How cryptocurrencies are gaining popularity

Praem Capital
3 min readFeb 17, 2021
Praem Capital

Cryptocurrencies, which skeptics have long dubbed “money out of the air,” are increasingly becoming a part of day-to-day life.

The global recognition of cryptocurrencies is growing every day. Still, so far, it has practically not touched the financial elites — business and investment leaders, one word that can set the trend for the entire market.

However, there have been more and more such exceptions lately. Besides, some skeptics, who doomed cryptocurrencies yesterday, started to recognize their right to exist.

What we’re going to talk about is how billionaires, one by one, are fundamentally changing their attitude towards bitcoin and cryptocurrencies.

The founder of one of the most popular startups — SpaceX and Tesla, Elon Musk, became the world’s richest man at the beginning of this year.

Musk periodically shares his views on cryptocurrencies. Although the businessman often sneers at cryptocurrencies on his social networks, he has repeatedly paid tribute to bitcoin.

The entrepreneur calls his “favorite” cryptocurrency the meme-coin Dogecoin, most likely since the entrepreneur likes joking about it.

In an interview with ARK Invest, Musk singled out ETH as one of the “noteworthy” cryptocurrencies. At the same time, about a year before, he announced his desire to get Ethereum, “even if it is a scam.” However, according to Musk, Bitcoin tops the list of worthy cryptocurrencies:

“I am a bitcoin supporter. And I believe that the financial world is close to its widespread acceptance. I have no opinion on other cryptocurrencies. “

Elon admitted that his friends were persuading him to buy bitcoin, but he never did, as Musk noted, he was “late to appear at the party.” Anyway, now the wealthiest entrepreneur is openly a Bitcoin supporter.

PayPal founder and famous entrepreneur Peter Thiel is rightfully considered one of the first “official” crypto enthusiasts among the American business elite.

Thiel predicted the future a few years ago: he shared his view of bitcoin as digital gold. Today this opinion is becoming prevalent among leading investors.

Thiel is skeptical about most cryptocurrencies; however, in his opinion, many people underestimate Bitcoin. It can be compared to reserve money like gold, for example. Bitcoin constitutes an excellent tool to store capital but not a means to perform transactions- the billionaire is convinced.

Thiel is quite popular in the investment industry — in 2005, he became the founder of the Founders Fund, which eventually became one of the most famous US venture funds. Several years after its founding, Peter Thiel was involved in creating other investment funds, for example, Valar Ventures and Mithril Capital.

As of now, Thiel’s venture firms have begun to invest in the crypto industry actively. Here is a small list of their investment objects: Layer1 mining company, Tagomi crypto broker, Reserve stablecoin, BlockFi crypto lending platform, Lolli bitcoin cashback service.

According to the media, Thiel funds are also engaged in direct purchases of the first cryptocurrency. A couple of years ago, the Wall Street Journal reported that Founders Fund was actively buying bitcoins.

Significantly, the payment system PayPal, founded by Thiel, has reconsidered its attitude and turned to cryptocurrencies, launching an investment service for cryptocurrencies last year.

As the industry develops, the number of those who are positive about digital currencies is constantly growing. Although there are very few supporters of bitcoin and other cryptocurrencies among the elite financial representatives, even this minority of business leaders attracts their colleagues’ attention.

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Praem Capital Team

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