During this bull run, it’s not just the Bitcoin price that changes

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As the most popular cryptocurrency, Bitcoin (BTC), keeps reaching new highs, industry observers see important changes also with the introduction of BTC.

According to Anthony Lauriola, chief operating officer of blockchain portfolio company Dan Holdings, in 2020 we saw “a significant shift in people’s view of cryptocurrency” as people begin to view it as a method of payment rather than just business value – a trend that Lauriola will continue until 2021. “As more global entities enter the crypto space, Bitcoin and other cryptocurrencies are likely to continue to grow in price, value and popularity.” Additionally, the rollout of crypto in emerging markets will also contribute to overall market growth in the years to come.

With governments being forced to print bulk amounts of cash to offset negative economic effects, many people have turned to Bitcoin to hedge against inflation. “We may see the effects of this by 2021 and I believe this could be the driving force behind a bitcoin bull market,” Lauriola said, estimating BTC will hit $ 100,000 this year.

Lauriola went on to argue that over the past year, the number of people relying on cryptocurrencies and digital payments for transfers and bill payments has increased significantly in many regions of Africa.

“There is still a lot to learn for individuals using cryptocurrency as a payment method, but we are beginning to see that the barriers to entry will be lowered as the technology becomes more accessible to all.”

Similarly, Philippe Bekhazi, CEO of the stablecoin platform Stablehouse, expects that “any further economic impact of the pandemic will fuel the growth of payment networks based on Bitcoin or Ethereum in emerging markets.”

Meanwhile, IBMR.io managing director Sinjin David Jung offered a historical perspective.

“While it may seem like a bubble, there is a very big difference from other times in the past, like in 2008 we had problems with financial markets and how opaque they were,” he said. The stock market was getting bigger at the time, as were the valuations of technology stocks. And in contrast to the Internet euphoria from 1995-1999, when the Internet was “as a single network” […] Now you have layers of networks, networks over networks. “He said this was a very different time and expects this bull market to continue for nearly two years.

“After that all bets are closed, but we are definitely entering a new economic reality structurally as technology has now changed the way manufacturing is global to create this exponential network by network framework,” he added.

In either case, the general consensus seems to be that BTC will trade between USD 50,000 and USD 100,000 in 2021.

“Given how well Bitcoin has performed so far after the aftermath of the coronavirus and given the prospects from our current macroeconomic environment, we expect 2021 to be a phenomenal year for Bitcoin. It is not entirely unlikely that we will be trading Bitcoin in the [USD] 50k – [USD] Reach of 100,000, ”Eric Wall, chief investment officer for crypto hedge fund company Arcane Assets, told Cryptonews.com.

According to Johannes Schweifer, CEO of CoreLedger, USD 100.00 is “only five times” compared to the historic all-time high of 2017: “Bitcoin has shown that it can grow more in less than a year, more than possible.”

At the time of writing (09:14 UTC), BTC is trading at USD 41,067, up nearly 128% in a month and 405% in a year.

Meanwhile, Sinjin David Jung argued, “When the vaccine hits and the incentive comes out, the economy will get a kickstart, but people will still be wary of traditional assets and while they are likely to put something else in the current market, it will also be in cryptocurrencies. “

Nangeng Zhang, CEO and founder of the major bitcoin mining hardware provider Canaan, stated that in 2020 bitcoin was used as a safe haven similar to gold, which led to increased demand.

With prices soaring to new record highs, Zhang said, “I hope this reflects the continued growth and interest in digital assets as a whole – rather than the speculative frenzy that led to the early bitcoin bubble of 2017.”


Learn more:
Crypto Adoption in 2021: Bitcoin Rules, Ethereum Growing and Facing Rivals
Crypto in 2021: Bitcoin to Tackle the Same Wave of Macroeconomic Problems
Price predictions for Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Chainlink for 2021
Bitcoin ‘in sight’ at USD 50K as ‘there is room to run higher’ ahead of correction
Two reasons why Bitcoin is different from Google, Amazon, and Facebook networks

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