You are here: Home > articles > Forex > Bitcoin’s capitalization will rise to $ 20 trillion says Kevin O’Leary
Bitcoin’s capitalization will rise to $ 20 trillion says Kevin O’Leary
March 4, 2021 12:21 pmVideo
Latest News
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
As expected earlier, Bitcoin continues to decline after it broke through the 61.8% Fibonacci level. At the moment, the quotes of the “cue ball” fell again below the level of $ 50,000 per coin and will most likely continue up to the previous local low. In particular, we are expecting it to decline at least to the level of $ 43,000. However, it was previously mentioned that everything will depend on whether buyers manage to keep Bitcoin above the $ 44,000 level. If so, there is a possibility that it will rise to $ 60-70 thousand per coin in the next month or two.
Meanwhile, famous Canadian investor, Kevin O’Leary, said that Bitcoin will become much more stable and less volatile in the future than it is now. According to him, the main digital asset will be used much more often for hedging risks, and accordingly, it will become more popular among large investors, which can lead to its extreme price growth. The TV show investor also believes that Bitcoin’s total capitalization will rise to $ 20 trillion. It is with noting that its current capitalization is just under one trillion dollars. Mr. O’Leary also said that the price for 1 “cue ball” of $ 100,000 does not seem very high to him. On Tuesday, the investor tweeted that he plans to invest 3% of his portfolio in Bitcoin.
In addition, the Canadian businessman believes that the issue with the “purity” of coins is greatly serious. He does not urge others to buy Bitcoins of unknown origin, but to individually mine them. Not only that, he also considers the question of what energy was used to produce bitcoin to be very important. Thus, the issue of “green” energy is very important for him, which is true. As he stated, the coins that were mined on Chinese mining farms are not good, since the electricity that is produced in China is extremely harmful to the environment due to the high level of carbon dioxide emissions into the atmosphere. Therefore, Bitcoin, which spends a huge amount of energy on mining, turns out to be very harmful to the environment.
It should be noted that there are recently no reports about new large purchases of Bitcoins in the media and on the Internet. This means that only few have followed the example of Tesla and MicroStrategy. So far, many companies are ready to provide their clients with the opportunity to operate with Bitcoin and other cryptocurrencies, but not invest in them themselves. As a result, the fundamental background for the “cue ball” is not the most positive right now. This further increases the probability of its quotes declining to the level of $ 43,000, where its future fate will be decided.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: