By
Svetlana Soroka
April 24th, 2024
Bitcoin is experiencing a bull run in its price that is comparable to the record set when it hit its all-time high back in December 2017. Will this new record be set? The experts shared their views.
The recent bullish moves in the Bitcoin price has been seen by many to reflect the ambitions of the coin to surpass its All-Time High record. In a move to get a sense of the expert’s views with respect to the Bitcoin’s price as it journeys to make a new record, CNBC spoke to experts in the crypto sphere, particularly to those with direct vested interests in digital currencies.
Per the feedback obtained especially in highlighting the difference between the current bullish rally and that experienced back in the third quarter of 2017, Mati Greenspan, portfolio manager and founder of Quantum Economics noted that “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.”
Greenspan’s disposition is correct basically considering the rate at which the institutional bigwigs are now showing support for Bitcoin. Nonetheless, Antoni Trenchev, the managing partner of crypto lender Nexo believes that “There was nothing conspicuous about their involvement, as they purchased in stealth mode but once bitcoin made it to their treasuries, they let the world know, similar to the gold bull market in the 1970s.”
With divergent views covering several aspects of Bitcoin, there has been increasing clamor that shows the future of the premier digital currency is bright, in relation to its price and future use case. Bitcoin’s price has traded at a 52-week low of $4,106.98 USD according to CoinMarketCap, and the coin has rallied by almost 120% since its last halving event back in May 2020.
Bitcoin is currently trading above $18,000 after testing a new 52-week high of $18,936.62 and Bitcoin enthusiasts believe a new All-Time High may be achieved in no time. “A new all-time high is not only possible but is largely anticipated by bitcoin believers to happen any day now,” said Greenspan. Pascal Gauthier, CEO of crypto hardware wallet maker Ledger has lent his voice submitting that this current bull run will likely last longer than that of 2017.
Can PayPal CEO’s Position Influence Bitcoin’s Price Record
The Chief Executive Officer of American online payment service giant PayPal Holdings Inc (NASDAQ: PYPL), Daniel Schulman in his recent interview with CNBC’s Squawk Box noted that the use cases of Bitcoin will soon take the coin beyond just buying and holding as currently seen in the ecosystem today.
“I think that there’ll be more and more use cases for cryptocurrencies,” that make Bitcoin (BTC) more widely accepted, more stable, and probably “more valuable” over time.
With PayPal already providing support for crypto-related transactions involving Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), the journey to mainstream adoption drawing from PayPal’s over 300 million customers is near. This can have a significant impact on the price of Bitcoin even as the recent record is showing.