Bitcoin (BTC) recently surpassed the $ 35,000 mark as a result of significant price increases, in part due to the limited supply of bitcoins, according to Diginex CEO Richard Byworth.

“Bitcoin is about to start a post-semi-bullish cycle,” Burt told Cointelegraph, adding:

The demand side of this equation has been exacerbated by massive banking incentives and investors looking for safe stocks against rising monetary inflation. As a result, a large percentage of financial institutions are currently considering the size of their bitcoin positions. This results in a significant seizure of funds for exchange as these participants move to secure cold storage. We have a supply crisis in bitcoin. ”
After the COVID-19 pandemic hit the headlines in March 2020, the US government took action by printing piles of money and issuing various stimulus packages. In the second half of the year, large organizations began to disclose information about their Bitcoin purchases, often listing tens and hundreds of millions of digital assets.

Bitcoin has led the show mainly in terms of cryptocurrency price dynamics, although Ether (ETH) and others have also started to make big profits recently. Diginex CEO said: “Altcoins will be very good as retailers who think they ‘missed bitcoins” will try to find the “next bitcoin” and the next 1000 times, “adds:

“ETH is playing catch-up and is one of the only viable smart contract networks effectively authorized by the SEC. The potential continued focus on stack coins after the OCC announcement is likely to benefit ETH as many are on the Ethereum network. … ”
The US Securities and Exchange Commission, or SEC, filed a lawsuit against Ripple, describing XRP assets as unregistered securities. Subsequent concerns arose in the cryptocurrency space, with some questions about whether the SEC would also pursue other assets and projects. On the positive side, however, the Office of the Comptroller of the United States has recently eliminated some of its interbank currency stability.

What’s in store for Bitcoin and cryptocurrencies in 2021? “However, we are at the beginning of a bullish cycle, 2021 will bring in profits that may shock some people,” Burt said. “Bitcoin will be worth more than $ 100,000 at some point during the year, and there will likely be options.”

In October 2020, the creation of the Diginex Digital Asset Infrastructure Group was announced under the leadership of Beeworth.

Source: CoinTelegraph

LEAVE A REPLY