Cryptocurrency is once again attracting the attention of the mainstream press: an article on Bitcoin on the front page of the Wall Street Journal
After a price increase of 80% in just two months, Bitcoin is once again attracting the attention of traditional print: on the front page of the November 23 issue, the Wall Street Journal discussed the adoption of cryptocurrency with various institutional investors.
The article highlights how Bitcoin has recently found the support of „Wall Street billionaires“ Paul Tudor Jones and Stanley Druckenmiller, as well as various public figures.
Although Bitcoin Up is one step away from its historic high, mainstream news portals have so far preferred to ignore the topic. Some major newspapers, such as the Financial Times and Fox Business, have even published extremely negative articles.
In addition to large investments by Grayscale Investments and hedge fund managers, the Wall Street Journal has also highlighted strong demand from small investors, who can now access cryptocurrency through financial services familiar to them.
The report shows that Bitcoin volumes on Square’s Cash App platform were $1.6 billion in the third quarter of 2020 alone, significantly higher than the $555 million recorded throughout 2019. Trading activity on the ItBit exchange has also intensified, following the announcement that PayPal will base its crypto services on this platform.
Dan Shulman, CEO of PayPal, commented during a brief appearance on CNBC that the growing adoption of Bitcoin in everyday life will make cryptocurrency increasingly usable as an exchange tool:
„Paper money will slowly dissolve, disappear from the way people make transactions. Central banks, especially from the point of view of retail customers, will have to replace paper money with forms of fiat digital currency“.