In these moments, the attention of all users of the crypto community is focused on a single topic: the price of Bitcoin. And it is that, since the third Halving in the Blockchain of the cryptocurrency, the market for it has been lateralized. Making everyone wonder when its price will resume a path either bullish or bearish. That is why they are as important statements as those of the Director of Kraken, Dan Held, who considers that Bitcoin could reach a million dollars.
A lateralized market
On few occasions of its existence, Bitcoin had achieved a level of stability in its price as it enjoys in these moments. And it is that, after the third Halving occurred on its Blockchain a few weeks ago, the cryptocurrency has stabilized around $ 10,000 per BTC. In a situation that is known within the financial world as “lateral market”.
Market lateralization is nothing other than a state in which the forces of supply and demand balance each other, to the point where the price of the financial asset does not show a clear direction. This stagnation situation eventually ends, when the price of the asset resumes a trend in its price, whether bullish or bearish.
Therefore, side markets are understood to be conducive to speculation about the future of a cryptocurrency price. As analysts try to figure out when lateralization will break, and what trend the asset price will have once it begins to change again.
Priority within the crypto world, so far, the group that considers Bitcoin to be on the verge of a new bullish rally. Above all, thanks to the effect that the decrease in the rate of increase in the money supply will have on the currency, thanks to Bitcoin’s Halving. As well as the expected weakening of fiat money due to the Coronavirus crisis.
Bitcoin to a million dollars according to Held
This is also the position of Dan Held, the Business Director within the Kraken exchange. For whom, Bitcoin will not only increase in price, but is about to enter its last stage of development. When it will reach maturity as a value reserve asset, it will enter the “mainstream” of world money, to the point of becoming a “boring asset”.
“Bitcoin in its final stages in decades will be very boring. Our grandchildren will say, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone has Bitcoin. ’ It’s like, who cares? As if it was a boring investment. It’s like having cash“
Thus, Held gets to the point of ensuring that Blockchain technology is totally ineffective for any cryptocurrency other than Bitcoin. Well, according to the Kraken Director, Satoshi Nakamoto would have adapted the blockchains specifically to make them effective for the operation of BTC. An experience that could not be replicated in any of the altcoins that exist in the market.
Therefore, Held ensures that the cryptocurrency could reach a price of up to a million dollars, as its use becomes widespread, and the other altcoins on the market fail. Placing the market capitalization of Bitcoin, in this hypothetical scenario, in the order of 100 trillion dollars. What will consolidate its position as an asset value reserve, and therefore being our Today’s Data here at CryptoTrend.