Bitcoin could soon be part of every financial wallet


Dan Morehead believes that Bitcoin and other digital currencies will soon become a staple of every financial wallet.

Bitcoin continues to gain ground

Bitcoin has continued to grab the headlines in recent weeks. From famous comments by JP Morgan CEO Jamie Dimon to China ordering major exchanges to shut down, Bitcoin has received a lot of attention from the media and investors.

Almost as if in defiance of its detractors, the price of Bitcoin has managed to stabilize despite all the negative press it has received. The price fell from its all-time high of $ 5,013 to $ 4,306 today, a loss of around 14%. Nonetheless, the price of Bitcoin has increased by 600% in total this year, making it the best performing asset in the world.

Digital currencies: the next essential assets in every portfolio

Bitcoin and blockchain technology were hot topics at SOHN, the investment conference held earlier this week in San Francisco. One of the speakers, Bitstamp chairman Dan Morehead, told CNBC he believes digital currencies will soon be part of every financial wallet around the world. Morehead, who is also the founder of Pantera Capital, said the following:

Bitcoin will essentially revolutionize currency or money […] If that works, the rise is so high that it’s a rational and expected thing to have in your wallet.

He also added that he believed Bitcoin “would disrupt money just as VoIP” removed the dominance of giant telecommunications companies.

A recent tweet from Goldman Sachs CEO Lloyd Blankfein said he is currently skeptical of Bitcoin’s potential. Experts and analysts believe Goldman Sachs may soon start trading directly with Bitcoin and other cryptocurrencies or even open its own trading platform.

Do you agree with Dan Morehead? Will Bitcoin and other cryptocurrencies become an important part of investors’ wallets?

Images courtesy of Pixabay, AdobeStock

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