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People Don't Buy Bitcoin (BTC) to Spend It: BlockFi CEO

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Thu, 02/13/2020 - 18:29
Alex Dovbnya
Bitcoin (BTC) is yet to reach mainstream adoption as a currency but it has already solidified its status as an alternative investment option, according to Zac Prince
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Zac Prince, the CEO of cryptocurrency lending company BlockFi, has shared his take on Bitcoin's identity problem during his recent interview with CNBC's "Squawk on the Street."

Prince says that there is a "misconception" about people buying BTC to spend it as a currency. Instead, they view the leading cryptocurrency as an investment vehicle. 

"Most people in the US aren't buying it cause they wanna spend it. They are buying it cause the price goes up." 

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He pointed to the fact that BTC turned out to be the best-performing asset of the 2010s. Those who invested $1 into the leading crypto at the dawn of the previous decade could have walked away with $90,000 in ten years.   

On Feb. 13, BlockFi raked in $30 mln during its Series B funding round that was spearheaded by Peter Thiel's Valar Ventures. With its freshly invested capital, the firm plans to expand its team to 150 employees by the end of this year.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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