05.03.202118:00 Analisis Forex & Kajian: Head of the cryptocurrency exchange: Bitcoin will grow to $ 1 million in the future

Exchange Rates 05.03.2021 analysis

While bitcoin is tending to a new fall to $ 43,000 per coin, and many large investors and companies openly declare that they do not want to buy "digital gold" because of its excessive volatility, some famous people in the cryptocurrency field continue to give crazy forecasts. In principle, it is very easy to make forecasts for bitcoin. You can always say "bitcoin will cost $ 100,000" and then you just need to wait for this price to submit to the cryptocurrency. No one says exactly when the price will reach the forecast level and why. Thus, all such statements can be divided into 2. But the opinions of real investors, due to which the value of bitcoin can continue to grow (or not continue), should be taken into account much more strongly. However, it is also impossible to ignore the statements of the director of one of the largest cryptocurrency exchanges Kraken, Jesse Powell. Kraken said in an interview with Bloomberg that in the next 10 years, the value of bitcoin will rise to $ 1 million per coin. According to him, the cryptocurrency will strive "to infinity" in its value, as more and more people change their opinion about it. Powell also believes that in the future, all prices will be calculated in bitcoins, and not in fiat money. Powell also noted that he is not going to sell his bitcoin coins no matter what. He believes that in the long term, bitcoin will only grow, so he does not care about the current fluctuations in its rate.

The most interesting thing is that very specific macroeconomic data and analysis suggest that bitcoin is still very far from the top of its bullish trend. Given the amount of money printed and poured into the economy by central banks and comparing the growth in the value of bitcoin with the growth in the money supply, we can conclude that the top of the bullish trend is somewhere above the level of $ 100,000. Of course, much will depend on what actions are taken by governments and central banks regarding bitcoin and cryptocurrencies in general. After all, no one can stop them from banning bitcoin, for example. It is clear that these are drastic measures and their application requires substantial explanations before the international community. Especially now, when bitcoin is already traded on stock exchanges. However, governments and central banks can still put a stick in the wheels of "digital gold". For example, making its turnover as difficult as possible, introducing a lot of taxes for its owners, miners, and traders. Thus, most likely, in each optimistic forecast, there is one default clause: "if nothing bad happens". Indeed, in the current conditions, without rushing anywhere, bitcoin can become more expensive for years and even decades.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Paolo Greco,
Pakar analisis
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