Former US Treasury Secretary Lawrence Summers said that “bitcoin will not collapse”, its price will continue to rise in the long term.
“The cryptocurrency looks much more resilient after the price set a new record and then declined,” he said.
Summers believes that the reason for the continued growth of bitcoin will be an increase in demand with a limited supply of coins.
Previously, the ex-minister joined Digital Currency Group as a senior advisor. With Summers, the company has invested in Abra, Coinbase, CoinDesk, BitGo, and Ripple.
On January 15, MicroStrategy CEO Michael Sailor said that the return on investments in the first cryptocurrency is higher than on investments in Apple and Facebook stocks in the early stages.
Recall that MicroStrategy invested $ 650 million in bitcoin and now owns 70,470 BTC worth more than $ 2.5 billion.
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