Bitcoin reached its new all-time high of $42,000 during the recent bull run, and it is once again started garnering the attention of the mainstream population. The CEO High-throughput blockchain platform of the Elrond, Beniamin Mincu, was invited to CNN to share his thoughts on the rising demand of Bitcoin and other cryptocurrencies to the mainstream audience.
At the present time, Bitcoin’s price movements are as intriguing as they are intimidating. Yet, both retail and institutional investors are flocking to Bitcoin and investing considerable sums in it. Explaining this rising demand for Bitcoin, Mincu said, people have lost a significant amount of money in all sectors of the traditional economy. He pointed towards inflation as one of the main reasons for the loss.
Blockchains are early today, but will undoubtedly transform economies tomorrow.— Beniamin Mincu ⚡ (@beniaminmincu) January 18, 2021
Great discussion with @richardquest on CNN about the growing interest in #Bitcoin, and the significant progress and goals for Elrond. Exciting times ahead. https://t.co/VQnJD78MOE
This is why, he added, they are looking for alternative safe havens that are outside of the current inflationary economy and that purely rely on technology, algorithms, and mathematics. Bitcoin ticks all these boxes, which is why people are diversifying their portfolio by investing in it, explained the CEO.
Furthermore, Mincu highlighted that the recent volatility in the price of cryptocurrencies is a part of their growth cycle and added:
“Every growth cycle comes with ups and downs, but overall you're always higher than you've been in the last cycle. There's a lot of demand because you have limited supply and then a growing demand.”
He said that cryptocurrencies are slowly bringing the same change to the exchange of value that the internet brought to the exchange of data and information. Concluding his points, the CEO emphasized that in the next three to five years, a majority of the economy will move to blockchain — the technology underpinning Bitcoin and other crypto assets.