Alexis Ohanian, the Reddit co-founder, believes it all adds up to a new spring for Bitcoin
Many people believe that when the economy is unstable, BTC will have an incentive to increase prices. However, let’s look back at the recent time when the economy was affected by Coronavirus, Bitcoin still seems to have not changed significantly. Nevertheless, Alexis Ohanian, the Reddit co-founder and an early investor in Coinbase, said many factors indicate that the price of Bitcoin and the cryptocurrency market will grow shortly.
Amid economic uncertainty sparked by COVID-19, Bitcoin appears to have new momentum
Since March 16, Black Thursday, the BTC price has risen by 90%, especially when US schools are closed, people have to work from home and start using online payment.
Meanwhile, the arrival of Bitcoin halving 2020 on May 11 is also a factor that makes Bitcoin sometimes pushed higher than it is today. While this halving does not cause the price to rise as expected, it also provides an additional factor that shows BTC has a solid basis and foundation in the future: The scarcity factor.
Alexis Ohanian, the co-founder of Reddit
And more, one of the other factors is the participation of many large corporations such as Libra – Facebook, Coinbase, and many other technology investment companies.
Alexis Ohanian, the co-founder of Reddit and an early investor in Coinbase, said at Yahoo Finance Live:
“I try not to track prices, and I can’t predict any of that stuff. What I can say is we do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that, to me, is the most interesting part … We’re seeing top-tier talent building on the infrastructure.”
BTC price from March 16 through May 19, 2020 | Source: Yahoo Finance
Although not regularly monitoring the price of Bitcoin, Ohanian thinks that the price of Bitcoin may rise more than $ 10,000. But, the question is whether Bitcoin price proves itself to be a safe-haven asset?
In a note to clients this month, Billionaire hedge fund pioneer Paul Tudor Jones stated:
“The best profit-maximizing strategy is to own the fastest horse. My bet is it will be Bitcoin.”
The support of these major investors is an incentive for Bitcoin, although there are still many celebrities who are an aversion to Bitcoin such as Jamie Dimon, Warren Buffett, Charlie Munger, Mark Cuban, Paul Krugman, and Nouriel Roubini.
“Once had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it, I don’t want to change too much of it. Because I do think to invent a prudent hedge. Something interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. Discover increasingly showing that struggled here to stay.”
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