 3 billionaires talk about bitcoin this week

This week 3 billionaires commented about Bitcoin on Twitter. One of them is the second richest Mexican in the world, Ricardo Salinas Pliego, who revealed to have 10% of his net assets in the cryptocurrency.

At another time, Pliego revealed that he bought its first bitcoins for $800 in 2016 through Grayscale. He even shared a video showing large garbage bags filled with cash notes, in a country with rampant inflation. “This is inflationary exploitation,” he said.

In addition to him, Mohamed A. El-Erian, chief economic consultant at Allianz, commented on the rise of bitcoin in 2020. Compared to 2017, this move involves “much less hype”, according to him.

Ray Dalio, the legendary manager of the most successful hedge fund in the world, went in the opposite direction of the other billionaires and criticized the cryptocurrency.

In Conclusion

The increase in bitcoin continues today. Prices are approaching the maximum, with a noticeable difference compared to three years – much less hype.

And a lot of data supports this argument. When we analyze what Google searches and data say about the price of bitcoin, we see that for example, searches for “buy bitcoin” are at much lower levels than December 2017. This indicates that the rise is driven by “smart money” , coming from institutional investors and large companies.

In addition, Bitcoin’s network metrics are improving every day, which means that cryptocurrency is much more useful today than it was 3 years ago.

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