Bitcoin's resiliency—as well as its recent rise above the $1,000 mark—is gaining it additional converts to the belief that the cryptocurrency is for real.
One of the latest skeptics-turned-believers is Ty Danco, a respected market veteran who has worked up one side of Wall Street and down the other. Danco once oversaw more than $60 billion of assets and now is the CEO at a trading firm called BuysideFX.
In an essay for the subscription-only Tabb Forum, he outlines what he sees as the future for bitcoin, the digital currency that last was trading at one unit equaling more than $900.
"The media thoroughly covered its meteoric rise in market value as a currency, but the bigger story is that high-profile investors have placed significant bets on Bitcoin-related businesses this year, including Li-Ka Shing, Union Square Ventures, and Andreessen-Horowitz," Danco wrote. "Given their involvement, bitcoin demands a serious look."
