Orlando Bravo – a billionaire private equity investor – is going nuts for bitcoin, and revealed in a recent interview that he owns quite a bit of the world’s number one digital currency by market cap. He commented that in the long run, institutions are only just beginning to warm up to the asset, and he’s confident things can only explode upwards from here.
Orlando Bravo Seems to Love Bitcoin
He asked his listeners confidently:
How could you not love crypto?
Recently called “Wall Street’s hottest dealmaker” by Forbes Magazine, Bravo founded a private equity firm known as Thoma Bravo and has a net worth of more than $6 billion at the time of writing. Not long ago, he invested in FTX, the newest cryptocurrency exchange brought about by CEO and founder Sam Bankman-Fried. He also says he owns quite a few BTC units, though he didn’t provide a specific number.
Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system, so it is here to stay. For me, it’s rather simple. More people are going to use it in the future than today, and it’s going to be more established. Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years. I’m very bullish.
Cryptocurrencies experienced a massive surge in 2020. The idea was that the coronavirus pandemic caused many individuals to stop viewing these assets as speculative and more as hedge tools against economic inflation and wealth pops. Bitcoin, for example, was trading below $4,000 briefly in March of that year, but ultimately ended 2020 in the high $20,000 range. Just a few months later, it more than doubled its price and was trading for about $64,000 per unit in mid-April.
Overall, it is believed that the asset spiked by more than 300 percent. In addition, several institutional traders bought the surge and jumped aboard, with companies like MicroStrategy and Square amongst the first to add BTC to their balance sheets. In early 2021, Elon Musk’s Tesla purchased more than $1.5 billion in bitcoin.
Sadly, not everyone is convinced that institutional bitcoin buying has become a regular or mainstream tactic. Not long ago, Anthony Scaramucci of Sky Bridge Capital commented that anyone who thought institutional bitcoin buys were becoming prominent were “not being totally honest” with themselves.
Blockchain Just Keeps Expanding
But Bravo says otherwise, and comments that the speed in which blockchain technology has grown and expanded into other industries suggests that the growing appeal of bitcoin can no longer be ignored. He says:
The underlying technology of blockchain, regardless of what protocol or what system you are building upon, can be very powerful, and sometimes provides better use cases than data-based software.