Billionaire investor Orlando Bravo explained that he owns Bitcoin and is very optimistic about his prospects, saying that institutions are just starting to get involved in the market.
Bravo posed the following prominent question at CNBC’s Delivering Alpha conference: “How can you not love crypto?”
Thoma Bravo, the private equity firm founded by Bravo, has a net worth of $6.3 billion, according to Forbes. His firm invested in Sam Bankman-Fried’s crypto exchange FTX, and on Wednesday Bravo revealed that he personally owns Bitcoin. “Crypto is just a great system. Seamless, decentralized. And young people want their own financial system. So they want crypto to stay and it will be,” he said.
“More people will start using it in the future and it will be a more established system. Corporate companies are at the beginning of everything. I think there will be a very significant price increase, but it is very difficult to give a number.”
Cryptocurrencies have seen a huge surge in the last year and the price of Bitcoin alone has increased by nearly 300%. Analysts said the increase in retail trade was key factors in this rise, along with a large amount of stimulus from central banks and governments. However, in addition to retail investors, some institutions are also entering the market. For example, Elon Musk’s auto company Tesla bought $1.5 billion worth of Bitcoin in January, while banks like JPMorgan and Goldman Sachs launched crypto products.
However, market experts’ opinions differ on how involved financial institutions actually are. Anthony Scaramucci, CEO of SkyBridge Capital, said over the weekend that those who said it was massive institutional adoption were “not entirely honest.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.