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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