Wall St Turbocharges Bitcoin’s Wild Rally and Rakes In Cash

Jamie Dimon dismisses it as nothing more than a “pet rock.” Charlie Munger, the late longtime associate of Warren Buffett, labels it “massively stupid.”

According to US Senator Elizabeth Warren, it’s a perfect tool for terrorists, drug dealers, and fraudsters.

However, one undeniable fact about Bitcoin is that it’s not disappearing any time soon.

Despite initial widespread resistance on Wall Street, the cryptocurrency’s recent surge to astonishing levels—$40,000, then $50,000, and soon after, $60,000—has convinced many observers that the persistent and robust demand from diverse individuals, irrespective of age or wealth, is strong enough to prevent Bitcoin from collapsing as a foundational asset class.

Even the rapid increase in US interest rates, traditionally viewed as a potential threat to Bitcoin, failed to dampen the ongoing enthusiasm for the cryptocurrency.

The persistent and growing demand for Bitcoin has presented the investment industry with a pressing dilemma, Bloomberg reported.

READ MORE: https://finance.yahoo.com/news/wall-street-turbocharges-bitcoins-wild-214509313.html

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