In an interview with Bloomberg in Berlin on Jan. 3, Antoni Trenchev, head of Bitcoin lending platform Nexo.io, said Bitcoin price growth since its inception was almost unlike anything ever seen.
Bitcoin can “very easily” hit $50,000 during 2020, the CEO of one cryptocurrency industry business has told mainstream media.
“It’s been an incredible asset uncorrelated to the overall market”, he told the network.
Trenchev: Bitcoin is an “incredible asset”
Trenchev added Bitcoin’s journey to up to $20,000 was reminiscent of German hyperinflation after the First World War:
“It delivers systematic asymmetric returns and the only thing that we have seen close to anything like this has been the rise of the US dollar against the (German papiermark) in the 1920s.”
Asked how much higher BTC/USD could go this year, Trenchev predicted $50,000, in line with CNBC host Joe Kernen, who last July said the pair would hit $55,000 around the time of Bitcoin’s May 2020 block reward halving.
BTC cracks $7.3K on Iran uncertainty
Trenchev’s comments came as Bitcoin began edging up against the dollar on Friday. Despite a raft of recent warnings that downward price action would continue, BTC/USD delivered 24-hour gains of 2.5% and at press time had broken $7,300.
As Cointelegraph reported, the action followed renewed geopolitical uncertainty after the U.S. President Donald Trump ordered an attack, which killed a senior Iranian general in the Iraqi capital, Baghdad.
Longer-term, however, analysts still envisage Bitcoin going lower in Q1 before reversing upwards. The halving, long-awaited by many investors, should catalyze the bullish U-turn, they say.
Bitcoin News Summary – September 9, 2019
The US Securities and Exchange Commission finally approved a limited ETF. The Van Eck SolidX ETF will only allow institutional investors to get Bitcoin exposure via the traditional securities market, so a full ETF tradable by the general public is still pending. The Winkelvoss twins first proposed a Bitcoin ETF, or Exchange Traded Fund in mid-2013.
Burger King fast-food franchises in Germany will now accept Bitcoin for orders deliveries. Customers will have to pay via the company’s new mobile app, now available for Android and iOS. It’s unclear whether Bitcoin will also be accepted in the 600 physical Burger King restaurants across Germany.
Apple is “watching cryptocurrency”, according to an executive at the tech giant. Apple Pay vice president Jennifer Bailey, talking to CNN at a private event in San Francisco, said that the company sees potential in cryptocurrencies. This is the first time Bailey has acknowledged Apple’s interest in cryptocurrency, though it’s unclear what the company’s intentions might be.
The Central Bank of The Netherlands decreed that all firms which provide crypto services, such as wallets or trading platforms, must register by the 10th of January 2020. Dutch firms which don’t register will be shut down.
And finally, it was reported that 4 out of the 5 websites returned by a Google search for Bitcoin QR code generators are coin-stealing scams. Always used a trusted wallet to generate crypto address QR codes!
