Chinese VC Expresses Faith In Bitcoin To Prevail, Belief Stemming From Political Instability
Chinese Venture Capitalist Edith Yeung “Believes In Bitcoin”
It is increasingly becoming evident that institutional trust in Bitcoin is going up. Over the past two months, the cryptocurrency market has seen the bitcoin price double, rallying from $4,200 to $8,600, the price as of the time of writing this, in a 2017-esque fashion.
The massive uptick in interest in cryptocurrency markets has evidently materialized in Grayscale’s products. The firm’s Bitcoin Trust, which is one of the first publicly tradable BTC products on the market, accumulated 11,236 coins in April alone.
Bitcoin’s has strong upside momentum due to strong technicals and the fact that institutions are rushing back into cryptocurrency, boding well for the current rally. Another example of institutional trust in bitcoin can be seen by Edith Yeung's interview with CNBC, where she praised Bitcoin.
Edith is a venture capitalist, technology executive, and a China Internet expert. Edith is a partner at Proof of Capital – a blockchain focused venture capital fund with an emphasis on real adoption and global distribution with a particular focus on Asia and emerging economies. A few sectors they are particularly interested in are fintech (payment, remittance, custody, wallet), infrastructure (security, identity), hardware, and the consumer layers of the blockchain ecosystem.
One thing she mentioned was Bitcoin providing economic stability to people in financially unstable areas such as Venezuela. She said:
“In Latin America and South America, the FIAT currency is 15 Euro low. There is political instability… Buy Bitcoin just in case if there is anything happening to that country.”
She then spoke about organizations like Facebook, JP Morgan, Goldman Sachs and more who are joining the crypto hype-train. She even mentioned the consortium of 14 banks in the US, Europe, and Japan have invested $63.2 million for the development of USC (Utility Settlement Coin). She adds:
“You know what may be Bitcoin is a thing finally, that we should think about not just on the payment use cases but also think about if different banks and individuals are going to store bitcoin on their own. Maybe bank should also do something about this.”