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Despite the Bitcoin Drop, Many Analysts Remain Bullish

Summary:
Bitcoin has been a major focal point of discussion as of late. The world’s number one digital currency by market cap experienced a record bull run during the month of February, but during the final days of the month, the currency came crashing down and experienced a ,000 dip. The asset fell from roughly ,000 per unit to about ,000, which is what it remains at still. The Latest Bitcoin Slip Hasn’t Caused Many People to Turn Despite this mega drop, the currency still has many advocates, and a lot of analysts and industry experts appear to be coming to the asset’s aid. Michael Saylor, for example, is the leader of MicroStrategy, a software firm and one of the original public institutions to express support for cryptocurrency. The company has purchased more than

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Bitcoin has been a major focal point of discussion as of late. The world’s number one digital currency by market cap experienced a record bull run during the month of February, but during the final days of the month, the currency came crashing down and experienced a $10,000 dip. The asset fell from roughly $56,000 per unit to about $46,000, which is what it remains at still.

The Latest Bitcoin Slip Hasn’t Caused Many People to Turn

Despite this mega drop, the currency still has many advocates, and a lot of analysts and industry experts appear to be coming to the asset’s aid. Michael Saylor, for example, is the leader of MicroStrategy, a software firm and one of the original public institutions to express support for cryptocurrency. The company has purchased more than $4 billion worth of bitcoin in the past six months, and it appears the firm isn’t quite done with its buying plans.

In a recent interview, Saylor says that the dip doesn’t mean anything, and that the asset is going to replace gold at some point in the future. He says:

Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap. Then, [bitcoin is] going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion.

Others feel that while bitcoin is likely to experience more bullish behavior throughout the year, Saylor’s prediction might be going a little overboard. One such figure is Anthony Pompliano, a partner at the hedge fund Morgan Creek Digital. He says:

I’ve held a price target of $100,000 per bitcoin by the end of 2021 since I publicly wrote about it in 2019. [I’m] sticking with that, yet somehow have become the most conservative person in the room.

In other words, while he’s confident bitcoin is going to do well, his predictions for the asset – which at one point were considered boisterous – are now rather small when compared with the thoughts of some of his peers and counterparts.

Mati Greenspan – the founder of Quantum Economics and a former analyst with e-Toro – says that so long as institutions continue to pour money into the asset, it’s going to hit new highs. He mentions:

Bitcoin has already had a fantastic year, and further gains would indeed be a blessing. The main driver lately has been the rush from multinational corporations to diversify out of fiat money and into crypto, a trend that we see as just getting started now.

Not Everyone Is Confident

By contrast, Charlie Munger – the vice chairman of Berkshire Hathaway – says he sees no future for bitcoin, citing its volatility as a major problem. He comments:

I don’t think bitcoin is going to end up the medium of exchange for the world. It’s too volatile to serve well as a medium of exchange.

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