• Bitcoin managed to close the week on above US$ 19,000/-. Also in the past week, it broke its highest value achieved ever in history.
• Bull-Run for Bitcoin has not ended, it has just begun.
• The Bull-Run will go a long way as institutional interest is still on the horizon.
• Esteemed crypto experts explain their analysis regarding the future of Bitcoin. Explain how the decline in US Dollar’s value will help Bitcoin to go further up.
Past week, the world’s very first digital currency had achieved the highest value in Bitcoin’s history. It went as high as US$ 19,857 making it the highest value for Bitcoin ever recorded. It was only in the month of December 2017 when Bitcoin was traded for US$ 19,783.
During this year, and in particular during the days of the pandemic, Bitcoin managed to acquire 177% gain in value. However, in between this, various ups and downs too were seen throughout the year as well. This resulted in the loss of faith by many Bitcoin fans who thought that Bitcoin will never go high again.
But this is what esteemed crypto experts had to suggest about the future of Bitcoin.
In the words of Peter Smith, Blockchain.com’sCEO & Co-Founder, from 2010 till 2014, Bitcoin had been an outstanding experimentation. According to him at that time many believed that Bitcoin will overtake accustomed fiat. But after 2014 Bitcoin emerged as a distinct financial instrument that had the ability to work parallel with traditional currencies. He further suggested that as of now Bitcoin had turned out to be inevitable. Those who seek to bet on it, they shouldn’t wait, he concluded.
Another analyst, Paolo Arduino of Bitfinex, said that no pessimism and discontent could put Bitcoin in doubt. He also said that worldwide asset managers will keep on pouring their investments in Bitcoin for their profitable future.
Then there was Anthony Denier, who is currently the CEO of Webull, a renowned trading organization. Denier analyzed that if there is inflation then the value of currencies decline instantly. But even though Bitcoin too is a currency, yet the inflation does not adversely effectBitcoin. As a matter of fact, inflations play positively for Bitcoin as it sends its value climbing further, explained Denier.
He further explained that Gold had been one of those trading products which had and has been considered a store of value. For thousands of years, no other trading product had dared to challenge the sovereignty of gold. But today, Bitcoin had been preferred over Gold by many investors as one of the finest store of value, Danier suggested. Still, there is a lack of recognition amongst the majority of investors regarding Bitcoin. If more would invest in Bitcoin, then Bitcoin will use it as rocket fuel to remain on top of Gold, told Danier.