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After gaining 80% in two months, Bitcoin (BTC) is regaining media interest from the higher end of the city, with the Wall Street Journal discussing cryptocurrency adoption among institutional investors on the home page of the site on 23 November.
The report notes that Bitcoin recently found support from “Wall Street billionaires” Paul Tudor Jones and Stanley Druckenmiller, along with other public figures including a sports radio host.
#Bitcoin front page of the Wall Street Journal pic.twitter.com/wD7TUuMcTp
– WebbDesignz (@DesignzWebb) November 23, 2020
The coverage of WSJ comes after a lull in Bitcoin’s presence at traditional outlets, despite the cryptocurrency rising to test rarely seen prices as it sets new records for market capitalization.
In addition to significant investments by hedge fund managers and Grayscale Investments, WSJ highlights the growing demand from retail investors who can now access crypto assets through family financial services firms.
The report notes that Bitcoin’s volume on Square’s Cash app was $ 1.6 billion during the third quarter of 2020, compared to $ 555 million for the whole of 2019. Also trading activity on the US exchange ItBit it increased after it was revealed that PayPal’s Bitcoin trading services would. be executed through the platform.
On the same day, PayPal CEO Dan Shulman predicted during an appearance on CNBC that the growing daily adoption of Bitcoin will see crypto assets “go from being less than a simple asset class and more to a currency,” adding:
“As paper money slowly dissolves and disappears from the way people use transactions, central banks, particularly on the retail side, will have to replace paper money with forms of digital fiat currency.”
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