Some of the biggest investors in the world – like Paul Tudor Jones – have stepped forward at some point this year to speak their praises for bitcoin. Now, a new investor – a major face behind Tesla, the Elon Musk-owned car company – is claiming that bitcoin could potentially serve as the world’s first global currency in the coming years.
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Bitcoin Could Get Much Bigger Than It Is
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Ark Invest analyst Yassine Elmandjra explained recently:
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“ While scarce and durable, bitcoin also is divisible, verifiable, portable, and transferable, a range of monetary characteristics that confer superior utility, potentially driving demand and deeming it suitable, if not superior, for the role of global digital money.”
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Elmandjra is not just predicting big things for bitcoin. As an avid follower of Tesla, he explained that he sees the automobile venture reaching new heights by the year 2024, and that its shares and stock prices could increase “seven-fold.”
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The Words “Digital Gold” Make Sense
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Still, Elmandjra has high hopes for the world’s leading digital asset, claiming:
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“ We believe, as a suitable contender for the first global digital money, bitcoin should attract demand that’s similar, at a minimum, to that of gold. Bitcoin’s complexity should not prevent financial institutions from analyzing it in depth. Yet, contrary to claims that it is in a massive bubble, bitcoin’s network value or market cap is less than two percent that of gold… We believe bitcoin not only shares many of gold’s characteristics, but it also improves upon them.”
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