Written by konex on 03 April 2021
Bitcoin price levels have stalled around USD $60,000. This week institutional money is expected to be dormant, so the likelihood of the cryptocurrency pushing though that level looks challenging.
On Thursday JP Morgan played the price prediction game stating that the long term BTC price would be around USD $130,000.
This seems a little conservative considering that bitcoin has been increasingly embraced by big investors. Every week there is an announcement from financial institutions allowing their clients to invest, ETF information or corporations embracing bitcoin in one way or another.
Part of the interest around the cryptocurrency is that it’s seen as a potential hedge against inflation. Inflation will be accelerated when trillions of dollars of stimulus from governments and central banks around the world will be printed in an attempt to revive their coronavirus effected economies.
When the stimulus starts, what will happen to the US Dollar (and other fiat currencies)? It’s basic supply and demand principles. The dollar will decrease in value because of the excess money being brought into the supply, which in turn will push the bitcoin price to new highs.
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