Since the turn of January 2018, the price of bitcoin has never come so close to reaching the $13,000 mark as it has now. With this growing strides, we could witness bitcoin going as high as $20,000. This skyrocketed increase is the reason for Bears correction demand.
The CEO of US Cryptocurrency exchange Kraken mentioned that his thought is in no way in support of the expected bitcoin correction. On the other hand, his comments as early as 6 am on Wednesday, are toward the future of the cryptocurrency which he feels could hit as high as a hundred US dollars to even one million dollars (Price at $100K-$1M). In his comments, he feels that at this value, we can call the price correct.
This statement from Jesse Powell comes hand in hand with the present view of the public towards the future of cryptocurrency. This is no surprise too as Anthony of Morgan Creek Digital likewise had a similar prediction of a hundred dollars before the year 2021. Anthony Pompliano, however, urges for no panic from because this is expected as assets also witness similar gains within a short time.
A popular name in the financial world Peter Schiff, who correctly predicted the financial downturn between 2007 and 2008 doesn’t support the rise in bitcoin. He believes that the increase in bitcoin price doesn’t matter because benefit only comes when the owner decides to sell it off. He believes that it is at the stage of wanting to cash out that the holders face the biggest problem. This is because before they could make the gains, the price collapses again, and all the proposed earning is thrown out of the window. This shows that it isn’t all about driving the rates higher but understanding the dangers which lie therein.
Commenting on the supply of 600,000 USDT, Will Harborne, who founded the Ethfinex mentioned that this supply is behind the increase in bitcoin prices. In an interview, he mentions that the biggest deals in the USDT are through OTC exchanges. This is because through the OTC, large bitcoin orders are received and bids are handled with the USDT to promote more liquidity. We should not also quickly forget that just a few months back, April precisely, the New York Attorney General, accused Tether and BiFinex of making away with a loss of around eight hundred and fifty million dollars. This they did to maintain the exchange rate between the USDT and the USD in place.
By May next year, the cryptocurrency supply is expected to reduce to half its current status. While this is expected, bitcoin continues to increase in demand due to a prospective geopolitical crisis which could take in the middle east and other prospective macroeconomic situations expected in the future. For now, though, bitcoin is currently trading for $12,585.
photo source: © shutterstock.com by Yuri Shebalius photo source: © shutterstock.com by Morrowind
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