Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Billionaire Orlando Bravo Invests in Bitcoin, Says Crypto Is Here To Stay
Orlando Bravo– private equity firm owner and multi-billionaire– is highly supportive of cryptocurrency. He recently discussed what makes the asset class so unique and why he has personally invested in Bitcoin.
Bravo on Bitcoin: “I’m Very Bullish”
Bravo expressed his faith in cryptocurrency in a recent interview with CNBC. He says that it’s “absolutely” here to stay and praises it as a way to dodge high inflation and transaction fees.
How could you not love crypto? Look at the movement. Aren’t we all tired of paying all those transaction fees? And exchange rates? And seeing currencies in other countries being completely devalued?
He goes on to call cryptocurrency a “great system” that is both “frictionless” and decentralized.” He also believes that blockchain technology is powerful on its own when applied to any given protocol. “Sometimes,” he says, “[blockchain] provides better use cases than database software.”
Bravo’s comments come after his company Thoma Bravo participated in a Series B funding round for FTX last month. Thoma Bravo is a private equity firm specializing in the technology and software service sectors. Meanwhile, FTX is a cryptocurrency derivatives exchange now with a value of $18 billion.
While the firm owner is favourable towards blockchain, his portfolio contains only one cryptocurrency: Bitcoin.
For me, it’s pretty simple: Are more people gonna use it in the future than today? Is it going to be more established? Institutions are just beginning to go there. Once that happens, I think it’ll increase significantly over the years.
Though he hesitates to offer a specific price prediction, Bravo states he is “very bullish” on Bitcoin. Given its finite supply, increasing use-cases, and growing popularity, he finds reason to be optimistic.
Billionaires’ Wildly Different Views On Bitcoin
The world’s wealthiest investors can’t seem to agree on whether Bitcoin is all it promises to be.
Orlando Bravo is one of many billionaire bulls, alongside Michael Saylor and Jack Dorsey. Saylor regularly invests hundreds of millions into the asset while praising it religiously over Twitter. Meanwhile, Dorsey just enabled users to tip each other in Bitcoin over the same platform. In June, he said there wasn’t “anything more important in [his] lifetime to work on” than Bitcoin.
Alternatively, billionaires like Warren Buffet have dismissed Bitcoin as “rat poison.” Likewise, gold-bug Peter Schiff and banker Jamie Dimon believe it is purely speculative, with no underlying value. However, even those two admit that Bitcoin could surge beyond 100k USD, despite refusing to invest.