People out there keep saying ‘HODLing Bitcoin’ is the best strategy to make money in the cryptocurrency space, and now projections have also claimed that the world’s largest cryptocurrency will soon hit record highs. A recent tweet by a crypto proponent read:
“With a 2% inflation rate it takes approx 230 years for prices to go up 100x.
Inflation alone will make sure bitcoin hits $1 million before the year 2250.”
The mainstream finance market has also been subject to inflation recently, with the Federal Reserve pumping millions of dollars into banks and institutional bodies. The latest prediction has not convinced the users, though, with many joking that the rise would only benefit their progeny and not them.
At press time, Bitcoin price stands for $8659.46, with a total market cap of $156.29 billion. The world’s most significant digital asset holds a 24-hour market volume of $20.35 billion. Bitcoin is not the worst performer on the charts, but its 3.03 percent weekly fall is a stark difference from its earlier highs.
The cryptocurrency has had a couple of positive pushes and negative pullbacks recently. It was just last week when there was a massive furor in the international Bitcoin space. The Chinese president, as well as an official from the central bank, had said that blockchain technology was the way to move forward.
This was directly opposite to the sentiment in the country a few months back when the region was almost contemplating banning the mining industry. At the same time, Bitcoin was also slammed by European Central Bank President Jean Claude Trichet who said that Bitcoin was not really money. In his words:
“I am strongly against bitcoin, and I think we are a little complacent. [Bitcoin] itself is not real, with the characteristics that a currency must have. Even if [the cryptocurrency] is supposed to be based on underlying assets, I am observing a lot of speculation. It is not healthy.”
The banking official further added that we live in a society with less physical currency, but it was still not ready crypto to replace it. Members of the banking community have also said that BTC is designed in a way that makes it unsuitable for making daily money.
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