By
Steve Muchoki
May 6th, 2024
While some experts are not very optimistic about the future of Bitcoin, some other believe that Bitcoin is likely to strengthen its positions.
Bitcoin remains one of the most actively discussed issues among investors. Though there is no single opinion about its price fluctuations and regulation that may be introduced by the world’s authorities, there is one clear thing that is claimed by all experts: Bitcoin is to continue its way.
For example, according to Hermann Finnbjörnsson, founder and CEO of Svandis, there is less than a 1% chance that there is no future for Bitcoin. Moreover, the expert insists that we should not lose our hopes about Bitcoin as today it is possible to notice a lot of factors that have a positive influence on this crypto: banking system that is paying more and more attention to the cryptocurrency is among of them.
That’s why Finnbjörnsson believes that traditional financial institutions will be among the strongest drivers of crypto adoption which can lead to bullish trends and growing prices.
It is important to say that the founder of Svandis is not the only person who speaks in favor of Bitcoin. Another prominent expert who supports cryptos is Russell Korus, the CEO of EZ Exchange. Speaking about Bitcoin, he said:
“There are numerous reasons why this new asset class has captured people’s imagination since its inception in 2009 — bitcoin displays a number of characteristics that make it a very powerful and alluring concept. It allows for direct, peer-to-peer transfer of value in completely trustless transactions. It is fully decentralized, autonomous, writes all of its records to a public ledger, and its record-keeping is completely immutable.”
Given these unique characteristics of Bitcoin, Koris also explained that this cryptocurrency is possible to transform our world and head very important changes in our society. According to Korus, Bitcoin may drive the shift from Web 1.0 & Web 2.0 to Web 3.0 that presupposes exclusion of intermediators from the process of value exchange.
Nevertheless, price volatility is an issue that remains to be the most alarming one. This year, Bitcoin still hasn’t managed to reach its last years’ height. In the recent months, the price has been changing from $6,000 to over $8,000. At the moment of writing, according to the data provided by CoinMarketCap, Bitcoin is traded for $7,307 having gained around 1% over the last 24-hour period.
But there are high chances that the price may change quite soon. Later this month, the U.S. Security and Exchange Commission (SEC) is to announce its final decision on the matter and though earlier, the SEC has rejected to permit ETF, now investors are looking forward to hear a positive reply.
Even more important, it has become known that the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE), is planning to launch a Bitcoin ETF on November 5. This ETF will be rolled out under the ICE’s Bitcoin and cryptocurrency platform called Bakkt. Taking into consideration this fact, Finnbjörnsson expects that Bitcoin will reach a mark of $10,000 by the first week of November.