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Analysts and industry experts have been jumping back and forth about where they think the future of bitcoin lies. The currency has been booming like it never has before, jumping beyond the $18,500 line and surging to its highest position since late 2017. Some are convinced that the bull run is going to continue well into 2021, and that the asset is likely to hit a new all-time high.
Bitcoin Has Matured
More than anything, the question that’s likely on every analyst’s mind is whether things are different this time around. Three years ago, the currency hit a price of nearly $20,000 per unit, and the currency was doing better than it had in years. That said, 2018 brought about a real sense of gloom and doom considering the currency found itself trading for roughly 70 percent less by the time Thanksgiving rolled along. Some are worried that bitcoin will repeat this action sometime next year.
However, most analysts appear convinced that that will not happen this time around, and that bitcoin has strengthened and matured to a great degree in the past 36 months. In an interview, Mati Greenspan – former e-Toro analyst and the founder of Quantum Economics – commented:
The main difference between now and the 2017 rally is that back then, the market was driven by retail speculation and now, it’s been driven by corporations and billionaires.
2020 is often referred to as the year of institutions, considering just how many large companies – from Square to MicroStrategy – have put mass amounts of money into bitcoin and other digital currencies. In addition, some of the biggest investors out there – i.e. Paul Tudor Jones – have told their followers that the time to invest in bitcoin is now, which has made the reputation of the world’s leading digital currency by market cap a little more stable.
Antoni Trenchev – managing partner of crypto lending firm Nexo – stated:
“There was nothing conspicuous about their involvement. They purchased in stealth mode, but once bitcoin made it to their treasuries, they let the world know, similar with the gold bull market in the 1970s.
Now, Mati Greenspan and many of his crypto counterparts think that a new all-time high for bitcoin is just around the corner. Continuing his interview, he mentions:
A new all-time high is not only possible but is largely anticipated by bitcoin believers to happen any day now.
One of the Strongest Currencies?
Pascal Gauthier – CEO of hardware wallet maker Ledger – offers similar sentiment and is confident that the bull run of 2020 is likely to last even longer than the one of 2017. He says:
Bitcoin has reached market recognition and maturity, making it the one coin that is definitely here to stay. 2021 will be exciting and will still be about building great products and tech, but this time, with the wind blowing in the sails.