Bitcoin is surging as of late, having recently managed to jump beyond the $19,000 mark for the first time in roughly three years. What’s even more impressive is the fact that bitcoin is staying there, and several industry experts are now weighing in.
Bitcoin Will Continue to Surge, Analysts Believe
For the most part, sentiment appears to be bullish, with many analysts claiming that bitcoin is likely to maintain its present momentum into the coming year. The currency is living high off the fact that the U.S. dollar and other forms of fiat are falling flat on their faces thanks to the spread of the coronavirus pandemic, which has been ravaging financial markets since mid-March.
Peter Smith – CEO and co-founder of the cryptocurrency exchange Blockchain.com – believes that bitcoin is here to stay. While it may have started out as a “grand experiment,” it has now cemented itself as a major “safe haven” and a tool to hedge one’s wealth. He’s confident the currency is going to last, and that adoption will soon reach new highs.
He commented in a recent interview:
From 2017 and onwards, bitcoin’s become inevitable. Bet on bitcoin’s inevitability.
Paolo Ardoino – the CTO at crypto exchange Bitfinex – offered similar verbiage, mentioning that he thinks nothing could potentially bring bitcoin down from its present high point. He says:
No amount of cynicism, disbelief or even fantastical thinking can obscure the compelling case for bitcoin. Global asset managers will continue to recalibrate their portfolios accordingly.
In other words, more and more people are likely to add bitcoin to their portfolios in the coming years given that the asset is no longer just being used for speculation.
Anthony Denier – the CEO of trading platform Webull – says that more people are beginning to show less interest in standard assets – i.e. gold, precious metals, stocks, etc. – and are putting their money into crypto and bitcoin. He mentions:
If people are pulling money out of gold and putting it into bitcoin, that could give more fuel for the bitcoin rally.
Simon Peters of e-Toro fame commented that many technical signs have emerged suggesting that bitcoin is likely to become even stronger and larger in the coming weeks and months. He states:
If we maintain the current rise, then $25,000 before the start of 2021 is on the cards. There will be some selling at $20,000, and this could see a short move backwards, but if bitcoin shrugs off this selling and continues rising, then New Year’s Eve at $25,000 is there for the taking.
The Asset Has Become Steady
Glen Goodman – author of the book “The Crypto Trader” – claims that the “tulip mania” behind BTC is now gone, and the currency has really solidified its reputation as a mainstream asset. He says:
All the talk of ‘tulip mania’ in the 2017 boom is absent, now. Once the historic Dutch tulip bubble burst, it never recovered, while bitcoin has now shown it has real staying power.