"Bitcoin's doubters are having a real hard time", says Nexo co-founder

25 Jun, 2019
by David Robb
Bitcoin's doubters are having a real hard time, says Nexo co-founder

The co-founder of crypto credit company Nexo recently gave an interview to CNBC's Squawk Box Europe show. Antoni Trenchev said that those who doubt the potential of Bitcoin and crypto are increasingly running out of confidence in their position.

Trenchev claimed that "hundreds and hundreds of people" are joining the crypto space on a daily basis, via his company's credit lines, of which 70 percent are now secured by Bitcoin. Nexo allows clients to loan crypto using other cryptos as collateral, and it offers a discount on interest rates if they are paid in the company's own NEXO token, which is currently ranked 101st by total market cap. 

He claimed that a new rally usually kicks in when the asset's most enthusiastic proponents start to turn sceptical, which is what happened towards the end of 2018's long bear market. The Nexo co-founder believes that the growing number of major institutions, including Facebook and Fidelity, getting involved with crypto is one of the main positive signs for the future.

Asked about the potential concerns of getting involved with crypto, he pointed out that Bitcoin has been declared dead as many as 300 times before, and has survived: "the doubters are having a really hard time here, continuing their course".

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Read more about: CNBC


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