Since its inception, financial giants and mainstream media have been calling Bitcoin (BTC) a big bubble that’s doomed to burst for sure. Meanwhile, on the other side of the spectrum, the CEO of Amber Group, Michael Wu thinks otherwise. According to him, the leading cryptocurrency is no more a bubble. He even compared BTC with gold saying that the former is still a better version of gold. Not Applicable to Call Bitcoin a Bubble In an interview with CNBC, on Feb. 4, the CEO of Amber Group cleared the air on the misconceptions people might have towards any kind of new technology in the beginning. The same applies to Bitcoin too, as it is still entirely a new concept. In fact, the price volatility is likely due to the skepticism associated with the cryptocurrency, due to it still being in the early stage. Given that, Wu believes it is still not applicable to call Bitcoin a bubble. He highlights that billionaires including multi-billion-dollar listed companies have only recently dipped their toes into Bitcoin. Besides, the only 21 million supply is what makes Bitcoin all the more valuable. For instance, over the past month, large institutional and corporate players have been voraciously buying the cryptocurrency. For instance, Microstrategy has already bought more than $1 billion to Bitcoin in 2020. Meanwhile, MassMutual put $100 million into BTC, with Jack Dorsey’s Square investing $50 million into the cryptocurrency. Bitcoin Still a Better Form of Gold The CEO of the crypto-financial service provider did warn that there will be short-term price corrections for the cryptocurrency with overall growth in the long-term: “There will be price volatility, there will be short-term price corrections Sometimes these price corrections can be violent, but I think we’ve passed the stage of calling Bitcoin a bubble anymore.” Michael Wu even compared Bitcoin and its role as a store of value with that of gold. He believes that the leading cryptocurrency is still a better form of gold.
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