Bitcoin is back, hitting $18,766.79 at the end of last week’s trading. While people are still wary of crypto currencies, some are bullish and expect Bitcoin to supersede its all time high of $20,000. That came just before the block chain crash of 2017.
Alex Mashinsky, chief executive officer at Celsius Network, a crypto-currency lending platform, said of the latest Bitcoin mark, “Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defense against currency devaluation.”
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Some say that the crash three years ago was just a correction which was caused by too many speculators dumping their investments for quick profits. The crypto currency bulls still believe that it will be a long lasting legitimate alternative to traditional convertible currencies like the British Pound and the U.S. Dollar.
But there are many more who are still blockchain skeptics. They would point out that the worldwide Corona crisis and President Trump’s public claims of voter fraud in the American presidential elections are behind what is merely a temporary surge.
People may be scared by the worldwide Corona Virus recession. And when the President of the United States publicly sheds doubt on the legitimacy of American institutions and its very democracy it will certainly cause some to panic and flee the US Dollar.
But Mati Greenspan, portfolio manager and founder of Quantum Economics, sees things differently. He told CNBC, “The main difference between now and the 2017 rally is that back then the market was driven by retail speculation and now it’s being driven by corporations and billionaires.”
“A new all-time high is not only possible but is largely anticipated by bitcoin believers to happen any day now,” added Greenspan.
And CNBC also recently reported on how in Italy today a large share of the banking sector uses Spunta, a blockchain network based on technology from New York-based firm R3, to reconcile balances between them.
That company’s founder and CEO David Rutter told CNBC’s “Squawk Box Europe, “We’ve talked for some time now about the promise of enterprise blockchain and it’s great to finally see it in practice and working at scale.”
On what is happening in Italy Rutter added, “It’s a start. We’d love to see it adopted in other European countries and then globally. The infrastructure that they have in place creates the foundation to roll out other technologies that can really have an impact on their bottom line.”