The recent craze in Bitcoin is similar to the gold rush of 1848, says Ken Moelis.

In a recent interview with Bloomberg, Ken Moelis, an American billionaire and investment banker, said that the recent craze in Bitcoin is similar to the gold rush of 1848. Commenting about the cryptocurrency market’s future, the investor banker mentioned that there is a growing interest in Bitcoin and other cryptocurrencies. Bitcoin touched a low of nearly $31,000 yesterday.

“It’s like the gold rush of 1848.”

“We are focused on having expertise. Cryptocurrency is a big market. There is a lot of capital in the market. There are several projects. It’s like the gold rush of 1848, a lot of people didn’t know if there was gold in the ground. But we need to know what people want and what tools they need to be successful. I’m trying to keep track of Bitcoin and other cryptocurrency assets,” Moelis told Bloomberg. The founder of investment banking firm Moelis and Company has a net worth of over $1 billion.

Major institutions continue to accumulate bitcoin.

Despite the latest dip in BTC price, institutional buyers announced the purchase of the leading cryptocurrency this week. MicroStrategy, a leading business intelligence firm, yesterday announced that the company is planning to expand its Bitcoin portfolio with the purchase of nearly $500 million worth of additional BTC. The company currently has more than 92,000 BTC. In a recent interview with CNBC, Marc Lasry, an American businessman and hedge fund manager, also expressed his desire to buy Bitcoin in a large amount. “I can make you an argument that the cryptocurrency can go to $100,000, and I can also make an argument about BTC going to $20,000. But the probability as more and more people keep using Bitcoin, it is going to keep moving up, Lasry said during an interview with CNBC.