Key Talking Points :-
- The Bitcoin is favoring long term advantages according to chain metrics.
- Cryptocurrency has seen new all time high since 2020, all thanks to multi million of investment.
- Bitcoin podcast is predicts bullish graph.
The year 2020 has been the best for Bitcoin ever, not only because of the price action but also for the massive increase in institutional interest. Currently, Bitcoin market capitalization is $382 billion after the digital asset hit $20,700 for the first time ever.
Bitcoin has noticeably received huge support from many prominent payment platforms, most notably PayPal. Even some of the oldest Bitcoin haters out there have changed their stances about the digital asset in the past year as worldwide adoption seems practically inevitable at this point.
Companies Supporting Bitcoin and other Cryptocurrencies
The major shift towards Bitcoin came after PayPal announced the launch of a new service that enables users to buy, sell, and hold cryptocurrencies in October 2020. This announcement was also one of the main propellers of Bitcoin’s recent rally. Dan Schulman, President and CEO of PayPal stated: “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed, and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
One of the most popular prediction models for Bitcoin is the Stock-to-Flow model, which is based on halvings and the deflationary value of the flagship cryptocurrency. The chart below puts Bitcoin at a potential target of $100,000 by the end of 2021. Bitcoin is poised to reach $1,000,000 within the next decade.
Willy Woo, a popular on-chain analyst, believes that around 30% of the world population could own Bitcoin by 2024. It’s clear from these remarks that most analysts believe BTC has the potential to grow more within the next decade. However, the cryptocurrency market is nothing but unpredictable.
It’s important to note that the market’s trading volume is higher now, which means BTC price is less likely to experience sudden crashes.