CoinShares’ Meltem Demirors has said that Bitcoin allows different investors to accumulate wealth. Bitcoin hit yet another record high on Tuesday, trading above $63,000.
Demirors’ Take On Coinbase Listing
According to the crypto strategist who spoke on CNBC’s Squawk Box, Bitcoin has created much wealth for people who weren’t part of the traditional financial system.
Demirors, who said she got into Bitcoin when it was barely 150 per coin, made these comments one day before Coinbase’s Nasdaq debut.
The CoinShares CSO said Coinbase’s public debut on Wednesday was a major milestone in the crypto world, making thousands of crypto lovers multimillionaires and billionaires. She noted that these crypto enthusiasts would probably take some of their listing proceeds and continue to invest in the crypto ecosystem.
“There’s really this nice recursive effect where this industry isn’t just about the assets. It’s now really about the companies, which we’ve been investing in for almost a decade now,” Demirors added.
Also talking about the Bitcoin evolution and Coinbase listing is Soona Amhaz, a general partner of crypto venture firm Volt Capital who said Coinbase’s direct listing is far from the only exciting development for digital assets.
According to Amhaz, another exciting thing about crypto right now is the number of crypto companies being built which is certain to expand the number of digital asset users worldwide.
Demirors is a well-known crypto bull known for her solid takes in the industry. Demirors is also a frequent guest on CNBC and an advisor on multiple projects, such as Casa and Shyft Network.
She’s also a board member of the Stacks Foundation, a nonprofit organization that promotes development on the Stacks network (formerly Blockstack).
Bitcoin’s Recent Progress
Bitcoin’s recent surge and adoption can be factored into the increasing institutional investors in the industry. Companies such as Microstrategy, Tesla, and Square have purchased Bitcoin, adding it to their portfolio.
Last month, Morgan Stanley was the first major US bank to announce it would start offering its wealth management clients access to Bitcoin funds. Goldman Sachs also disclosed its plans to take similar steps for clients of its private wealth management group. According to Mary Rich in an interview with CNBC, Goldman would offer Bitcoin investments and other digital assets to its high-value clients.
Also, recall that the Bank Of New York Mellon announced a crypto unit for crypto traders earlier this year, signaling its acceptance of the currency. Other banks like JP Morgan also followed suit, with the latest one being the launch of Cryptocurrency Exposure Basket – a debt instrument with positions in 11 companies. The debt instrument reportedly allocates 20% to MicroStrategy and 18% to Jack Dorsey-led Square Inc, the two companies that declared their Bitcoin investments early on.