Intro: The founder Chairman of Interactive Brokers, Thomas Peterffy has invested in cryptocurrencies but did not reveal which one. This move came at a time when his company started trading in cryptocurrencies.
Thomas Peterffy, the online brokerage pioneer, has invested in cryptocurrencies. But he is still skeptical about the long-term future of the digital asset class.
While talking in an interview with the publication house, he said that he has put a little bit of money in cryptocurrency. But he thinks that it is not a viable market and feels that there is a small chance that this is going to be a dominant currency in the future.
Investment in cryptos, a move with a purpose
Billionaire and founder chairman of Interactive Brokers did not disclose about the cryptocurrencies he has invested in. Thus, the move came with a purpose as Interactive Brokers is all set to launch cryptocurrency trading by the end of the summer. It is an important move for the broker and its reputation is good for serving more sophisticated clients.
Peterffy was earlier skeptical about bitcoin, which is the world’s largest cryptocurrency by market value, earlier in 2017 as the CME prepared to launch bitcoin futures. During that time, Peterffy had no issues with people who wanted to invest in bitcoin and other cryptocurrencies. But he warned of linking bitcoin and cryptocurrencies with the aid of using federal regulations to the actual economy.
Rising interest in bitcoin
On the upcoming launch of the crypto trading by Interactive Brokers, Peterffy informed that several of the company’s clients have expressed interest in being able to invest in the digital asset. Many in the crypto community see bitcoin as a long-term store of value. It expressed optimism about its ability, along with blockchain-based digital assets, to disrupt the traditional financial system.
Jack Dorsey, Twitter CEO and CEO of fintech firm Square, believes that bitcoin will create world peace. In the Wednesday trading session, Bitcoin was in bearish mode and was nearly 7% at around $31,800 per token. The volatile cryptocurrency traded as high as $32,765 on the day, as per Coin metrics. Bitcoin went up just after one day when it fell below $30,000 for the first time since June 22.
The currency remained down around 50% from its all-time high near $65,000 in mid-April. The massive rally of bitcoin was seen going up last year and peaked in April because of the adoption of the currency by high-profile investors and institutions. Bitcoin is a little positive from year to date. In 2020, it traded below $10,000 per token.
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