Wall Street Journal’s Bullish Statements Towards Bitcoin

In News

It looks like Wall Street is not loving Bitcoin.

While more people are becoming more fond of Bitcoin, Wall Street is feeling cold towards Bitcoin.

Wall Street holds an influential power in the industry, so whatever they say could influence decisions of some investors.

Recently, Wall Street has released a statement about Bitcoin.

Could this affect the industry?

The Wall Street Journal has joined the increasing number of mainstream news sites newly bullish on Bitcoin.

In an article Monday, Northwestern University law professor John O. McGinnis led a buoyant appraisal of the virtual currency’s potential versus government-controlled fiat.

“To continue to flourish, Bitcoin does not have to become a more stable store of value than the US dollar,” he wrote together with lawyer Kyle W. Roche.

“It can climb the rungs of respectability by prevailing over less trustworthy currencies.”

Bitcoin’s appeal over national currencies has been a classic area of criticism and even ridicule from mainstream sources in the past.

Commentators such as Business Insider CEO Henry Blodget told networks such as CNBC just months ago that Bitcoin “has no intrinsic value,” implying fiat currency does in the form of government backing.

Discussing how this argument is irrelevant, McGinnis and Roche follow opinions from figures such as Snapchat investor Jeremy Liew, who has said developing markets hold the key to Bitcoin’s propagation.

“[Bitcoin] is already gaining strength and stability by competing successfully against monetarily oppressive regimes and helping poor immigrants in the developed world remit money to their relatives back home,” he continued.

“As Bitcoin gains stability, it can become even more competitive because even the best fiat money is subject to political risks.”

Social media users reacted broadly positively to McGinnis and Roche’s perspective.

via Cointelegraph


You may also read!

Ridesharing App

Ridesharing App, Blockchain Startup Team Up in Tokenizing Healthcare Transport

Global ridesharing app, Lyft has worked with blockchain startup Solve.Care. The partnership aims to tokenize healthcare-related transport appointments. The

Read More...
Korean Crypto Market

Korean Crypto Market Relies on US Bitcoin ETF Decision

The existence of several cryptocurrencies in the market and its unstoppable worldwide circulation has drawn the attention of the

Read More...
Brand

Blockchain Helps Companies Maintain Brand Promise

It seems like companies are now learning how to unmask the powers of the blockchain and apply it to

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu