Bitcoin (BTC) rose significantly last week, moving its all-time high by $ 58,352 on February 21. Over the week of February from 15 to 22, Bitcoin (BTC) managed to strengthen from a minimum of $ 45,570 to a new all-time high of $ 58,352. Thanks to this growth, Tesla has almost doubled its earnings on cryptocurrency.
“1 Bitcoin at $ 1 million is not a fantasy”
Now the market expects a short-term correction, however, the long-term trend remains bullish and the BTC rate may renew highs again. Binance CEO Changpeng Zhao points to strong fundamentals for Bitcoin and considers 1 BTC at $ 1 million – this is not a fantasy.
When asked if the current BTC rate is the result of speculation, Zhao answered in the negative. The current position of a digital asset reflects its popularity. Moreover, $ 50,000 is just the tip of the iceberg. Cryptocurrency fundamental indicators are an order of magnitude stronger than during the 2017 rise. The user base of coins is expanding. More than a dozen institutional players are actively interested in the market, and DeFi is becoming one of the main trends.
If in the past the registration of 300,000 users per day was the maximum for the industry, today it is the average. According to Binance estimates, there are 100-200 million bitcoin holders in the world.
Changpeng Zhao does not provide an accurate prediction for the cryptocurrency. But he admits that with such indicators, BTC at $ 1 million will become a reality.
Twelve years after its inception, bitcoin is more popular than ever. However, it is still not a generally accepted means of payment and is trying to establish itself as a reliable and stable currency.
A new era on the digital currency front
An analyst at Los Angeles-based asset management firm Wedbush Securities believes Bitcoin’s rise in price now supported by fundamental factors, which was not the case before.
In addition to the growing interest from financial institutions, interest in the leading digital currency has also been seen among celebrities.
Another sign of acceptance of the controversial digital currency is the innovations of the PayPal payment company. In October 2020, it allowed customers to buy and sell bitcoins and other cryptocurrencies using accounts on its system. Since then, the price of bitcoin has risen by almost 80%.
Bitcoin is becoming a permanent feature of the global financial market. The corporate adoption of bitcoin is a significant event for a cryptocurrency that will affect its future price.
The story and topic are much broader than just investing in bitcoin and predicting its future price. Rather, it is about the potential ramifications that cryptocurrencies, blockchain and bitcoin can get in the tech world and the corporate sector over the next decade.
In the coming years, transaction trends, bitcoin investment and blockchain-based initiatives could skyrocket. As this bitcoin mania is not a fad, is the beginning of a new era on the digital currency front.
Therefore, according to many economists, the bullish trend will not weaken even with a 30% daily fall. More likely, the price will continue to rise. The nearest target levels are $ 60K and $ 66K. However, we cannot say about this with certainty, as one should always take into account the high volatility of the market.