Billionaire Orlando Bravo, co-founder and managing partner at private equity firm Thoma Bravo, has revealed he is a cryptocurrency investor and believes the flagship crypto bitcoin will see its value surge over the next few years thanks to institutional adoption.

Speaking at CNBC’s Delivering Alpha conference, the billionaire said:

How could you not love crypto? Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system. So it is here to stay.

Bravo added that he sees bitcoin’s underlying blockchain technology as a “very powerful” system that can “sometimes provide better use cases than data-based software.” Per his words, blockchain can do this regardless of that protocol or system It’s being used on.

As CNBC reports, Bravo’s private equity firm has recently participated in a Series B funding round for cryptocurrency exchange FTX, which was valued at $18 billion. Brave revealing during the conference he personally invested in BTC as for him more people will start using it in the future and help it become more established.

Brave added:

Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years. I’m very bullish.

The price of bitcoin is trading around the $40,000 mark after dropping from a near $64,000 all-time high seen earlier this year. The all-time high was hit after in October of last year it surged from around $11,000 after PayPal announced it was letting its users buy, sell, and hold crypto on its platform.

Since then several companies have moved into the cryptocurrency space, with the likes of Square, MicroStrategy, and Tesla using their balance sheets to buy the cryptocurrency as an inflation hedge. Investment banks like Morgan Stanley have also started offering BTC to some of their clients.

Morgan Stanley investment funds have invested in bitcoin when its price dropped below the $40,000 mark earlier this year, as filings show the Morgan Stanley Europe Opportunity Fund doubled down on its BTC exposure during the price dip.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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