In an interview with Yahoo Finance, Meltem Demirors, the chief strategy officer of investment firm CoinShares, said that Bitcoin is the antidote to economic dysfunction.
According to her, Bitcoin is a great long-term asset. This is in line with the narrative that institutional investors are stashing the digital asset with the hopes of “hodling” it for the next five to twenty years. Demirors points out that unlike the 2017 surge, 2020 is seeing a more refined asset. Prominent investors are now openly talking about the digital asset.
This cycle is so different because the narrative is very focused on Bitcoin. We see major investment banks. We see central bank governors talking about Bitcoin.
In what may appear to be a jab at Ripple, Demirors also noted that bitcoin is different from several other cryptocurrencies in the sense that it has no single entity behind it. As a result, the U.S. Securities and Exchange Commission does not classify it as a security.
Ripple’s XRP is under intense battle with the SEC over being a security.
“Bitcoin’s fundamentally different from every other cryptocurrency. Bitcoin is not like anything else. The way Bitcoin was created, the long distribution cycle, the fact that it’s been in the market for 12 years, there’s no CEO of Bitcoin you can call […] You know if you wanted to file a lawsuit against Bitcoin, you couldn’t even begin to do that because there is no one entity that controls Bitcoin.”