Bitcoin doubters are running out of steam. That’s the takeaway from the co-founder of Nexo, a lending platform that offers instant crypto credit lines. As Bitcoin climbs higher and higher, back from the dead, Bitcoin doubters are having a harder and harder time standing by their beliefs.
In a recent interview with CNBC, Antoni Trenchev touches on Bitcoin’s resurgence and durability.
“Bitcoin has been pronounced close to 300 times to be dead, and it has risen from the ashes yet and yet again. So I think the doubters are having a really hard time here continuing their cause.”
Trenchev chalks up Bitcoin’s massive 2019 resurgence to geopolitics and institutional adoption of crypto by massive corporations like Facebook, JPMorgan Chase and Fidelity.
“I think there has been a perfect alignment of a few favorable factors. We see the geopolitical turmoil. That certainly has helped the cause of Bitcoin. The bear market of 2018 – we’ve seen even the harshest proponents turning skeptical at some points, and this usually is the inflection point from which assets start rallying again. But I think it is really about institutional support and the implication that it has in terms of mass adoption.”
Trenchev says about 70% of their instant credit lines are facilitated through Bitcoin and that they’re seeing “hundreds and hundreds of people joining the space on a daily basis.”
“I think people are really starting to notice and appreciate the fact that Bitcoin is here to stay and at Nexo, we see this every day.”