Given the $1 trillion market capitalization, “Bitcoin is too important to ignore”, said the Deutsche Bank’s report.
The new report on pioneer cryptocurrency was published by Deutsche bank on Wednesday. It delineated that bitcoin’s price will keep surging provided it keeps attracting new investors (asset managers) and organizations.
Bitcoin is a volatile currency. This one factor gives the opponents of the crypto a chance to slam bitcoin market time and again. Recently, Bank of America criticised BTC for being extremely sensitive. It claims that the cost of moving Bitcoin’s price by 1% is only $93 Million.
Deutsche Bank notes that the price of BTC will remain volatile due to limited tradability. Bitcoin market has the potential to become a means of payment. However, it needs to deliver results for living up to the reputation.
“Bitcoin Market Is Too Important”
Bitcoin’s relevancy is incessantly increasing in 2021. It has fashioned itself as the hedge against inflation. Moreover, the open, permissionless, and decentralized nature of bitcoin make it ‘money of the people.’
Also Read: Bitcoin A Store Of Value In 2021
Short Time Holders (STH) are buying bitcoin in the hopes of taking profit off short term price movements. Long Term Holders (LTH), on the other hand, are topping up their accounts with more BTC for advantages in the long run. Besides, companies like Tesla, MicroStrategy, and Square have bought numerous amount of Bitcoin in the past few months.
Opinion leaders in bitcoin circles often speak about hoe bitcoin is better than Fiat. Here is a tweet from the Co-founder of Gemini Exchange:
Fiat money has had decades to scale and still has not reached the billion plus unbanked. #Bitcoin is for anyone anywhere the Internet goes…which is everywhere. It is profoundly more socially scalable.
— Cameron Winklevoss (@cameron) March 14, 2021
Bitcoin’s price has more than doubled in 2021. Crypto enthusiasts name it ‘digital gold‘. With this level of popularity and following, bitcoin is too important to ignore.