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Amber Group CEO Says Bitcoin Is Not Really A Bubble Anymore

Stefan by Stefan
06/02/2021
in Bitcoin News
Reading Time: 2 mins read
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Amber Group CEO, Michael Wu says that Bitcoin is not really a bubble anymore but that will have notable value fluctuations still as we are reading more in our latest bitcoin news.

Bitcoin will have notable value fluctuations in the upcoming months as a number of entities called Bitcoin a bubble since its inception 12 years ago. Michael Wu, who is the CEO of Amber Group commented:

 “I think it’s always like this when people come into a new paradigm shift.  People start with doubts, with skepticism — it’s very natural because they will have to take time to understand what’s new there, is it sustainable.”

Michael Wu
Source: Ambergroup.io

He continued:

“In the early stage, that kind of understanding, that kind of skepticism, always comes with a lot of price volatility. However, I don’t think you can call Bitcoin a bubble anymore, because, like I mentioned earlier, you have all these institutions, all these billionaires, multi multi-billion-dollar listed companies, all these, you know, all these newcomers into crypto. They’re buying Bitcoins, they’re buying crypto and there are only 21 million Bitcoins out there.”

The references to large mainstream players that buy BTC became more common in recent months and MicroStrategy allocated $1 billion to BTC in 2020. MassMutual put $100 million into BTC while Square came later with $50 million. The rationale for BTC long-term price rise included a limited supply matched with the strong interest in the asset as Wu explained:

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“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.”

elon musk's involvement, btc, bitcoin, fees, network

Wu commented on BTC and its store of value role quite similar to gold but BTC saw its fair share of compressions against gold in the past few years:

 “The worst case scenario of Bitcoin is still a better form of gold.”

Wu’s company Amber Group announced that one of the company’s partners Annabelle Huang will further work on expanding institutional and retail involvement. Huang will also lead GlobalX Center which is a strategic expansion team that was established to grow the company’s retail and institutional product offering in regions like Hong Kong, Japan, South Korea and North America.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: amber group cEOBitcoinbitcoin bubblebtc bubblebubbleCEO of amber groupmichael wu
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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