Bitcoin Is In A ‘Very Interesting Position Right Now’ – Capital Link CEO
- There is no real way to play blockchain other than Bitcoin, Brett McGonegal, Chairman and CEO of Capital Link International
- Bitcoin should rally because it is an identifiable investable asset and can embody the movement & scale of blockchain
Speaking on “Bloomberg Markets: Asia,” Brett McGonegal, chairman and chief executive officer of Capital Link International said in 2020 Bitcoin is a way to go.
McGonegal is bullish on the world’s leading cryptocurrency in which blockchain will play a huge role. Governments around the world, especially China will take blockchain initiatives, he said. McGonegal continued,
“I think bitcoin sits in this very interesting position right now where there are a huge blockchain incentive and strategy that’s gonna come from G20 nations.
“I think blockchain is inevitably going to be a large part of what we hear about for the next few years, there’s gonna be a lot of initiatives that are undertaken by China especially but (also) other powerful governance.”
However, blockchain in itself, devoid of Bitcoin can’t work as “there is no real way to play blockchain in my opinion in a very clean-cut fashion other than bitcoin.”
But that also doesn’t mean that “Bitcoin should rally as it is bitcoin” rather,
“it rallies because it becomes the identifiable investable asset or coin that we actually be able to embody the movement and the positive scale of blockchain.”
McGonegal further explains that we are in the early stages of blockchain where governments have just started rolling out and building the space. And “Bitcoin becomes the benefactor of that.”
From its current point, he sees Bitcoin going “much higher” and the whole thematic will play for a long time until something else shows up, a digital asset that is more identifiable than Bitcoin. But until then “Bitcoin will be the mechanism to build confidence in the blockchain.”
Bitcoin going to $100k by 2021
Recently, German’s troubled bank Deutsche bank in its report talked about the fragile fiat system that could unravel in the 2020s. That situation will push for the demand for alternative currencies like cryptos and have them soaring. The report reads,
“The demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around.”
And if the current trends continue, it expects 200 million blockchain wallet users in 2030.
Crypto commentators meanwhile are predicting $100,000 as of the next target for BTC. Prominent analyst PlanB, veteran trader Peter Brandt, and Anthony Pompliano are calling out for $100k in the next bull run that could be around December 2021.