Cryptocurrency prices have been all around the place. After a meteoric rise from 1 trillion to 2.6 trillion in 5 months, the global crypto market cap tumbled 50% in less than 2 weeks.
Understandably, the hardest thing for investors besides the downfall in prices has been the unpredictability of the future. Experts are of the firm belief that this storm too shall pass and a $2,50,000 bitcoin’s price target by the year-end is still very much in the offing.
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Top 3 Positives to Focus On
After reaching $40,000 on Monday, which seemed like an imminent recovery, Bitcoin’s price fizzled once again as news of China’s mining ban broke out. Leaving behind the fictitious predictions, let us focus on the 3 positive outcomes in the past week that could play out well for the future bull run.
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Michael Learns To Rock
Rumoured as the original Satoshi Nakamoto, Michael Saylor, the CEO of MicroStrategy, announced on Monday the buying of 13,005 bitcoins for $489 million in cash. The NASDAQ-listed Business Intelligence software company now holds more than 1,05,000 bitcoins acquired at a total cost of $2.74 billion. If you wanna know how much a single Bitcoin is worth in Rupees check here BTC to INR.
As cryptocurrency’s largest known corporate holder, MicroStrategy’s buy amidst the bear run instils a great deal of confidence in investors to buy the dip.
More nations going El Salvador’s way.
After the groundbreaking declaration by El Salvador’s President Nayib Bukule to make bitcoin a legal tender on June 8, more politicians and celebrities from Latin America and Africa are mounting pressure to follow suit. Led by congressman Gabriel Silva, Panama could be one such prospective country to adopt bitcoin shortly.
With more countries showing willingness, bitcoins influence as the global decentralized currency is on the rise. The increased transactive motive can offset the speculative bubble and bring forth the much-needed stability in price, which investors are keen on.
The growing institutional interest
Besides governments, banks and financial institutions are on the prowl and figuring out ways to enter the crypto market.
On June 21, BBVA Switzerland, one of the largest banks in the world, offered bitcoin trading and custody services for private clients with the future aim of extending it to other cryptocurrencies. Goldman Sachs, for example, is actively involved in the bitcoin space. Global investment funds have dipped into $43 billion worth of bitcoin on behalf of their clients.
If any lessons are to be drawn from the past, predicting the future of the bitcoin curve is not the best thing to do. But as evidence suggests, there is always room for a bull run, and patience is the key.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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