The cryptocurrency market has gained quite a reputation for being a volatile market. Crypto investors are growing skeptical over the viability of cryptocurrency as the medium for exchange. Bitcoin accounts for 60% of the world’s crypto market. But the frequent market fluctuations of this cryptocurrency cause distress among its investors. Bitcoin critics talk about its instability in the market but, some business leaders still believe in its potential.
Critics say that cryptocurrencies are too unstable to allow business leaders to plan their business ventures efficiently. However, it provides solutions to several problems emerging in the current economy.
Recently in March 2021, Bitcoin witnessed a record-breaking dive of 12.5%, which dragged down the rest of the crypto market along with it. But this plunge in its price was only the second-worst crypto crash this year. Between 2020 to 2021, Bitcoin has jumped 400% and as of April 2021, it has gained record levels again.
It proves that Bitcoin still has got potential. Some buyers who are ready for risky investments will put their money in Bitcoin. Below we look at some of the renowned business leaders; investing in Bitcoin and encouraging global investors.
Jack Dorsey- Square, Twitter
Jack Dorsey is one of the most renowned tech CEOs and is also an avid Bitcoin investor. He has always been vocal about his belief that the world is heading towards a digital currency, and Bitcoin is one of the best of all cryptocurrencies.
Under Dorsey’s leadership, the payments company has allowed its users to buy Bitcoin crypto and has made enormous investments in the currency itself by spending US$50 million to add 4700 BTC to its accounts in 2020.
Recently, Square has made headlines as it bought US$170 million worth of Bitcoin, which means 5% of Square’s assets are now invested in Bitcoin.
Michael Saylor- Microstrategy
Microstrategy is a major business analytics platform; based in Virginia and is known for its record-breaking investments in cryptocurrency.
Earlier, Saylor was quite unsupportive of digital currencies and has mentioned that Bitcoin’s days were numbered. But currently, Saylor is one of the biggest investors of Bitcoin and has used his Twitter account to enlighten his followers about the advantages of Bitcoin and encourage potential investors.
Recently, Microstrategy has made headlines as it bought 71000 Bitcoin tokens at the beginning of February and adopted BTC as its primary reserve currency.
Michael Sonnenshein- Grayscale Investments
Grayscale Investments is the single largest cryptocurrency asset manager in the world. Last year, Grayscale has bought 70% of all the newly created Bitcoin and has not backed down in face of the recent market fluctuations. Michael Sonnenshein has always been vocal about his enthusiasm towards cryptocurrency and used Bitcoin as an example to state that digital currencies are here to stay in the future.
Sonnenshein’s optimism about cryptocurrency has already shown its magic. Grayscale began 2020 with US$2 billion in assets. The company collected more than half a million Bitcoin cryptos, and by the end of the year, their asset value surged up to 900%, creating a profit of US$20.2 billion.
Elon Musk- Tesla
Recently, in February 2021, Tesla made headlines as it invested US$1.5 billion in Bitcoin. This investment news was accompanied by another information that Tesla had started accepting Bitcoin as an authorized form of payment, which caused a remarkable surge of 50% in Bitcoin’s market value.
Similar to Saylor and Dorsey, Musk took to his Twitter account to inform his followers about the influence of cryptocurrency and the advantages of investing in Bitcoin. But recently, he has distanced himself from promoting Bitcoin. Musk’s opinions about Bitcoin and cryptocurrency are still unclear but he has proved himself to be a genius in the industry.