Bitcoin (BTC) has reclaimed $ 50,000 and hit a new high. Even Bitcoin critic Peter Schiff no longer rules out a rate of 100,000 US dollars. The market update.
After the Bitcoin price exceeded the threshold of 50,000 US dollars (USD) for the first time on February 16, profit-taking ensued. Now BTC has conquered the psychologically important brand again — and set a new price record at USD 50,900.
Since the US company Microstrategy announced its Bitcoin coup in late summer 2020, the number of imitators has been increasing. Above all, Elon Musk’s decision to invest part of the Tesla reserve in BTC had recently given the Bitcoin price a fresh boost. Microstrategy itself announced new Bitcoin purchases on February 16.
Nevertheless, the majority of financial executives in the economy still seem to be more skeptical about Bitcoin. According to a recently published survey by the market research company Gartner, only 5 percent of the CFOs surveyed can imagine investing in BTC with their company in 2021. Of the 77 financial managers surveyed (including 50 CFOs), 84 percent named the large fluctuations in the price of Bitcoin as the biggest stumbling block that made them shy away from investing in digital gold.
Eighty-four percent of respondents said Bitcoin’s volatility poses a financial risk. It would be extremely difficult to mitigate the kind of price volatility that the cryptocurrency has seen over the past five years.
Alexander Bant, Chief of Research Gartner Finance
38 percent of those surveyed also complained about the slow adaptation of Bitcoin as a means of payment.
After all: 16 percent plan to hold BTC one day. Five percent want to get into Bitcoin as early as 2021. Only one percent have such intentions for the period 2022–2023. Nine percent are not considering a BTC investment before 2024.
Companies from the technology sector in particular are bullish. Every second company is planning a Bitcoin investment here. Against the background that with Microstrategy, Square and Tesla, technology companies in particular have discovered BTC as a reserve asset, this seems logical.
One thing is certain: the overwhelming majority are currently doing good business with Bitcoin. The average net profit on BTC transactions is hovering at levels that even the bull run of late 2017 is fading. This is shown by data from the blockchain analysis service provider Glassnode.
The metric “Net Realized Profit / Loss” indicates the profit or loss of all coins that are moved at the respective point in time. The biggest net profit came on January 7th, when it broke the $ 40,000 mark for the first time.
Even if many companies are still skeptical, the balance sheet so far speaks clearly in favor of BTC. In particular, the stock-to-flow analysis (S2F) has so far proven to be a useful model for classifying the Bitcoin rate. The stock-to-flow model relates the amount of BTC in circulation to its creation amount over a certain period of time. The crypto analyst PlanB has worked out a connection between the four-year halving of the creation rate (Bitcoin Halving ) and the long-term price development.
According to this model, the price would have to rise to over $ 100,000 in 2021. Even the declared Bitcoin opponent Peter Schiff admits that he can succeed:
Now that #Bitcoin has hit $ 50,000, I have to admit that a move up to $ 100,000 cannot be ruled out. However, a movement down to zero cannot be ruled out either.
Of course, Schiff does not assume that the Bitcoin rate can last in the six-digit range. Therefore, the gold fan puts his Twitter followers an investment in Bitcoins analog counterpart near :
While a temporary increase to $ 100,000 is possible, a permanent decrease to zero is inevitable. If you don’t want to gamble, buy #Gold,
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