Veteran Bitcoin investor Willy Woo stated that Bitcoin is the 'perfect asset' for the next millennium, but it needs to attract more funds to compete with the dollar and gold.
Woo stated at the Baltic Bee Conference in Riga, Latvia: 'This currency asset cannot play its role in changing the world unless it attracts more capital.'
Currently, Bitcoin's market value is $2.42 trillion, which is less than 11% of gold's $23 trillion market value, while the dollar supply reaches $21.9 trillion.
Bitcoin is being adopted but faces risks.
Woo mentioned that the current global reserve asset status of Bitcoin is limited by two obstacles.
Although the company is promoting adoption, it understands little about its debt structure, which could lead to a market crash.
He worries that market adjustments may expose weak companies, leading to a massive sell-off of Bitcoin.
Bitcoin faces the risk of state intervention.
Woo pointed out that investments through Bitcoin ETFs and pension funds increase the risk of state intervention.
Woo emphasized that investors prefer to gain exposure to Bitcoin through ETFs and custodial firms like Coinbase Custody.
Although this approach brings in more capital, it also increases risks at the national level.
Also on stage with Woo are Blockstream CEO Adam Back and others. They discussed the future of Bitcoin adoption.
Companies are a reasonable starting point for Bitcoin adoption.
Although Woo has concerns about the risks of corporate adoption, Back believes that companies are a reasonable starting point for Bitcoin adoption.
He believes that if the company cannot surpass Bitcoin, it should turn to Bitcoin investment.
