Stoeferle noted that Bitcoin’s increased coverage would play a part in the assets becoming a risk-off investment, especially with the input of institutional investors, he said during an interview with Finews Asia published on July 7. According to Stoeferle, the increased attention towards Bitcoin has triggered some investors to discover gold eventually in search of a store of wealth asset.
Bitcoin’s distinction from rest of crypto market
The managing partner added that Bitcoin would fully establish itself once 99% of current cryptocurrencies are wiped out of the market. Stoeferle stressed that Bitcoin is a clear distinction from the rest of the market, growing as monetary technology and as a financial upgrade with similarities to gold. For the long term, the investment manager stated that Bitcoin has a better chance of surpassing gold if the flagship crypto continues to establish itself in the next few years. His projection of Bitcoin price correlates with a previous assertion that the crypto will undergo a significant price evolution in the coming years. Despite the ongoing bear market, Stoeferle noted that the next phase of Bitcoin’s price growth is yet to begin, and the next value will be driven by the asset’s growing status as a hedge against inflation. Notably, amid a high inflationary environment, Bitcoin’s price has struggled, currently attempting to sustain its value above the crucial $20,000. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. Featured image via Kitco.com YouTube.
