Bitcoin has seen a 236% increase since last year.
Despite fluctuating prices in recent months, Bitcoin still presents an interesting buying opportunity for traders hoping to benefit from its macro-fundamental strengths.
Many analysts were shocked that news has little to no impact on the price of the first cryptocurrencies. For example, yesterday’s news that El Salvador plans to introduce Bitcoin as legal tender led other Latin American countries to announce that they too are considering similar initiatives.
In turn, the news that former US President Donald Trump called Bitcoin a “scam” (a claim he also made during his time in the White House) also seemed not to throw the coin off track.
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Why do people say that Bitcoin could be a good buy right now?
Although Bitcoin has taken a back seat in recent years, there has been a lot of buzz around the primal cryptocurrency.
The annual Bitcoin conference took place last week in Miami, where thousands of Bitcoin advocates and supporters traveled to Florida to hear lectures from speakers and (if crypto-twitter is to be believed) let off steam.
The Winklevoss twins, famous for their legal entanglements with Facebook’s Mark Zuckerberg and recently for founding the Gemini Exchange, were present at the conference and added regarding the Bitcoin price:
„We still think it’s too early. We think that Bitcoin is Gold 2.0. It will catch up with gold, so its market capitalization must be $ 10 trillion or more, because that’s the market capitalization of gold. Bitcoin hovers around $1 trillion, we think, conservatively, that it is at least 10x from here. Even at $35,000, it feels like a really good buy recommendation in the long run.“
Without a doubt, the enthusiasm for Bitcoin is unbroken and the future looks bright, at least according to industry experts.
