The general perception around Bitcoin in the cryptocurrency space and its environs is that the digital assets’ fortune will continue to move on the upward trajectory, at least for now. Many factors seem to agree with this stance, e.g., as the assets continue to be the most preferred for many investors in the crypto space, especially institutional investors. However, the Chief Investment Officer of Barclays Wealth, Will Hobbs, is not fully impressed. The investment manganate feels like the digital assets are currently overhyped by many of its enthusiasts.
Will Hobbs is not interested in Bitcoin, at least for now
In a recent interview with Market Insider, the Investment Manager believes that the assets are truly unique but feels like the people in the market seem to make it look like something bigger than that. When quizzed on his firm’s institutional adoption of the cryptocurrency, Will affirmed that they are not interested at the moment and that the metrics surrounding the cryptocurrency is one his firm is not willing to dabble into.
Will spoke on the price volatility and non-regulation of Bitcoin and the cryptocurrency market. He feels like the assets’ high-risk nature is a stumbling block for Barclays Wealth & Investment at the moment. Will also did not rule out future investment in Bitcoin by either him or his firm, as the investment executive believes that the right conditions for investment will come in the future.
Will Hobbs’ statement further echoes the thoughts of many other prominent investors like Mark Cuban, who has ruled himself out of investing in Bitcoin, believing that the future of the asset is too unpredictable to commit investor’s funds into. Surprisingly, Mark Cuban has invested in other altcoins but will rather watch things unfold in the Bitcoin community rather than join the party.
Bitcoin party is still on despite the non-interest of a few
Will Hobbs has also stated that he is not impressed with the attitude of many Bitcoiners who he claims are now worshipping the cryptocurrency. He believes that their attitude is becoming more of sentiments rather than objective, as he feels that could be a deterrent to other potential investors in the future. However, Will Hobbs and Barclays Wealth & Investment are not the only parties currently not involved or interested in Bitcoin, as many others are also on the sidelines.
The CEO of Euro Pacific Capital, Peter Schiff, alongside Wallstreet giant, Warren Buffet, are two prominent investors who have also declared that they do not believe so much in Bitcoin and are willing to be on the sidelines.
Fortunately, there are so many institutional investors currently investing in Bitcoin, maximizing profit as the fortunes of the cryptocurrency continue to plummet higher. However, Bitcoin, whose market capitalization just crossed the $1 trillion mark, does not need the players on the sidelines at the moment as it is getting all the interested currently needs.