BlockFi CEO Zac Prince predicts Bitcoin will witness never-seen-before prices by the end of 2020
Bitcoin, the world’s largest cryptocurrency, has a lot to look forward to in the new year 2020 with one of the most important events being held in May – block reward halving. Many investors and traders are expecting the price of the crypto to record major recovery, especially it will break its previous all-time high on the back of this event.
In contrast, some speculators in the market also believe that Bitcoin may not meet the bullish expectations of the market because the main factor that was missing during the last halving was the Futures market’s presence.
In the recent interview with The Blockchain VC, Zac Prince, CEO of BlockFi, a firm that offers a wide range of financial services to cryptocurrency holders, said that BTC will witness never-seen-before prices by the end of this year – “really bullish” compared to the beginning of the year. Additionally, he is extremely optimistic about its price run in Q2.
Besides, he also stated that he is “excited” about increasing institutional and retail adoption, fueled by the launch of new products such as CME Group, the global trading platform for massive derivatives, options and futures products, has rolled out its options trading feature. Further, there is also Fidelity, a multinational financial services firm, which is introducing new crypto products and functionalities to its depository platforms.
Generally, Prince commented that 2020 is a year that we can see a trend of other traditional institutional players building products for the cryptocurrency market.
About the retail side, the CEO shared there are two “exciting trends”, that is traditional Fintech companies in the US and other markets adding support for cryptocurrencies on their platforms, and crypto getting integrated with “traditional rewards constructs”.
He emphasized these use cases were really exciting and compelling from a consumer value proposition perspective and would help to create this kind of constant buying pressure on the market, which will be one of the driving factors in the price performance, which he expected to be really great.
Moreover, Prince also spoke about the regulatory landscape, particularly in the United States, considering the response to Facebook’s highly anticipated project Libra and whether or not the U.S regulatory authority will come to terms with the risks and opportunities presented by the stable coin. He concluded that from a regulatory standpoint, there would not much change this year “despite good or bad in terms of the regulatory structure”.
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