The cryptocurrency advocate and supporter, Andreas Antonopoulos, said that millionaires do not need cryptocurrencies. During a speech at the Coinscrum meetup at Monzo Bank HQ in London, the author of Mastering Bitcoin suggested that the most popular digital asset helps those that are more vulnerable around the world. 

Millionaires Don’t Need Crypto

At the event, he started by saying that if the digital currency is not useful for some individuals it does not mean that it cannot help others. 

On the matter, he commented:

“If it’s not useful to you, that doesn’t mean it’s not useful. It just means you, in that particular domain, are privileged. When you hear Warren Buffett say, ‘I don’t need crypto.’ Of course, you don’t need crypto. You’re a white-haired old man with billions of dollars. Have you been denied banking services? Unlikely.”

He went on saying that Jamie Diamond, for example, does not need cryptocurrencies because he does not know any other person in his life who is not a millionaire. Antonopoulos explained that these individuals do not even know how to buy groceries or how to go to a supermarket. 

The recognized Bitcoin supporter ridiculized those millionaires that couldn’t even put gas in their cars because they have never than that before. 

Antonopoulos said:

“So when you say, ‘I don’t need this technology,’ what you’re saying is ‘My life already has this in it, and that’s why I don’t need it. But I think about the people who do need that.’”

Could Bitcoin Reach $20,000 Again?

Nonetheless, there are many millionaires and recognized investors that have purchased digital assets and virtual currencies. For example, Michale Novogratz, a former hedge fund manager, predicted that Bitcoin is going to be reaching $20,000 before the end of the current year. That means that the digital asset could reach and even surpass its previous all-time high from December 2017. 

The CEO of Galaxy Digital considers that for this to happen, institutional investors will start entering the space. There are many firms that are searching for new Bitcoin investment possibilities. Fidelity Investments is working on a new service that would help larger investors enter the market, while the Intercontinental Exchange (ICE) is testing the Bakkt platform before its official launch. 

Galaxy Digital has also received approval from the Financial Regulatory Authority (FINRA) to conduct Initial Public Offerings (IPOs) for crypto-related companies. 

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