Bitcoin price will likely be $80,000 so the current correction is super necessary, there are views for and against this
Bitcoin price continues to fall into a tight consolidating range at the low $30,000, trading at $32,511, down more than 4% on the week. Bitcoin promoted as a hedge against inflation but still considered a risk asset, fell slightly on news of rapid inflation yesterday. But, don’t worry because, besides the negative news, there is still a lot of Bitcoin support coming from many large institutions.
David Gokhshtein said that, in the next step, the Bitcoin price will reach $80,000
Per a report from the Labor Department, the consumer price index, measuring the average change in prices paid for goods and services, increased 5.4% from a year earlier, the largest jump since August 2008.
Lower prices, volume, and sentiment are working together to create further downward pressure on the crypto markets. With a lack of positive sentiment in both the crypto and macroeconomic markets, so we can expect sideways and downward movement for the near term, as AZCoin News reported, while whales and institutions continue to slowly add to their positions and consolidate a floor.
In it, PAC Protocol executive director David Gokhstein shared his vision on Twitter on the latest Bitcoin situation. Specifically, Gokhstein calls the current correction in the market super necessary for the price of the leading cryptocurrency to continue to rise. In his opinion, the next step in the price of Bitcoin will likely be the $80,000 mark.
Corrections are super necessary. #Bitcoin’s next leg will probably be to the 80K range.
— David Gokhshtein (@davidgokhshtein) July 14, 2021
Someone is often seen by them as a risky asset. However, Gokhstein is an ardent supporter of Bitcoin and has defended it many times. He believes that Bitcoin seeks to make the world economy more perfect. In his view, Bitcoin is a means of saving.
Gokhstein has also been harshly critical of banks. He said that banks buy crypto on their own, while ordinary consumers are prevented from doing the same. The experienced financier has repeatedly praised XRP, addressed those who slam Ripple’s native token on Twitter, and stated that in the future they will be using this coin definitely.
Those who hate $XRP will be using it in the near future.
— David Gokhshtein (@davidgokhshtein) July 3, 2020
But there are also many conflicting opinions
Not long ago, AZCoin News covered the opinion of the author of the Black Swan, Nassim Nicholas Taleb that Bitcoin is neither money nor a store of value. Now, he has continued to express his disappointment on BTC in a recent CNBC interview.
The well known Lebanese-American essayist and risk analyst, Nassim Nicholas Taleb
Previously, Taleb believed in Bitcoin as an alternative to fiat currencies controlled by central banks. But, now he no longer believes in Bitcoin. Taleb now reckons that Bitcoin’s real value is zero since it has failed as a currency, safe haven, and inflation hedge.
One of the reasons, according to Taleb, is that this asset demands a huge amount of interest to maintain its worth. But gold and other precious metals do not require that.
Another figure who agrees with Taleb is Laurence Fink, the chief of the BlackRock asset management fund.
BLACKROCK CEO ON CRYPTOCURRENCIES SAYS “WE SEE VERY LITTLE INVESTOR DEMAND” ON THOSE TYPE OF THINGS
— *Walter Bloomberg (@DeItaone) July 14, 2021
He suggested that his company does not see any significant demand from institutional investors for digital assets like Bitcoin, Ethereum, or other top 10 cryptocurrencies.
BlackRock chief Larry Fink
Previously, like the author of the Black Swan, Fink has stated that Bitcoin may become a store of value. However, there are some issues that can make this unlikely. As possible roadblocks to that, high volatility and reality are something that BTC has yet to test.
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