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Amber Group CEO Says Bitcoin May Need to Drop Further to Attract Institutions Again
Summary: According to Michael Wu, Amber Group CEO, Bitcoin’s meteoric rise ultimately prevented many other institutions from getting involved. He says that these companies are likely to prefer bitcoin if it was priced at a lesser value, and thus trading BTC would be much easier if bitcoin fell just a bit more. He predicts that for ...
According to Michael Wu, Amber Group CEO, Bitcoin’s meteoric rise ultimately prevented many other institutions from getting involved. He says that these companies are likely to prefer bitcoin if it was priced at a lesser value, and thus trading BTC would be much easier if bitcoin fell just a bit more. He predicts that for institutions to feel comfortable investing in BTC again, the asset would need to slip another $7,000 into the $25,000 level.
Wu said: "If we really have a flush down to, say, $25,000, or even briefly below that, I think there is tremendous interest waiting to buy very cheaply at those levels for long term entry."
By Amy Liu
Tags: Bitcoin,institutions,Michael Wu
Link: Amber Group CEO Says Bitcoin May Need to Drop Further to Attract Institutions Again [Copy]
