Former U.S. Treasury secretary predicts continued Bitcoin price rise

Former US Treasury Secretary Lawrence Summers said that ‘Bitcoin won’t crash’, and its price will continue to rise in the long term.

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“The cryptocurrency looks much more resilient after it hit a new high and then fell,” he said.

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Summers believes that the driver of Bitcoin’s continued ascent will be higher demand amid a limited supply of coins.

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Earlier, the former minister joined Digital Currency Group as a senior adviser. With Summers on board, the company invested in Abra, Coinbase, CoinDesk, BitGo and Ripple.

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Earlier, MicroStrategy said that the return on investment in the first cryptocurrency was higher than investments in Apple and Facebook shares in the early stages.

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Earlier, MicroStrategy invested $650 million in Bitcoin and now owns 70 470 BTC worth more than $2.5 billion.

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