Our Board Member Marc P. Bernegger spoke with Forbes on the developments around bitcoin in this article – read more below.
As bitcoin reaches new all-time highs over the holidays and the crypto markets continue 24/7, a long-term crypto strategy is even more important. Read more about approaches for this from our Asset Management team.
Source: Forbes | Author: Billy Bamborough
Bitcoin Value Tops Half A Trillion Dollars — Is The Bitcoin Price About To Smash $30,000?
Bitcoin is on a late December tear, topping off a Santa rally that’s seen it add around 50% since the week before Christmas.
The bitcoin price has climbed over 10% in the last 24 hours alone, with investors now eyeing the psychological $30,000 per bitcoin level for the first time. As a result, the combined value of all the bitcoin tokens in circulation has passed half a trillion dollars ($500 billion) for the first time.
„I think that the move here is extraordinary and could be viewed alternatively as being the only game in town during this period—with most of traditional finance away until mid to late January—or a bid to achieve the $500 billion market cap,“ Thomas Kuhn, head of research and trading with Australian bitcoin and crypto exchange Mine Digital, said via Telegram.
„I would have a hard time bidding in here but if the timeline is longer than 12 months, it’s all value up to $1 trillion!“
After one high-profile bitcoin investor sold half of his bitcoin holdings this week, bitcoin and cryptocurrency traders asking where the mammoth bitcoin rally will end.
„The massive price increase of bitcoin during Christmas is mainly driven by retail traders as traditional markets are closed,“ Marc Bernegger, bitcoin pioneer and member of the Board of Crypto Finance Group, said in emailed comments.
„I would not be surprised to see a healthy correction when these markets open on Monday. Compared to massive short term price gains of bitcoin in the past there are far more professional investors involved in the space today which will result in faster price corrections and decrease long-term volatility.“
A growing number of big-name investors and Wall Street giants have named bitcoin as a potential inflation hedge this year, looking to protect themselves against a wave of inflation they see on the horizon as a result of unprecedented government spending in the wake of the coronavirus pandemic.