Erik Voorhees: Institutional investors will shield Bitcoin from government interference

Institutional investors could become the “natural shield” for Bitcoin against excessive government oversight. The statement was made by ShapeShift CEO Erik Voorhees at the LaBitConf conference.

Enjoy @laBITconf 2020 Day # 1 https://t.co/348VXD35ow

— Bitcoin Magazine (@BitcoinMagazine) December 7, 2020

In Voorhees’s view, regulators are concerned with cryptocurrency use only by retail investors. Expanding the audience through institutional players seeking stability would improve the sector’s outlook.

“The accessibility of Bitcoin to institutions will ensure equality for all. That is the essence of Bitcoin: to democratise control over money,” said ShapeShift’s chief executive.

He conceded that widespread adoption of digital gold would occur in the next five to ten years, as the asset becomes a global monetary standard. For now, cryptocurrencies are at an early stage of integration into the corporate sector, but 2020 was a turning point for Bitcoin in this regard, Voorhees noted.

The first public company to invest part of its capital in Bitcoin was MicroStrategy. In August it announced the purchase of 21,454 BTC for $250 million, and a month later additionally purchased 16,796 BTC for $175 million.

Earlier, on December 5, MicroStrategy chief Michael Saylor announced the third investment in Bitcoin totaling $50 million at a price above $19,000 per coin.

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