An analyst at asset management firm Wedbush Securities in Los Angeles believes that the rise in the price of bitcoin is supported by fundamental factors.
In a recent note to clients, managing director Dan Ives said bitcoin is becoming a permanent fixture in the global financial market. He also noted that the corporate adoption of bitcoin is a significant event for the cryptocurrency , which will affect its future price.
“We believe that the story and topic is much broader than just investing in bitcoin and predicting its future price. Rather, we are talking about the potential forks that cryptocurrencies, blockchain and bitcoin can get in the world of technology and the corporate sector over the next decade. «
Ives said Bitcoin’s popularity is not a tribute to fashion, noting interest from Paypal , Square , Visa and Tesla .
«We believe that transaction trends, bitcoin investment and blockchain-based initiatives could skyrocket in the coming years, as this bitcoin mania is not a fad in our opinion, it is the beginning of a new era on the digital currency front.»
Ives’ wealth management firm Wedbush Securities has been supporting Bitcoin adoption since 2014, touting BTC as a disruptive force for existing financial markets.
The Motley Fool Predicts BTC Price Rise To $ 500,000 In The Long Term
The American consulting company The Motley Fool acquired $ 5 million worth of bitcoins, hoping to make a big profit on its investment in the digital asset.
The hugely popular financial agency announced the purchase of BTC as part of its special 10X campaign, which focuses on long-term investment opportunities that can increase in value by 10X.
The company gave three reasons to justify their investment:
“We believe that in the long term, BTC will store value more efficiently than gold. We believe that it could become a vehicle for transactions as / if its price stabilizes over the coming decade. We also believe it can act as a productive inflation hedge. ”
The company emphasizes the importance of portfolio diversification and ownership for at least five years. In addition, representatives of the consulting agency are confident that Bitcoin can bring in 10 times the income over the next 5-15 years, reaching a price of $ 500,000.
“While Bitcoin may remain volatile in the short term, we believe that in the long term, as part of a diversified portfolio, it has 10x the potential compared to today’s levels. We plan to maintain our bitcoin position for years to come. «
