Speaking during the MicroStrategy Bitcoin Conference, Stevens opines that the financial establishment overlooks Bitcoin’s benefits over central banks’ issued cash. He cites fiat manipulation as a problem. Stevens took issue with Buffett’s comments terming them shameful. The sentiment by Buffett adds to his perennial dismissal of Bitcoin. The businessman has questioned Bitcoin’s value due to its fixed supply. He maintains that all cryptocurrencies, in general, will not last.
Bitcoin is unstoppable?
Stevens adds that Bitcoin in the current state is unstoppable, citing early regulatory hurdles that saw some countries outlaw the digital asset. He notes that even if Bitcoin gets banned, it will still power transactions. He further rules out the possibility of the United States banning Bitcoin. Stevens asserts that:
Bitcoin’s increasing appeal to institutions
The Chief Executive acknowledges that Bitcoin’s capabilities over fiat lead to a surge in the asset’s adoption by institutions. This comes when several institutions like MicroStrategy have converted a significant amount of their cash reserves into Bitcoin. The entry of institutions into the Bitcoin space contributed immensely to the current rally, with an all-time high in February. By press time, the asset trading at $46,992 based on Finviz.com data. Stone Ridge is among institutions investing heavily in Bitcoin. As of October last year, the firm had $150 million in Bitcoin investments. However, the Stone Ridge has not revealed the total value of its Bitcoin reserves. Furthermore, during the conference, Stevens confirmed that Stone Ridge Asset Management liquid reserves are all Bitcoin. He maintains that they highly believe that the dollar will depreciate against bitcoin in the long term giving rise to Bitcoin.
