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Bitcoin prices in particular and cryptocurrencies in general have soared this week, with the total market capitalization of the market once again reaching almost $ 2 trillion.
After starting 2021 at around $ 30,000 / Btcoin, Bitcoin price has doubled since then – thanks to institutional adoption on Wall Street and interest from giants like the world’s richest billionaire, Elon Musk.
Now, Deutsche Bank analyst and Harvard economist Marion Laboure predicts “the next two or three years will be a turning point for Bitcoin“. Besides, he also pointed out Tesla’s trajectory as a potential map for Bitcoin to follow that “transforms potential into results.”
However, Laboure said he believes Bitcoin’s price “remains super volatile” and warns “some big buy or sell transactions can significantly affect supply and demand equilibrium.”
Last month, Elon Musk’s electric car maker Tesla impacted this balance when it revealed that the company bought $ 1.5 billion worth of Bitcoins, causing the price of top crypto assets to rise. . However, Laboure found it seemed that the Tesla-Bitcoin pair had a deep connection.
Both Tesla and Bitcoin followed a similar trajectory last year, and according to Laboure, market sentiment for Tesla “began to change dramatically over the past 18 months as Tesla announced its achievements early.”
Tesla is five years older than Bitcoin and has always caused fierce debates between those who see it (Tesla) as an early trend and those who see it as the future of the car … And consensus about the future. of the [bitcoin] may emerge as people follow the evolution of cryptocurrencies over the next two or three years.
In the long run, bitcoins, like Tesla, will have to convert potentials into results in order to maintain their value proposition.
Meanwhile, recent Wall Street adoption (including Morgan Stanley set to offer wealthy clients the ability to invest in bitcoin funds, and JPMorgan is eyeing crypto clearing options. ) has pushed Bitcoin into the sights of the traditional financial industry.
Stephen Kelso, head of capital markets at ITI Capital, said in email comments:
Once upon a time, companies and banks abandoned cryptocurrencies because they were ‘too volatile’, refusing to recognize it as a legitimate asset on the advice of investors.
However, we have seen a significant shift in the approach of institutions, who increasingly see cryptocurrencies as a suitable store of value, against the rapid depreciation of fiat currencies.
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