SkyBridge Capital, one of the largest global investment firms throughout the world, is so devoted to the good grace of Bitcoin(BTC). The co-chief investment officer of SkyBridge Capital, Troy Gayeski commented in complete support and backing of Bitcoin(BTC).
Being the co-chief investment officer of SkyBridge Capital, Gayeski’s comments on Bitcoin(BTC) have raised ample attention. Gayeski portrayed his views on Bloomberg Surveillance on Monday. He states BTC will forever be considered the best investment option even despite the recent fallouts. Many corporates and investment firms became skeptical of BTC on its recent fallouts. Still, though, Gayeski states BTC will be a strong investment option for a long-term basis. He also stated that few business establishments might slow down their concentration towards BTC. This may be majorly due to the environmental aspects of mining BTC.
He put forward BTC will be a strong choice next to gold on aspects of digital currency for making investments. He proclaims on the longer run, BTC will only be of profits and nothing else. He adds the current downfall of BTC is majorly due to the recent halving which took place on May 11th. Gayeski further continued despite the long run of the bull after a halving event, BTC will witness spikes soon.
Debate on BTC
Various factors have led to the recent down surge of BTC. The major debate goes towards the energy consumption for mining BTC and its effects on the environment.
Citing this, Elon Musk’s decision to ban BTC as a payment option for Tesla-based products depicts BTCs environmental disturbance. Apart from this, China’s decisive restrictions and regulations on the trade of cryptocurrency and its exchanges created certain red flags for all cryptocurrencies. BTC was the worst affected due to this.
Many factors, one after the other led to the downfall of BTC from $64k to $33k.This nearly amounts to an epic fall of about 50%.
Furthermore, Gayeski depicts BTC will struggle to get past $45k in the near future. But he assures BTC’s bloom in the long run.