Jacob has commented "Crypto market below.."
Chart of BTC’s price action over the past two and a half weeks. Source: BTCUSD from TradingView.com
Analysts are divided over what comes next for Bitcoin in the near term: there are many that believe the cryptocurrency is extremely overbought on technical terms and thus faces a correction in the near term, while there are others that note institutional buying pressure should outweigh any chance at correction.
Whatever the case, prominent investors in BTC have maintained their belief that long-term growth is likely for the coin.
Chamath Palihapitiya, a Canadian-American venture capitalist known for buying a large amount of the Bitcoin supply (rumored to be 100,000 coins) in 2012 or 2013, recently maintained this belief in an interview with CNBC.
Top VC continues to say Bitcoin will grow
Palihapitiya has been one of the biggest supporters of Bitcoin in public over the past nearly a decade now.
The venture capitalist, who is also the chairman of Virgin Galactic and a number of other companies, became a public supporter of the cryptocurrency in 2012 or 2013. This year, his advocacy of the investment has grown as he has noted that macroeconomic and geopolitical trends are pointing to the need for some form of “schmuck insurance,” which he thinks Bitcoin takes the form of.
In the investor’s latest CNBC interview, he was asked about where he thinks Bitcoin, the “rocketship,” will be going in the months and years ahead.