As Bitcoin companies “mature,” the focus has shifted toward more productivity and cash flow, which is contributing to the gradual uptick in the price of Bitcoin, according to Bitcoin Well (TSXV:BTCW,OTCQB:BCNWF) Founder and CEO Adam O’Brien.
“It’s no secret the price of Bitcoin has declined greatly over the last two years, but we’re seeing a bit of a comeback now, which is positive,” he said. “(We’re seeing) these companies, which traditionally had been VC-funded and in high-growth mode at all costs, shift to more of a productivity and more of a cash flow position. I think that’s been positive, ourselves included.”
This is good for the cryptocurrency sector, he added, as it provides a more stable footing for businesses to grow.
The CEO also noted the increasing momentum among Bitcoin users toward “self custody.”
“It’s awesome to see a shift toward people, specifically the end user or the owner of Bitcoin, taking custody of their funds directly,” O’Brien said, noting the record-low number of Bitcoin held on exchange. “The safest way to buy and own Bitcoin is to hold it yourself.”
The CEO discussed the reasons for this shift: “It’s due in part to education, but also due to other companies, some of whom we’ve partnered with, who help individuals make a wallet for themselves, teach them how to use that wallet and show them how to fund that wallet with Bitcoin from platforms like Bitcoin Well.”
Watch the full interview of Bitcoin Well Founder and CEO Adam O’Brien above.
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