By now, many are anticipating when the crypto market is going to go up once again. Bitcoin in 2017 was able to reach near $20K levels. And after 12 months, Bitcoin’s price by as much as 80%. Until today, many are pinning their hopes on mass adoption and institutional investors getting involved in the crypto market.
During the 2019 MIT Bitcoin Expo, mass adoption has been in the spotlight. among the panelists who shared his thoughts was Jack Mallers who is the creator of Zap Wallet. He believes that it is mainly mental than any technical factors. He mentioned that “Here, I think there’s a serious mental barrier that needs to be broken down as far as people’s relationship with Bitcoin and the asset itself. They aren’t comfortable holding it. They don’t look at it as very useful. They look at it as highly speculative”.
He also believes that a Bitcoin ETF will most likely give Bitcoin legitimacy that it needs in the eyes of the public. In the past months, it has been a struggle for a Bitcoin ETF to get approved mainly because of the possibility of price manipulation.
Time is a Barrier?
According to Pierre Rochard how was another panelist, he agreed saying that time is the only thing that is stopping Bitcoin from being adopted. He said that “To me, the most important variable in that is just time, the longer Bitcoin stays around coming out every ten minutes with a new block and just working reinforces the psychological aspect of, this thing is going to be around tomorrow, it’s okay for me to hold it and use it today”.
As for another panelist Justin Moon, who is the instructor of Buidl Bootcamp which is basically a platform that teaches Bitcoin developers, believes that people need to be accustomed to the idea of BTC. He mentioned that “Most people take it seriously like the third time they hear it didn’t die or something. Most people don’t take it seriously the first time, nor should they because there are so many different things to evaluate in your daily life”.
Bulls are Back in Town?
Bitcoin surged and was able to hit the $4,200 mark. There are already those who believe that there is a chance that it can reach $150,000 by the next bull cycle in 2023. Josh Rager who is a cryptoanalyst believes that this is the case. Though he is bearish in his short term prediction, he has a long term bullish prediction on Bitcoin.
Now, there are also those who believe that Bitcoin could actually avoid dropping to $3,500 if it could carry on its momentum in the $4K region. Also, many are looking at the possibility that the asset will challenge the $5K ceiling now that it was able to go beyond $4,200.
Rager explained that “There are multiple scenarios for Bitcoin. Fact is, nobody knows the next move”. Now, the question is are you going to buy Bitcoin now or are you still going to wait whether or not there really is a bullish movement in the crypto market nowadays?