For ABCripto the moment is calm because the future of Bitcoin is promising
Don’t worry about the fall the future of Bitcoin is promising, ABCriptoNOTÍCIAS highlights
Despite the recent drop in the price of Bitcoin the Brazilian Association of Cryptoeconomy (ABCripto) remains optimistic about the future of the main cryptomeda in the market.
Thus, according to ABCripto’s executive director, Safiri Felix, there is a boom for cryptomeda.
„Bitcoin’s long-term upward bias continues. We see a change in the buyers‘ profile about what we had in the past. Now the buyers are big companies, which tend to maintain the position in the long term. About 70% of the bitcoins mined last month, for example, were bought by big companies like PayPal and Square,“ Felix says.
According to Felix, Bitcoin recently reached its highest historical value against the US dollar, but unlike the high of 2017, the present moment appears to be more ‚mature‘.
„It is the first time that Bitcoin has reached that value in dollars since December 2017, but the scenarios are different. Now the situation is more favorable for crypto investors than in 2017. At the previous high, the dollar in Brazil was around 3.30 reais, while now the exchange rate is much more volatile, trading above 5 reais,“ says the director.
In addition, according to him, „there is a greater flow of institutional capital in the crypto market, with products like Grayscale, and contributions like those made by Microstrategy, which did not occur in the previous rally.
Another factor is that „in 2020, we see expansionist monetary policies and unprecedented stimulus policies, awakening in the market signs of a possible inflationary spiral,“ says Felix.
About the sharp drop of 20% in bitcoin last Thursday (Nov. 26), he explains that it is due to the settlement of derivatives in brokers.
„The end of the month is the time for these derivatives adjustments, which leads to the current correction scenario of the recent highs.