Brian Armstrong is Chief Executive Officer (CEO) of the largest cryptocurrency exchange Coinbase. He usually makes his bullish prediction on Bitcoin.
Earlier this week, Armstrong responded to a tweet from a prominent tech investor, Anthony Pompliano, who wrote, “The United States national debt is now $31.41 trillion.” To which Armstrong responded, “This is the bull case for Bitcoin.”
Eight years ago, in his old tweet, Armstrong called Ripple, Steller and altcoins “a distraction” while “bitcoin is way too ahead”. He further added that everyone should “focus on Bitcoin and sidechains.” But now that tweet is unavailable which looks like it has been deleted.
Armstrong is one of the biggest proponents of Bitcoin. And his bullish statements on bitcoin showed that the Coinbase CEO sees the bright future ahead of this most traded cryptocurrency, bitcoin. However, he didn’t seem very confident about the altcoins.
Besides Armstrong, many of the institutional investors have started investing in Bitcoin, per the relevant recent reports. According to the report, these investors see Bitcoin as a legitimate asset class with excellent accessibility.
Additionally, the annual Fidelity Digital Assets survey, conducted by financial leader Fidelity Management, states that 58% of institutional investors bought cryptocurrency in the first half of last year. And 74% of them planned to start investing in cryptocurrency in the near future. This institutional survey was conducted among 1,052 institutional wealth managers from North America, Europe and Asia.
It must be noted that these investors have more purchasing power than the average retail investor. And their presence in the crypto ecosystem could theoretically boost Bitcoin’s price.
Will Bitcoin Price Go “to the Moon”?
Bitcoin posted its 90-day high at $23,722 this week, while some analysts are predicting that the bitcoin price could reach $35,000 levels in the coming months. Earlier this year, Bitcoin already set a record by breaking the $23,000 price level.
Source: Coinmarketcap
The graph above shows Bitcoin’s price increase this year. That rose more than 40% from $16,000 to $23,000. The latest update on bitcoin states that a bullish divergence is forming in bitcoin. And the sellers are not pushing the price lower as the bigger players are holding all the downward pressure.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own bank and break away from traditional money exchange systems. She is also fascinated with blockchain technology and how it works.
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