The bitcoin price rally is showing no signs of slowing down. The flagship cryptocurrency shot up to new 2019 highs less than a day after it cracked the $11,000 mark, and there are enough voices out there suggesting that bitcoin has the potential to move higher, even beyond its all-time high of $20,000.
Antoni Trenchev, the co-founder of Nexo, is one such believer. In a recent interview with CNBC, Trenchev pointed out that doubters of cryptocurrencies in general and bitcoin, in particular, are having a hard time finding a reason to continue their propaganda against digital assets.
Haters are running out of steam
Trenchev said on the interview that growing institutional interest in bitcoin and other cryptocurrencies is driving drive mass adoption:
I think it is really about institutional support and the implication that it has in terms of mass adoption. We see Facebook coming and developing their stablecoin Libra, we see JPMorgan developing their coin later on this year, we see Fidelity joining the space…
Trenchev’s comment hits the point home that “people are starting to notice the fact that bitcoin is here to stay.” Facebook’s Libra, for instance, is expected to be a catalyst for cryptocurrency and blockchain adoption, and bring more people into the ecosystem.
This is probably why the Nexo founder believes that bitcoin doubters are “having a really hard time” to continue their propaganda against crypto. He cites that the digital asset has been announced close to dead many a time but it has risen time and again.
Given that major tech and finance players are now entering the space, Trenchev has hit the nail right on its head.
Institutional investors are buying more of bitcoin.