CEO Michael Gronager of Blockchain analytics company Chainalysis is optimistic in his projections that Bitcoin will move above $ 100,000 by the end of 2021.
In an interview with Bloomberg on Friday, Michael Gronager, who is also the co-founder of the cryptocurrency exchange Kraken, stated that Bitcoin and the crypto market will continue to trend upward.
In August, Kraken CEO Jesse Powell also commented that the market is still in the initial bull cycle. “We could see more than $ 100,000 per coin by the end of this year, early next year,” Powell said.
Similarly, the CEO of Chainalysis appeared to agree with Powell’s Bitcoin price prediction.
“We believe that we are still in the bull market. We can see a projection of $ 100,000 for the end of the current year. In the long term, I would probably say that the Moon is the limit, but it is also possible to go further, ”said Gronager.
The CEO of Chainalysis is on the list of people who have predicted that the price of Bitcoin will hit $ 100,000. Others like Northstar & Badcharts’ Kevin Wadsworth, Jordan Belfort aka the Wolf of Wall Street, Blockstream CEO Adam Back have also made similar predictions.
In the same way, by participating in the “Coin Stories” Podcast, in August. Renowned Bitcoin critic and economist Peter Schiff declared that the price of Bitcoin would reach $ 100,000. Thus lamenting that he had not previously invested in Bitcoin, although he also hinted that Bitcoin “could turn into a bubble at any moment.”
Global adoption of cryptocurrencies and the Ethereum bull market
According to the forecast given by Chainalysis, the global adoption of cryptocurrencies among individual investors has increased 881% in the last year.
This is because emerging markets have moved into digital assets to preserve and get the most out of their profits.
“In emerging markets, many turn to cryptocurrencies to preserve their savings against currency devaluation, send, receive remittances and conduct business transactions,” said Chainalysis.
He further added, that the adoption of cryptocurrencies in North America, Western Europe and East Asia in the last year has been promoted by institutional investment.
The Chainalysis company believes that institutional markets are important. But its aim is to highlight the countries with the highest adoption of cryptocurrencies by common users. For this reason, it took into account the use cases associated with individual savings. He also highlighted, the countries with significant growth in the individual use of cryptocurrencies have been India, Vietnam, Ukraine and Pakistan.
The CEO of Chainalysis commented, that most cryptocurrencies, such as Bitcoin and Ethereum, which have been considered the most stable, are currently on a constant upward trajectory.
When asked what is currently driving the market price, Gronager responded, referring specifically to Ethereum:
“We saw major changes in Ethereum. The network stabilized and improved in various ways, so I think that facilitated more trust in Ethereum. On top of that, we have seen the DeFi trend that has been growing, and that has been increasing interest in Ethereum, dragging many of the other cryptocurrencies with it.
The lack of information has caused distrust among Salvadorans towards Bitcoin
The Bitcoin Law that will enter into force on September 7 of this year. It has shown signs of some mistrust on the part of Salvadoran citizens. A recent survey showed that about 70% of Salvadorans are not enthusiastic about the passage of the law.
Given this, the CEO of Chainalysis also gave his opinion about the adoption of Bitcoin in El Salvador.
“Although the Bitcoin Law proposed by President Nayib Bukele had a majority vote in Congress in favor of making Bitcoin a legal tender in the country, there has been some resistance.” Michael Gronager commented.
In addition, Gronager added that citizens are wary of the adoption of Bitcoin, because they have little or no knowledge about digital assets. The CEO of Chainalysis, explained that the people of El Salvador prefer to use dollars, since they are more familiar with it.
“Many people in that country don’t even know what Bitcoin is, so they say I want my dollars, I want what I’m used to, and so on. Then we will see that they download the government wallet and start using it, realizing that it is actually just as simple or even simpler than what they are used to. Said Gronager, who believes that these are typical responses of a country’s opposition and therefore is not so concerned about them.