Bitcoin is back after a hard fix. The ‘people’s currency’ started to hold steady above $9,000 lately and today it rallied rapidly to over $9400. This shows that Bitcoin is starting to heal its wounds and this is an encouraging sign for the bulls.
Can Bitcoin reach its previous peak and set new highs for itself? Some experts are of the opinion that this could happen provided that 3 things go right.
The first thing is that Bitcoin adoption rates are higher as a store of value and medium of exchange, two functions in common between traditional currencies.. Speaking to Forbes, Christian Ferri, CEO of BlockStar, said, “Assuming that Bitcoin will be used as a store of value in the future, people will have to trust and start using the new financial environment. will need a better security infrastructure that covers the entire crypto ecosystem. If that happens, more people will jump into this space, so a scalable infrastructure will be crucial.”
A better security infrastructure helps Bitcoin improve its function as a store of value, but not as a medium of exchange.. What do you need? Protocol improvements to stabilize Bitcoin’s daily value. On this subject, Ferri said, “We will need a stability mechanism above the security and scalability mentioned above if there are new developments in the protocol to enable Bitcoin to become a medium of exchange for daily transactions.. So a Latte won’t cost you $5 today and $50 tomorrow.”
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The second thing that can help Bitcoin reach new heights, according to experts, is institutional money entering crypto index funds. “At this stage, institutional investors hold the key to Bitcoin’s growth,” said Darren Marble, CEO of CrowdfundX.. Concerns about liquidity, security, counterparty risk, and asset protection have prevented institutional investors from purchasing Bitcoin on decentralized exchanges.. Once regulated-only exchanges like tZERO, Coinlist or NASDAQ start operating alongside secondary crypto trading platforms, smart money starts investing directly in Bitcoin. Once this happens, the dams will open and we will see a new paradigm emerge; The cryptocurrency market will exceed $1 billion and Bitcoin will journey to all-time highs.” The third thing that will take Bitcoin to new heights is the proliferation of crypto-related exchange-traded funds (ETFs).
Chris, COO and co-founder of BitcoinIRA.com “Crypto-related exchange-traded funds can allow for simpler transactions through brokerage accounts, which will contribute to the growth of Bitcoin and other cryptocurrencies,” Kline said.. I think there’s a lot of momentum around Bitcoin and other cryptocurrencies and it’s only a matter of time before prices rebound.”
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