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Market News / 

Interest in bitcoin has soared as industry gurus praise the currency

Interest in bitcoin has soared as industry gurus praise the currency

C

cryptonews | 2020/10/26

Google searches for "Bitcoin"  (BTC) spiked last week, reaching almost three-month highs, after Bitcoin-related positive news from PayPal was supported by favorable statements from banking giant JPMorgan and celebrity Kanye West, while the price hit a new yearly high.

     

Source: trends.google.com

However, people were searching for Bitcoin even more during the third Bitcoin halving in May and in March, marked with a major market crash.

Source: trends.google.com

As reported last week, online payments giant PayPal announced that it will officially be joining the crypto markets as it will be offering US account holders the ability to buy, sell, and (almost) hold Bitcoins among other crypto assets.

Also, this past weekend, reports started to circulate that US-based investment banking giant JPMorgan estimates that Bitcoin "could compete more intensely with gold as an "alternative" currency over the coming years given that millennials will become over time a more important component of investors universe."

According to the bank, "even a modest crowding out of gold as an "alternative" currency over the longer term would imply doubling or tripling of the Bitcoin price from here."

JP Morgan, from "Bitcoin is a fraud and will blow up" in 2017 to "Bitcoin’s competition with gold" in 2020.

— Krüger (@krugermacro)

Holy Cow

— Dan Tapiero (@DTAPCAP)

Meanwhile, during the latest Joe Rogan podcast with Kanye West, the world-famous musician began espousing one of his many views, name-dropped Bitcoin, and discussed a future with alternative currencies.

The current system is broken for majority of people. @kanyewest laying out the idea of Bitcoin bringing true libera…

— Pomp  (@APompliano)

Though according to Meltem Demirors, Chief Strategy Officer at CoinShares, recent bullish statements do not necessarily imply further increased interest from traditional investors.

"The recent news regarding large corporations investing in Bitcoins is helpful for sentiment and PR, but it is not something that most traditional investors will assign much value to," she told Bloomberg.

At pixel time (13:46 UTC), Bitcoin trades at USD 13,197 and is up by 1.4% in a day and 13% in a week. The price is also up by 23% in a month and 39% in a year.

BTC price chart:

 

Original title: Interest In Bitcoin Spikes as PayPal, JPMorgan, and Kanye West Praise BTC

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