While discussing the present state of Bitcoin (BTC) and the entire digital currency market, Dr. Prash Puspanathan pointed out a shocking trend in the crypto space. Dr. Prash Puspanathan is the founder and CEO of the largest retail digital currency brokerage service in Australia – Caleb and Brown. Puspanathan revealed during the discussion that international financial advisors are purchasing more Bitcoin (BTC) to add to their portfolio.
According to Puspanathan, these financial advisors are wealth managers. They have their own personal digital currency portfolio, and they see so much value in it. He said that he had had a personal encounter with about five to six of them already.
Crypto Tide Will Turn Once It Becomes a Global Financial Instrument
Puspanathan said at least 50 percent of the firm’s customers are scattered across the globe, adding that the majority of them are from the United States.Nevertheless, the specialist also said that the present state of the regulatory structure is making many investors to be cautious.
He stated that the tide in the crypto industry would turn once digital currencies are recognized globally as “financial instrument.” Digital currencies are still a strange thing to many, and a lot of people are wary of venturing into the crypto space.
While many companies, organizations, and businesses are starting to adopt digital currencies, it is still yet to become a recognized financial instrument across the globe. Some businesses have started accepting digital currencies as a means payment. Some are scared of doing so because of the high volatility rate of the digital currencies.
Puspanathan said financial advisors are scared at the moment. He said they are afraid due to the fact that there is no consistency in the messaging from the top down. Once there is consistency in the industry,once digital currencies are recognized as financial instruments all over the world, there will be an influx of financial advisors into the crypto space.
However, Puspanathan said this is not going to happen at the moment; it will take some time. But when it eventually happens,more financial incumbents will be able to invest in it.
Bitcoin (BTC) Will Bounce Back in the
Puspanathan also made known his stance in the crypto industry. He strongly believes in Bitcoin (BTC) and the entire industry. While talking about the future state of the digital currency market, he said that prices would “definitely” recover.
Puspanathan said: “I think we will a little more cycles like this. While the valuation of the crypto market is still very low, that volatility will continue to be there. So I believe the recovery will not be easy. There are lots of investors that have been holding out and waiting for the values of digital currencies to get to this point.”
Bitcoin (BTC) Sees Slight Upsurge
The last couple of days have been favorable to Bitcoin (BTC) and other digital currencies in the market. Bitcoin (BTC), which was trading below the$3,200 mark, amassed gains of over $800 over the past three days. The market cap of the entire crypto market has also increased by $16 billion over the past three days.
Bitcoin (BTC) Price Today – BTC /USD
At the time of writing, Bitcoin(BTC) is changing hand at $4,140 after an increase of about 7 percent over the past twenty-four hours. The current market cap of the digital currency is $68.92 billion and its trading volume over the past twenty-four hours is $7.13 billion.