Dear Reader,
Bitcoin has staged a remarkable rally year to date up 156.7% in 2020 making Bitcoin the best performing major asset class year to date
I think the main reason behind the price increase is that because of social distancing people are using more Bitcoins as means of payment, store of value or unit of account or with other words - money. Yes, there are of course the speculators who in anticipation of this increased Bitcoin usage wave bought in and drove and continue to drive up the price of Bitcoins.
What is more, other cryptocurrencies are doing well influenced by the significant rise of Bitcoin. Cryptocurrencies are here to stay. One of the factors contributing to the rise of Bitcoin and other cryptocurrencies is that governments and central banks are becoming more and more light touch in regulating cryptocurrencies.
The future belongs to automation, algorithms and computing power. The fourth industrial revolution driven by artificial intelligence is upon us. Cryptocurrencies are riding this wave by easing payments, money transfer and ultimately investing.
Bitcoin could easily go to 30 000 USD in 2021. It will be interesting whether the end of the coronavirus would crash Bitcoin's and other cryptocurrencies' prices. My forecast is that the correction of Bitcoin when the coronavirus ends will not be that deep, not more than 30 % - 40 % .
Disclaimer: The blogposts and comments on this blog and posts on social networks(Twitter, LinkedIn, Facebook etc.) are not investment recommendation, are provided solely for informational purposes, and do not constitute an offer or solicitation to buy or sell any securities. The opinions expressed on the blog are Petar Posledovich's. Petar Posledovich does not guarantee the accuracy of the information presented on this blog and social networks. The information presented is "as is".
Petar Vladimirov Posledovich is not liable for any investment losses incurred by reading and interpreting blogposts on this blog and posts on social networks.
Conflicts of interest: I may possess some of the securities, currencies or their derivatives mentioned in the blogpost and posts on social networks(Twitter, LinkedIn etc.)!
Respectfully yours,
Petar Posledovich
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