Former US Treasury Secretary Lawrence Summers said that “bitcoin will not collapse”, its price will continue to rise in the long term.
“The cryptocurrency looks much more resilient after the price set a new record and then declined,” he said.
Summers believes that the reason for the continued growth of bitcoin will be an increase in demand with a limited supply of coins.
Previously, the ex-minister joined Digital Currency Group as a senior advisor. With Summers involved, the company has invested in Abra, Coinbase, CoinDesk, BitGo, and Ripple.
On January 15, MicroStrategy CEO Michael Sailor said that the return on investments in the first cryptocurrency is higher than on investments in Apple and Facebook stocks in the early stages.
Recall that MicroStrategy invested $ 650 million in bitcoin and now owns 70,470 BTC worth more than $ 2.5 billion.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
