Bitcoin hits 15 month high and is just the beginning of renewed strength
Earlier today, we wrote about PayPal after the payments company announced it has joined the cryptocurrency market, and allowing customers to buy, sell, shop, and hold bitcoin and other cryptocurrencies on its network. This is good news for cryptocurrencies and especially for Bitcoin.
Bitcoin soared immediately after the news. The price of the world’s most popular cryptocurrency reached a two-month high of $12,734.80 on Wednesday, taking month-to-date gain to over 13%. Constantin Kogan, Managing Director at Wave Financial Group, chime on the news and provides a quick brief and analysis of recent strength in Bitcoin. Below is what he said.
“There are multiple factors driving the price of Bitcoin higher, with the main one being the announcement from PayPal that they will allow cryptocurrency buying, selling, and shopping on its network supporting a number of the major cryptocurrencies.
This is arguably the biggest news of the year for the industry and will drive the adoption of digital assets even further. With 346 million users, 26 million merchants, and being the 20th largest “bank” by deposits, this move by PayPal will open a new gateway for people to use cryptocurrencies in their everyday transactions. It will no doubt spark renewed interest from both consumers and banks alike, just as the news that Facebook was launching its own cryptocurrency called Libra did back in mid-2019.
It’s not just the consumer-facing behemoths such as PayPal and Facebook that are looking to bring crypto to the mainstream, but more financial institutions are buying Bitcoin and other digital assets as a move to diversify their portfolios.
2020 is fast becoming the year of crypto acceptance and we see 2021 as the year of mainstream adoption. All of this is bullish for the price of Bitcoin and it’s safe to assume that BTC will remain a strong bullish trend. We believe a year-end price beyond $14,000 is easily achievable as the market hasn’t fully absorbed all the positive news.”
Wave Financial LLC (Wave) is a Los Angeles and London based investment management company that provides institutional digital asset fund products. Led by a team of highly experienced financial services professionals, Wave provides investable funds via their diverse investment strategies applied to digital assets and tokenized real assets. Wave also offers managed accounts for HNWIs and family offices seeking tailored digital asset exposure, treasury management services, and early-stage venture capital and strategic consultation to the digital asset ecosystem.