Home
News
American billionaire and investment banker, Ken Moelis compares bitcoin to the time of the gold rush in 1848. He also informed that the meme craze is also going up among the youngsters. But it is more fun for them.
Ken Moelis is an American billionaire and an investment banker. While sharing his views about Bitcoin, he said that the token is similar to the time of the gold rush in 1848. During an interview with the media publication house, he talked about the future of the cryptocurrency market.
Moelis sees a growing interest in Bitcoin and other digital currencies. Bitcoin is the world number one cryptocurrency currently is facing a slowdown in the market and there is a lot of negativity in the market. The token is trading at a rate of nearly $31,000.
He further explains that expertise is the main focus and cryptocurrency is a huge market. There is a lot of capital in the market. He compared bitcoin to the gold rush of 1848 where people did not know if there was gold in the ground. He debates that it is necessary to know what people want and what tools are needed to be successful.
Keeping a track of bitcoin
Moelis is trying to keep the track of bitcoin and other cryptocurrency assets. Moelis is a founder of the investment banking firm Moelis and company, which has a net worth of more than $1 billion.
He has also observed that the institutional investors are showing more interest in bitcoin, irrespective of a slowdown in the token. MicroStrategy, a business intelligence firm, has announced in a release recently that the company is purchasing more bitcoins worth $500 million. The company has a total value of more than $92,000 BTC.
MLaceyrsey, Hedge fund manager and an American entrepreneur in a recent interview to the leading media house said that he is likely to invest in Bitcoin in huge numbers. He did not divulge the amount though. He also said that Bitcoin is a very volatile currency. It can go to $100,000 or might come down to $20,000. But if more and more people invest in bitcoin, then there is a probability of BTC going up.
The banking sector has also been seen active in investing in Bitcoin. The investment banks tiptoed around the volatile crypto industry for some time now. Galaxy Digital of Mike Novogratz has also made a first billion-dollar deal this year and has bought BitGo Inc. Goldman Sachs and JP Morgan Chase and Co. were others who have helped Coinbase Global Inc. to go public.
Meme effect
Moelis further highlighted that wall street is missing the social aspect of the meme stock craze that is bringing hoards of new, young investors to the market. He believes that youngsters invest in the market just for the sake of fun. At least 70% to 80% invest for fun. His kids are involved in sending him messages on stocks.
He said that there is an inclination towards meme stocks to gambling. He believes that a lot of people are not making an investment decision, they are making an emotional one. It is a global craps game where everyone is talking to each other and having a lot of fun.
He does not see the excess leverage in the market and sees a dramatic slowdown in restructuring work in his firm. He further states that companies might rush to do deals ahead of proposed changes to capital gains taxes by the US administration of President Biden.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
