At this moment, the attention of all crypto community users is focused on a single issue: the price of Bitcoin. Since the third Halving in the Blockchain of crypto currency, the market for it has been sidelined. Making everyone wonder when its price will return to either a bullish or bearish path. That is why these are as important statements as those made by Kraken’s Director, Dan Held, who believes that Bitcoin could reach a million dollars.
Crypto summary: The price of Bitcoin remains stable
A side-by-side market
Rarely in its existence had Bitcoin achieved a level of price stability such as it now enjoys. After the third Halving in its Blockchain a few weeks ago, the cryptomoney has stabilized at around $10,000 per BTC. In a situation that is known within the financial world as the „side market“.
The lateralization of the market is nothing but a state in which the forces of supply and demand balance each other out, to the point where the price of the financial asset does not show a clear direction. This situation of stagnation eventually ends, when the price of the asset resumes a trend in its price, either upwards or downwards.
Therefore, it is understood that the side markets are a propitious ground for speculation on the future of the price of a cryptomone. As analysts try to decipher when the lateralization will be broken, and what the trend will be for the price of the asset once it starts to vary again.
Leading within the crypt world, so far, is the group that believes that Bitcoin is on the verge of a new bullish rally. This is mainly due to the effect that the decrease in the rate of increase of the money supply will have on the currency, thanks to the Halving of Bitcoin. As well as the expected weakening of fiat money due to the Coronavirus crisis.
Bitcoin remains intact after more than 100 Forks
Bitcoin at a million dollars according to Held
This is also the position of Dan Held, the Business Director within the Kraken exchange. For whom, Bitcoin will not only increase in price, but is about to enter its final stage of development. When it reaches maturity as an asset of value, it will enter the mainstream of world money, to the point of becoming a „boring asset“.
„Bitcoin in its final stages in decades will be a very boring thing. Our grandchildren will say, ‚Grandpa, Grandma, I only hear about Bitcoin. Everyone has Bitcoin‘. It’s like, who cares? Like it’s a boring investment. It’s like having cash.
Thus, Held reaches the point of ensuring that the Blockchain technology is totally ineffective for any other cryptomoney than Bitcoin. For, according to Kraken’s Director, Satoshi Nakamoto would have adapted the blockchains specifically to make them effective for BTC’s operation. This experience could not be replicated in any of the altcoins on the market.
Therefore, Held claims that cryptomoney could reach a price of up to USD 1 million, as its use becomes more widespread, and the other altcoins on the market fail. Putting Bitcoin’s market capitalization, in this hypothetical scenario, on the order of $100 billion. This will consolidate its position as an active reserve of value, and therefore being our Fact of the Day here at CryptoTrend.