Bitcoin is recapturing media attention from the top end of town after rallying 80 percent in two months, with The Wall Street Journal covering the acceptance of the cryptocurrency by institutional investors on the front page of its November 23 issue. The report notes that Bitcoin has recently found support from “Wall Street billionaires” Paul Tudor Jones and Stanley Druckenmiller, alongside other public figures including a sports radio host.
According to Cointelegraph.com, WSJ’s coverage comes after bitcoin’s presence in media networks, despite the cryptocurrency rising to test rarely seen prices and setting new market capitalization records. In addition to the huge investments from hedge fund managers and Grayscale Investments, WSJ highlights growing demand from retail investors who through familiar financial service providers, can now access crypto assets.
The report states that Square’s Cash App had $1.6 billion in Bitcoin value in the third quarter of 2020 versus $555 million in 2019. Trade operation on the U.S.-based exchange ItBit has grew after its announcement that the site will conduct PayPal Bitcoin trading services.
On the same day, during an appearance on CNBC, PayPal CEO Dan Shulman forecast that increasing regular Bitcoin usage would see crypto assets “move from being less of just an asset class and more into a currency,” adding: “As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency.”