Bitcoin makes it mark on The Wall Street Journal. After rallying 80% in two months, Bitcoin (BTC) is recapturing media attention from the top of the region, with The Wall Street Journal debating the acceptance of cryptocurrencies by institutional investors on the front page of its issue of Nov. 23.
The report states that Bitcoin has recently found support from “Wall Street billionaires” Paul Tudor Jones and Stanley Druckenmiller, alongside other public figures including a sports radio host.
WSJ’s coverage comes after bitcoin’s presence in media networks, despite the cryptocurrency rising to test seldom seen prices and setting new market capitalization records.
In addition to substantial investments from hedge fund managers and Grayscale Investments, WSJ emphasises rising demand from institutional investors who are now able to access crypto assets through familiar financial service companies.
The report notes that Bitcoin’s volume on Square’s Cash App was $1.6 billion during the third quarter of 2020, compared to $555 million for the whole of 2019. Trade activity on U.S.-based exchange ItBit also surged after it was revealed that PayPal’s Bitcoin trading services would be executed through the platform.
On the same day, PayPal CEO Dan Shulman predicted during an appearance on CNBC that increasing everyday adoption of Bitcoin will see crypto assets “move from being less of just an asset class and more into a currency,” adding “As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency.”
[image: Andre Francois McKenzie]