Bull long-term cryptocurrency Meltem Demirors said Tuesday that the rise of bitcoin has built wealth for another type of investor.
Comments on CNBC’s “Squawk Box” came a day before a major milestone was set for the crypto world: Coinbase’s Nasdaq debut.
“Here’s what’s great for me: Bitcoin has created a lot of wealth for people who weren’t part of the traditional financial system, they weren’t money managers,” said Demirors, strategy director at CoinShares, an investment in digital assets. Company.
She said she joined bitcoin when it was around $ 150 a coin. On Tuesday, it reached another record level, trading over $ 63,000, as investors waited for the direct listing of Coinbase.
The public debut of digital currency exchange on Wednesday “will hit hundreds, if not thousands, of billionaires and billionaires who all love crypto and are likely to take some of the revenue from their listing and continue to invest in the crypto ecosystem,” they said. Demirors.
“There really is this beautiful recursive effect in which this industry is not just about assets. Now it’s really about companies, in which we’ve been investing for almost a decade now,” she added.
Indeed, Soona Amhaz, general partner of crypto-enterprise Volt Capital, said Coinbase’s direct listing is far from the only exciting development for digital assets.
“The story of cryptography does not end with the publication of Coinbase,” she told CNBC’s Closing Bell. “This is very much a stake in the field for cryptographic companies that are being built now.”
Some believe that Coinbase could get a valuation of up to $ 100 billion. Although such a market capitalization would be monumental for the cryptographic industry, Amhaz said that what is more important is to continue to expand the number of people who hold digital assets around the globe.
“We will see more crypto companies building to help the next 100 million users in crypto and be exposed to this new financial paradigm,” she said.
Created in 2009, bitcoin is the largest cryptocurrency in the world by market value. Its price has risen particularly high in recent months. In October, bitcoin traded below $ 11,000 per currency.
A key factor that fueled growth was additional institutional adoption. Some companies, such as Tesla, bought bitcoin using cash in its balance sheet.
Last month, Morgan Stanley was the first major US bank to announce that it would offer its wealth management customers access to bitcoin funds. Another Wall Street titan, Goldman Sachs, also expects to take similar action for customers of its private wealth management group.