by Rushali 
There is a belief in the crypto world that Bitcoin is a bubble that can burst any day, but the CEO of digital asset financial services outfit Amber Group, Michael Wu, does not think like this or do not agree with this statement.
On Thursday, in an interview on CNBC, Amber Group CEO addressed this belief of people and said;
“I think it’s always like this when people come into a new paradigm shift. People start with doubts, with skepticism — it’s very natural because they will have to take time to understand what’s new there, is it sustainable.”
He further added,
“In the early stage, that kind of understanding, that kind of skepticism, always comes with a lot of price volatility. However, I don’t think you can call Bitcoin a bubble anymore, because, as I mentioned earlier, you have all these institutions, all these billionaires, multi multi-billion-dollar listed companies, all these, you know, all these newcomers into crypto. They’re buying Bitcoins, they’re buying crypto and there are only 21 million Bitcoins out there.”
BTC has been really common these days among the big market players. There are so many big companies who are buying a large number of bitcoins recently. Like, Microstrategy allocated more than $1 billion to Bitcoin in 2020. MassMutual put $100 million into BTC sometime thereafter, and Square later came in as welwith $50 million.
On the topic of BTC long-term prices, Wu said that “There will be price volatility, there will be short-term price corrections. Sometimes these price corrections can be violent, but I think we’ve passed the stage of calling Bitcoin a bubble anymore.”
He even compared the Bitcoin’s store value with gold. He explained, “The worst-case scenario of Bitcoin is still a better form of gold.”
On Wednesday, the firm has appointed Annabelle Huang, who is a partner in the company to look after furthering institutional and retail involvement.
