Wedbush Securities, a well-known Los Angeles-based asset manager, believes Bitcoin (BTC) will be a regular campaign in the global financial market.
CEO Dan Ives told clients on Wednesday that the company’s adoption of bitcoin is much more than just predicting the future price of a digital currency.
“We think the story and the topic is much more than just investing in bitcoin and predicting the future price, but rather the potential ramifications that cryptocurrency, blockchain and bitcoin could have in the world of technology and business over the next decade,” he said. … … … He announced this in a note received by CNBC.
He also explained why the so-called Bitcoin obsession is not a fad:
“From Paypal and Square to companies like Nvidia, Tesla, IBM, Visa, Mastercard and many more companies in vertical sectors, we believe that the trend of transactions, bitcoin investments and blockchain-based initiatives could intensify in the coming years as this In our opinion, the Bitcoin craze is not a tribute to fashion. But this is the beginning of a new era of digital currency. ”
Wedbush Securities has been at the forefront of bitcoin adoption since at least 2014. The following year, the Wedbush Report released a report that bitcoin was seen as a potential disruption to existing financial infrastructure, the value of which will increase over time.
The history of Bitcoin’s adoption has accelerated in the past year as corporations and large corporations have sought to uncover digital assets. This trend appears to be intensifying after Tesla confirmed that it has invested $ 1.5 billion of its cash reserves in BTC.
Although Bitcoin has acquired a reputation for being extremely volatile, price fluctuations appear to have slowed down compared to the previous bull cycle, which peaked in 2017. As Cointelegraph reported on Wednesday, Bitcoin’s 60-day volatility is significantly lower today than it was. When the cryptocurrency peaked in December 2017 – around $ 20,000.
BTC peaked at $ 51,721 on Wednesday, a new all-time high, according to TradingView.