As the value of Bitcoin soars to new highs, there is no doubt that the cryptocurrency is here to stay. This is according to eToro CEO Yoni Assia, who believes that Bitcoin is the king of all cryptocurrencies.
“Cryptocurrencies are here to stay, and Bitcoin is leading the pack,” said Assia. “Despite some bumps along the way, we believe that Bitcoin will continue to dominate the market and emerge as the clear winner in the crypto space.”
While some experts have cautioned that the current Bitcoin rally is reminiscent of the 2017 bubble, Assia is confident that this time is different.
“The fundamental difference between now and 2017 is that there is actual usage of cryptocurrencies taking place,” he said. “In 2017, it was more speculative investing, but now we are seeing real adoption by businesses and institutions.”
Assia believes that eToro is well-positioned to capitalize on the growing interest in cryptocurrencies. The company recently launched a cryptocurrency trading platform and wallet, and Assia says they are seeing “tremendous demand” from users.
For example, during an exclusive interview at Bitcoin 2021 Miami, Yoni Assia, CEO of eToro, told Cointelegraph that he considers Bitcoin the “king of cryptocurrencies”, noting that the most popular digital currency is here to stay:
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“I’ll be surprised if we don’t see a significant increase in the price of Bitcoin over the next three to five years, as there are still 5 billion people in the world who basically don’t have a good local currency.”
However, for this dream to come true, Guy Hirsch, managing director of eToro US, told the Cointelegraph that people need to believe in the morality of decentralizing money:
“I think the moral argument for Bitcoin and teaching people it’s the right thing to do is basically separate state and money. Ultimately, it will create the vision we all aspire to. ”
Regulations: linking the old world to the new world (Bitcoin is the king)
In order to prepare for a decentralized future, Assia mentioned that eToro is building a bridge between traditional finance and the cryptocurrency industry. As such, Assia explained that the combination of digital assets and equities is important. “Most of our customers trade both cryptocurrencies and shares on the platform. I think it’s definitely a trend that we’ll see continuing in the future,” he said.
Assia also mentioned that it’s good to see more institutions entering the cryptosphere, especially when it comes to innovating within decentralized finance, or DeFi:
“DeFi a bit like a wild west now. No regulation, no real financial institutions, but lots of amazing innovations. I think we’re going to see a lot of these innovations going to traditional financial institutions or regulated, centralized companies to be able to deliver that innovation directly to consumers. ”
In addition, Assia mentioned that he believes there will be a transfer of over $100 trillion dollars over the next 10 years to native digital assets. He noted that this will be fueled by the notion that almost all financial assets will eventually be incorporated into blockchain networks going forward.