After growing 80% in two months, Bitcoin (BTC) is once again gaining media attention from the city center as the Wall Street Journal discusses the adoption of cryptocurrency among institutional investors in the November 23 issue.
The report notes that Bitcoin has recently found support from Wall Street billionaires Paul Theodore Jones and Stanley Druckmiller, as well as other public figures, including a sports radio host.
Wall Street Journal coverage came after a calm in the presence of bitcoin in major outlets, despite gathering cryptocurrencies to test prices, which are rarely seen as new market values are set.
In addition to significant investments from hedge fund managers and Grayscale Investments, WSJ confirms increased demand from retail investors who can now access cryptoassets through well-known financial services firms.
The report notes that the Bitcoin volume in the Square Cash app was 1.6 billion dollars in the third quarter of 2020, up from 555 million dollars for the whole of 2019. Business activity on the US stock exchange ItBit also increased after it became known that Bitcoin PayPal Trading services will be implemented through the platform.
On the same day, PayPal CEO Dan Shulman predicted, during a speech on CNBC, that the growing daily dependence on bitcoin would cause cryptocurrencies to move from a lower and higher asset class to a currency, adding:
“As paper money is slowly disappearing and disappearing from the way people spend transactions, central banks, especially in the retail sector, need to replace paper money with forms of digital paper currencies.”