Bitcoin may no longer be near the all-time high of near $20,000. Considering the trend that the cryptocurrency lately, it seems that Bitcoin is going to have a bullish trend yet again. One of the reasons behind Bitcoin’s price fluctuation is the interest of institutional investors.
If you will ask John Pfeffer, who is a partner at Pfeffer Capital, he made a remark that Bitcoin could eventually be worth around $700,000. He also added that Bitcoin is better than gold.
He mentioned that “Bitcoin is the first viable candidate to replace gold the world has ever seen”. He also added that “So if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency”.
However, does he think the same when it comes to other cryptocurrencies? This isn’t exactly the case. He even mentioned that “Most crypto assets out there are bad bets”.
The current market capitalization for Bitcoin is at $150 billion while its value is still floating around under $9,000. However, he mentioned that if Bitcoin is able to displace even just 25{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} of foreign reserves, BTC’s market cap could balloon to $6.4 trillion.
Bitcoin experienced a 30{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} price surge this April after a bearish trend over the past months. Could this be the trend that investors are waiting for? Does it ultimately mean that Bitcoin has been able to surpass regulatory changes from both banks and regulators?
Finance expert Carter Worth mentioned that the current trend line for Bitcoin shows a “well defined moment of big movement”. He also added that BTC is expected to surge in the coming months. He explained that Bitcoin shows a pattern of long-term growth. He said that “When you have lower highs and higher lows you, it represents equilibrium and there’s a debate”.
As for the other cryptocurrencies, Worth mentioned that it is “identical in most part” for the likes of other top altcoins including Ethereum and Ripple. However, he believes that Bitcoin isn’t exactly the indicator for the market.
Could it be that institutional investors are already seeing the crypto market already normalizing which is why they are already positioning themselves trying their best to stay ahead of everyone else? Nasdaq played with the idea that it could become a cryptocurrency exchange. This news has been warmly received by the industry.
However, not everyone is actually happy about Bitcoin. The founding PayPal CEO, Bill Harris mentioned that Bitcoin has no intrinsic value and shouldn’t be considered as a means of payment. He also considered it as the greatest scam in history.
He said that Bitcoin is a “collossal pump-and-dump scheme, the likes of which the world has never seen”. Considering that the market is not regulated, he does have a point that whales can actually manipulate the market considering the amount of cryptocurrencies that they can buy and sell. He also added that some cryptocurrencies are considered “pure fraud”.
Is Bitcoin truly going to surpass its former all-time high? In reality, no one can know for sure considering that the crypto market is still in its infancy.
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