While bitcoin’s historic march may someday end, it certainly hasn’t lost its supporters.
The sky-rocketing cryptocurrency – despite recent regulatory concerns – is seen by many industry experts as a very sound investment.
“The regulatory issues have been around for a long time, we’ve been dispelling them for a long time,” Meltem Demirors, chief strategy officer at digital asset investment firm CoinShares, said in a CNBC story on Monday.
“We certainly believe, you know, the best time to invest in bitcoin was yesterday — the second-best time to allocate is today,” she told CNBC’s “Squawk Box Asia.”
Bitcoin ran past the $1 trillion mark in market value last week, having risen more than 90% so far this year, according to data from Coin Metrics.
It hasn’t hurt that the crypto has gained legitimacy via Elon Musk’s Tesla and the Bank of New York Mellon.
Bitcoin did see a pull-back, sitting at $53,193, down 7.5% on Monday, as of about 2 p.m. ET.
“We do tend to think that there’s a good chance of a down week and small correction coming in off of this, although it does little to dull medium-term prospects,” Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London, said in a Reuters story.
Some on Wall Street were bearish due to concerns about the virtual currency’s rapid ascent along with an exodus of highly leveraged long positions.
But that hasn’t dampened the long-term enthusiasm.
“It’s becoming increasingly difficult for the bitcoin naysayers to continue with their decade-old narrative that bitcoin will never be utilized by traditional … financial institutions,” Dave Chapman, executive director at BC Group, told CNBC’s “Capital Connection” on Monday.
“Frankly, I’m not sure how much more evidence one needs to conclude that bitcoin isn’t going away.”
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