According to CNBC’s quarterly survey of 100 Wall Street chief investment officers, stock strategists, portfolio managers, etc., Wall Street investors generally believe that Bitcoin prices will show a downward trend this year. The price will be less than $30,000.
A former U.S. State Department official and current Deputy Secretary of State for Political Affairs, Vikrea Noord, recently met with the President of El Salvador, Nayib Bukele, and urged the government to make every effort to regulate Bitcoin and avoid any illegal activities that may involve cryptocurrencies. Prior to this, the President of El Salvador announced that Bitcoin will become the country’s legal tender on September 7.
In recent years, the emergence of cryptocurrency assets has provided market participants with a chaotic journey. In the past ten years, the rise of Bitcoin has brought new meaning to the term “bull market”. The cryptocurrency Ethereum, the second largest cryptocurrency, has also been on the rise.
This kind of cryptocurrency embodies a kind of free thinking, which is to return the power of money from the government, central bank, financial authority, and private financial institution to individuals. Pricing is only determined by the buying and selling prices in the market.
Critics believe that they have no intrinsic value and only help certain criminal acts. However, critics may also want to maintain the status quo. In the final analysis, government power depends on controlling money. The ability to expand or reduce the money supply is the main source of power.
Cryptocurrency is the product of technological progress. As the backbone of financial technology, blockchain technology improves the speed and efficiency of transaction settlement and archives ownership.
Since cryptocurrency crosses national borders and becomes a substitute for currency, it reflects the trend of globalization. The value of fiat currency comes from the credit of the country that issued the fiat currency. The value of cryptocurrency comes entirely from market participants determining its price. Although the government’s monetary policy can affect the value of fiat currencies, they cannot participate in the crypto space.
Recent price movements may mean that Bitcoin and Ethereum will reach new highs in the next few weeks or months. By the end of 2021, the market value of the entire asset class will reach a new high.
Post time: Sep-02-2021