After suffering blows that resulted in its hyper volatility, BTC (bitcoin) is going on an upward trend. With its recovery, prices of major cryptocurrencies like ETH (Ethereum), BNB (Binance Coin), XRP (Ripple) are following the trend set by the most dominant cryptocurrency.
The entry of institutional investors like Paypal, Tesla, Square, and even Wall Street behemoths with the likes of Guggenheim Funds and banking giant Morgan Stanley has further pushed the growth of the crypto market. The industry has grown immensely with now a total market cap of $1.5T in recent data by Coinmarketcap.
Retail investors have also joined the throng after the bullish trend of the crypto market in the past few months.
Cryptocurrencies have earned so much popularity and gained supporters over the years. In this article, we will name some of the biggest proponents of cryptocurrency and their motivation for supporting it despite the financial risks of crypto investments.
Biggest Supporters of Crypto
Let’s now begin the round-up of the biggest proponents of cryptocurrency.
Elon Musk
He is the founder and CEO of Tesla and Space X. He is the biggest supporter of DOGE (dogecoin) and dubbed as the “Dogefather”. But aside from dogecoin, he recently admitted that he owns a significant amount of BTC (bitcoin) and ETH (ethereum).
His influence in the crypto space is beyond compare. He holds the same power as much as China and the US? Why? He can make the prices of cryptos surge or plummet with just a single tweet. He had caused bitcoin’s hyper volatility with his tweets and made the price of his favorite of crypto, DOGE (dogecoin) skyrocket.
In a reply he made to a Twitter user @VitoTheGreat_, the Tesla founder revealed why he supports DOGE (dogecoin). He simply stated that he “loves dogs and memes”.
I love dogs & memes
— Elon Musk (@elonmusk) February 24, 2021
Though he has dropped bitcoin as payment for Tesla cars due to environmental concerns, Musk stated in reports that he has never sold his bitcoin holdings. Also, even his companies, Tesla and Space X have included the BTC (bitcoin) in their investment portfolios. On February 8, Tesla has purchased $1.5B worth of BTC (bitcoin). Space X BTC (bitcoin) holdings were not disclosed though.
With Musk being active in promoting BTC (bitcoin), the price of the cryptocurrency is now again on an upward trend. Musk is undeniably a strong ally but a dangerous foe of cryptocurrencies. Who would want to get on this bad side? Definitely none.
Brian Armstrong
He is the CEO of Coinbase Global, the largest crypto exchange in the United States. He was a former Airbnb software engineer. In 2012, he and former currency trader Fred Ehrsam cofounded Coinbase. He owns a stake of about 19% in Coinbase, which earned him $322 million in profits. He has an estimated net worth of $6.5B and was named #1 by Forbes on its Crypto Rich List.
News Coinbase going public was first published in December 2020. On April 14, the listing was finally realized directly with Nasdaq. Coinbase was the first crypto company to go public in the United States.
In a report by CNBC, the Coinbase CEO admitted that regulation is the biggest threat to cryptocurrencies. Commenting on the impact of the listing on the crypto market, Armstrong stated:
“We’re very excited and happy to play by the rules. And basically, we just ask that, hey, we want to be treated on those level playing field with traditional financial services at the very least and not have any kind of punishment for being in the crypto space.”
Though he strongly supports cryptocurrencies, he issued a warning for investors in the crypto market.
“While it’s great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk.”
He further added:
“We likewise caution investors who may be focusing on short-term speculation and encourage customers to seek out resources and consult financial advisers to better understand the risks associated with investing in cryptocurrencies.”
What what was his motivation for supporting crypto? He witnessed firsthand the tragic consequences of hyperinflation in Argentina which made him realized the potential of cryptocurrencies. In 2012, Argentina’s inflation rate was at 10.04% and reached its peak in 2019 at 54%. When he founded Coinbase, his aim was to provide the primary financial accounts for the crypto economy.
Jack Dorsey
A well-known bitcoin maximalist, founder, and CEO of the social media platform Twitter and payment platform Square. He has a net worth of an estimated $13.6 and was ranked as No. 173 on Forbes’ list of the richest people in the world this month. In 2019, he admitted in a tweet that he only owns BTC (bitcoin).
I only have bitcoin https://t.co/C24xNJxuFB
— jack (@jack) February 5, 2019
In a recent report, Dorsey stated that he has no plans to add ETH (ethereum) to his investment portfolio.
If you think you can only hear about world peace during beauty pageants, then you are definitely wrong. Speaking during the online event “The Word B”, Dorsey hopes that BTC (bitcoin) will be instrumental in bringing the world peace.
“My hope is that it creates world peace or helps create world peace.”
He was so dedicated to BTC (bitcoin) that in a previous tweet, he stated that he is more than willing to leave Twitter and Square for it.
“if I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin”
But why how was he drawn to BTC (bitcoin)? He revealed the reasons during the “The B-Word” online event. He stated that “the network and the community” is what really inspired him.
“What really drove my thinking and drives my passion behind it is, if the internet has a chance to get a native currency, what would that be? To me, it’s bitcoin because of those principles, because of its resilience.”
He further added:
“what inspires me the most [about bitcoin] is the community driving it. It reminds me of the early internet.”
In his statement during the Bitcoin 2021, Dorsey also stated that BTC (bitcoin) is a hedge against currency devaluation and speeds up transactions across all borders.
On July 16, he made an announcement of creating a new business focused on “decentralized financial services” using bitcoin through his company Square.
Barry Silbert
Dubbed as “Crypto King”, he is the founder and CEO of Digital Currency Group (DCG), a conglomerate of five cryptocurrency-focused companies. He was a former investment banker. In late 2004, he founded SecondMarket Solutions formerly known as Restricted Stock Partners. The platform enables private companies and investment funds to customize, control, and seamlessly execute primary and secondary transactions and started its operations in 2005. In 2015, he sold it to Nasdaq and was later named as NASDAQ Private Market. He landed at No. 8 on Forbes Crypto Rich List 2021 with a net worth of $1.6B. In 2015, he founded DCG with the goal to accelerate the development of the global financial system by building and supporting bitcoin and blockchain companies. Silbert described DCG as ‘the epicenter of the bitcoin and blockchain industry.”
Digital asset manager Grayscale, a subsidiary of DCG oversees $28 billion worth of BTC (bitcoin), ETH (ether), and other assets are the biggest revenue generator of DCG. The company has also invested in more than 200 crypto startups.
Silbert is a known BTC (bitcoin) proponent. He first heard of BTC (bitcoin) in 2012. He recognized the potential of the digital asset and made his first purchase. In 2013, he left his post as CEO of SecondMarket to focus on bitcoin and the fast-emerging industry of cryptocurrency.
Recently, he clashed with the “Dogefather” Elon Musk after he and companies allegedly ganged up on DOGE (dogecoin) Musk’s most favorite crypto, which resulted in the altcoin’s price crash. Musk dumped BTC (bitcoin) by removing it as payment for Tesla cars as retaliation according to rumors which started the series of price crashes for the most dominant crypto.
On May 30, he made an unpleasant prediction on the price of DOGE (dogecoin) in his reply to a Twitter user.
it's going back to sub $1 billion
— Barry Silbert (@BarrySilbert) May 29, 2021
But despite this, Silbert also stated in a tweet that the dog-meme token will “certainly” not go away mainly because of its passionate community. Also, that he is truly excited to see what lies ahead for DOGE (dogecoin).
i'm truly excited to see what doge can become over time. it certainly is not going away and has one of the most passionate communities. but it is not worth $37 billion. sorry
— Barry Silbert (@BarrySilbert) May 30, 2021
But both camps are now quiet and Musk is back on promoting BTC (bitcoin) again. That’s good news for the whole crypto market.
Michael Saylor
Founder and CEO of Microstrategy, a company that provides business intelligence, mobile software, and cloud-based services. He was a former rocket scientist and studied aeronautics and astronautics at MIT on an Air Force scholarship before founding MicroStrategy in 1989.
He founded the company with a vision of helping enterprises deliver intelligence everywhere. The 56-year old crypto proponent was ranked as No. 4 on Forbes Crypto Rich List 2021 with a total net worth of $2.4 billion all thanks to his stake in MicroStrategy.
He is a BTC (bitcoin) proponent but not a maximalist like Jack Dorsey. He is now highly regarded in the crypto space of today given his influence even to Elon Musk after the latter decided to add BTC (bitcoin) to Tesla’s investment portfolio with Saylor’s persuasion. But going back, Saylor’s previous involvement in the “Internet Bubble” seems to mirror his recent actions on actively promoting BTC (bitcoin). The questionable accounting led to a restatement of financial results and the dot-com controversy led to his losing his fortunes and he fell the ranks of billionaires. But now the 56-year old crypto proponent has regained his fortunes and was even ranked as No. 4 on Forbes Crypto Rich List 2021 with a total net worth of $2.4 billion all thanks to his stake in MicroStrategy.
Aside from his company’s BTC (bitcoin) holdings, he revealed that he personally owns 17,732 BTC bought at an average price of $9,882 each. In a report by CNBC, Microstrategy now has a total BTC (bitcoin) holdings of more than 100,000 BTC worth over $3B. Saylor’s active promotions and buying of the cryptocurrency can earn him the title “Bitcoin Evangelizer”.
What could be the reasons behind Saylor’s enthusiasm for BTC (bitcoin)? Referring to the recent crisis in Lebanon, Saylor believes that the digital asset, BTC (bitcoin), can provide a solution to the foregoing financial crisis in the country.
If you worry the government might devalue 90% of your life savings and seize your dollars, #bitcoin fixes this. https://t.co/SSVfgf6Itk
— Michael Saylor⚡️ (@saylor) June 13, 2021
It was also revealed in the report that Lebanese are now taking refuge in cryptocurrencies as an alternative investment to cope with the financial crisis.
Though he actively supports BTC (bitcoin), he believes that it is not the only cryptocurrency that holds a bright future given each digital asset’s unique purpose.
“I think that as the market starts to understand these things, there’s a place for everybody.”
He views BTC (bitcoin) as a store of value while ETH (ethereum) blockchain will disrupt traditional finance. This is basically true with the creation of various DeFi projects using the blockchain. In recent data by DeFi Pulse, the total value locked in the DeFi ecosystem has now reached $6.6B.
“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment.”
With the growing concerns on bitcoin mining primarily due to its carbon footprints that poses risk to the environment, Saylor made an initiative of creating the Bitcoin Mining Council together with a group of major bitcoin miners in North America which include Argo Blockchain, Galaxy Digital, and Marathon Digital Holdings. Elon Musk was also present at the meeting though the council reiterated that he has no role in the newly formed group for bitcoin miners.
These crypto advocates have their own reasons for supporting cryptocurrencies. Most of them believe that the blockchain, the technology behind these digital assets would likely disrupt major industries worldwide like financial services, healthcare, retail, and even governments.
El Salvador marks the first adoption of the most dominant cryptocurrency, BTC (bitcoin) primarily to cater to 70% unbanked in the country. Rumors have it that Argentina may be next to provide a solution to hyperinflation plaguing the country.
