The CEO of Digital Assets Data, Mike Alfred, has spoken on why there is a rise in the demand of Bitcoin from different corners.
Mike Alfred said the interest has surged particularly because of the increase in price of BTC.
He said more institutions have become interested in BTC. Bitcoin appreciated by more than $1000 on July 27.
Bitcoin’s price soared
Bitcoin made a remarkable achievement on July 27 when its price changed from $9,930 to $11,400. TradingView.com noticed this on Bitcoin’s daily candle.
Alfred noticed that two mainstream traditional institutions namely, Bakkt and CME, took part in trading the BTC.
Alfred also confessed that some traditional financial institutions showed interest to invest in BTC: “Anecdotally, we are receiving a lot more inbound requests from traditional firms looking to get into the space quickly.” The CEO said as for him, he will continue to buy Bitcoin.
DeFi is doing well too
About DeFi, Alfred said: “DeFi is also a very interesting development but the real economic impact is still somewhat limited.”
The performance of the DeFi sector has been encouraging in 2020. Many DeFi assets have doubled in price this year in a matter of weeks or few months.
While comparing BTC and DeFi, Alfred the CEO said: “The DeFi-related activity is very interesting but ultimately BTC is still the ultimate barometer for the health of the ecosystem.”
He praised all that have worked tirelessly these years in making sure that BTC remains relevant. He said despite the challenges from regulatory bodies and the court cases, Bitcoin deserves to be praised for still emerging strong.