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Bitcoin Rally Still Has Room To Grow
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简介Bitcoin has had a significant run in the past few months as the world has started accepting the impo...
Bitcoin has had a significant run in the past few months as the world has started accepting the importance of digital currency, which was invented by an anonymous developer in late 2008
Although the price of Bitcoin rallied more than 180% year to date to break the previous all-time high of $20K, the end of bull-run is not in sight – with expectations that the largest digital coin will reach $30K soon and eventually hit $100K in the future.
But how?
The Bitcoin bull-run has just started factoring in crypto adoption, with payment companies like Square and PayPal buying on behalf of customers.
The fundamental aspects are backing bullish predictions as Bitcoin that relies on a decentralized ledger to record and verify transactions is on track to expand its space in the financial markets, with mass media and institutional investors having started its coverage. Limited supply along with its increasing role in financial markets are among the biggest catalysts for the price appreciation, and it appears that institutional investors have started realising the significance of these two factors.
“I have seen Bitcoin go up to 10X, 20X, 30X in a year. So going up 5X is not a big deal,” said Brian Estes, chief investment officer at hedge fund, Off the Chain Capital.
Citi technical analyst Tom Fitzpatrick came up with a more optimistic stance, expecting Bitcoin to hit $318,000 next year.
The record growth in the CME Group Bitcoin futures market is an indication that institutional investors are pouring in their money. Bill Miller, Stanley Druckenmiller, BlackRock’s Rick Rieder, and Paul Tudor Jones are among the big names that have recently expressed confidence in cryptocurrency.
On the flipside, Bitcoin integration from payment companies like Square and PayPal have significantly increased retail volume. Square says it has generated a record $1.6 billion in revenue through its CashApp mobile wallet. PayPal has also increased buying limits after seeing overwhelming demand.
Can Bitcoin sustain its gains?
Besides new investments, Bitcoin’s acceptance as a valid form of payment would only help in sustaining upside momentum.
Although banks and a few big players say Bitcoin lacks stores of value and cannot be used as a valid source of transfer, the rapid pace of crypto adoption suggests otherwise.
As the world is shifting from retail shopping to online shopping, crypto coins are likely to take a central place as a means of transfer of value. PayPal’s permission to buy products from millions of merchants through digital coins is the first step in that direction.
The potential launch of the digital euro hints that governments are catering to the changing needs of the people.
“A digital euro would complement cash and ensure that consumers continue to have unrestricted access to central bank money in a form that meets their evolving digital payment needs,” the President of the European Central Bank Christine Lagarde said.
The short-term price movement is favoring the bull’s case as market analysts say despite the overbought condition, the prospects for big correction is unlikely.
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