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Bitwise calls for $50,000 Bitcoin price.

Bitwise is a well renowned crypto asset management firm. It is similarly to what the S&P 500 is to the stock market. (Pretty much a big player). In 2017 Bitwise created the world’s first cryptocurrency index fund, the ‘Bitwise 10 Crypto Index Fund’.

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Today (June 30, 2020) they released a article explaining where they forecast the Bitcoin price in the coming years. Bitwise mentioned that the price has had very little volatility in the last 2 months and is due for a explosive breakout. Matthew Hougen (head of research at Bitwise) said “For Bitcoin to reach $50,000 it would need to capitalise approximately 10% of gold’s market share”. He then followed up by saying “It’s not a matter of IF but a matter of when”. 

There are Trillions of dollers that just came into existence due to the world pandemic, many countries around the world have been printing. So now there basically is more money to buy the came amount of crypto. The long term effect on Bitcoin price is pretty obvious. Bare in mind we already have seen a wave of ‘bailout money’ being flooded into crypto while we still are in a pandemic. Where would the money flow to once we are back to normal globally with people no longer trusting goverments in many countries?…

Hope you found this article informative, follow for more posted on a regular basis to keep you upto date. 

Thanks for reading,

Vee

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