Bitcoin Billionaires Are Making a Serious Return to Form

Bitcoin billionaires are back. Given how hairy 2022 was, we put out an article not too long ago talking about how badly these crypto-laden individuals were hit during the previous bear market, but at the time of writing, the world’s number one digital currency by market cap is on the verge of striking $30K per unit, and it’s largely benefited from the recent banking crisis that’s occurred.

Bitcoin Billionaires Are Here Again

Over the course of just seven days in late March, bitcoin rose by close to 40 percent. The asset is now at a nine-month high, and many additional crypto assets appear to be following in its footsteps. At press time, ETH – the second largest crypto in the world and the number one competitor to bitcoin – has swelled to about $1,836 per unit. This is roughly $100 more than its price position of about a week prior.

Alex Kuptsikevich – a senior market analyst at FX Pro – commented:

The worse the banks are doing, the better the cryptocurrency is doing. The banking problems in the US and Europe have again highlighted the vulnerability of the traditional financial sector. Once again, investors’ fears that keeping money in banks can be risky are coming to the surface.

Among the people getting really excited during this time about the prospects of not just crypto but the megarich the space has produced is Mike Novogratz, a crypto bull and the manager of hedge fund Galaxy Digital. On social media, he wrote:

This is our time!! Let’s go team $BTC!! Let’s go $ETH!! The decentralized revolution is happening.

Similar sentiment came from Michael Saylor, the bitcoin fanatic and former CEO of software giant MicroStrategy, which first began investing in BTC and adding the asset to its balance sheet in August of 2020. He stated:

A timely review explaining why #bitcoin is superior to conventional banks, fiat currencies, staking networks, stable coins, and crypto exchanges; how $BTC helps defend against asset seizures, inflation fraud, bank failure, and counterparty risk.

Will the Asset Keep Spiking?

Lastly, Tyler Winklevoss – one half of the executive pair running the Gemini exchange in New York – expressed his enthusiasm for the current bull run. He said:

$30K bitcoin by the end of the weekend? The US banking system is a modern-day caste system. There are those who are banked by Bulge bracket banks. There are those who are banked by regional banks, and there are those who are banked by no bank at all.

Bitcoin is a shaky asset; there’s no questioning that. However, to see the asset roughly $12,000 higher now than where it ended 2022 is very appealing for most investors and traders given the asset lost more than 70 percent from its November 2021 all-time high over the course of 11 or 12 months.

Source: Read Full Article