Bitcoin hits a new all-time high today as $50,000 per coin by the end of 2020 predicted
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Speaking to Express.co.uk Antoni Trenchev, managing partner of the financial institution for digital assets, Nexo, said: “Back in March, I predicted that bitcoin could reach $50,000 (£37451.25) by end-2020 and now there is increasing evidence of that upward trend. Markets like round numbers, bitcoin passed $16,000 (£11984.40), then $18,000 (£13482.45) in a matter of days. The next stop is $20,000 (£14980.50).
“With the likes of MicroStrategy, Square, and PayPal jumping on the crypto bandwagon, $50,000 (£37451.25 by the end of this year is not at all unlikely.
“This will be a record not driven by frenzy, but by the big, forward-thinking, finance and technology-savvy institutions that will push crypto into the mainstream.”
The upward trend driven by “real volume” from big financial institutions has been the difference between the current bull-run and that of 2017.
Institutional buying has accelerated the bitcoin price in 2020.
The Guggenheim Macro Opportunities Fund has announced its plan to invest 10 percent of its overall $200 billion (£149.81 billion) in assets into the cryptocurrency.
On Friday Guggenheim Partners wrote filed an amendment to allow them to purchase bitcoin with the US Securities and Exchange Commission.
The asset management firm said: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10 percent of its net asset value in Grayscale Bitcoin Trust (GBTC), a privately offered investment vehicle that invests in bitcoin.”
Bitcoin pioneers and host of Russia Today’s The Keiser Report explained how a combination of hyperinflation with fiat currencies and adoption of bitcoin by hedge fund managers and big financial institutions has made the new high price inevitable.
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Speaking to Express.co.uk bitcoin expert Max Keiser said: “The only ones surprised by bitcoin’s new ATH (all-time high) are government fiat currency lackeys like Peter Schiff, Nouriel Roubini, and Paul Krugman.
“Those who predicted the current fiat money hyperinflationary collapse against Bitcoin are right and we’ll be right all the way up to $500,000 (£374,512.50).”
Soravis Srinawakoon, CEO and co-founder of Band Protocol, spoke to Express.co.uk about the difference between today’s bitcoin all-time high and the bull run in December 2017.
He said: “The simple truth is that the price of bitcoin attracts more people to cryptocurrency, institutionally as well as retail.
“When this happened in 2017, there was a real lack of products for the new converts to experience, whereas today there are endless uses, protocols, services across farming, lending, standard trading, etc.
“Therefore we’d expect to see the new adopters hang around this time.
“As well as new users, from an industry perspective like ours, the price of bitcoin can really drive talent to the cryptocurrency and blockchain industries.
“Whether financial professionals or developers, a global influx of talent will legitimise and move the industry forward.”
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