CoinShares CSO Expresses Optimism For Bitcoin’s Future Based On Current Market Activity
CoinShares CSO Expresses Optimism For Bitcoin Based On Current Market Activity
At the moment, the cryptocurrency sector is overflowing with many thoughts, opinions and predictions on the recent price rally Bitcoin is experiencing. Many of the stakeholders and even technical analysts seem to agree that Bitcoin is in an official rally and might stay that way for quite a while. Another person who has joined countless stakeholders to weigh in on the surge is Meltem Demirors, the current Chief Strategy Officer for CoinShares.
View On Why Bitcoin Surged
During a recent chat with CNBC, Demirors noted that a significant increase in volatility and roughness in other financial markets including tech stocks may have contributed to the current Bitcoin rally. Demirors is of the opinion that investors who have stayed in regulated and stable markets until now have probably seen that any market can be plagued with a certain level of volatility.
“There are three main themes going on. One, there is a lot of global macro unrest. There is a lot of volatility in the market. Times have changed. The end of 2018 was rough in the capital market, now we’re seeing a lot of volatility in tech stocks and so maybe Bitcoin is starting to look, not so crazy to investors.”
In addition to the above, she also noted that there were privacy issues other markets were plagued by, that don’t affect the Bitcoin and cryptocurrency market. Currently, there are a lot of efforts from and on Congress, to make new protocols regarding privacy. There also is Facebook’s possible split and the ongoing antitrust suit leveled against Apple.
Demirors then spoke particularly about the poor performance of tech stocks which have left investors disappointed and has warmed them up to the idea of Bitcoin investment. She said:
“We’ve seen a lot of tech IPOs that haven’t performed the way investors expected. So again, the idea of a new asset class, the idea of Bitcoin connecting with legacy finance is really appealing for class investors looking for innovation and high growth.”
Further Rise In Bitcoin Price
The CSO also gave her opinion as to the continuous rise of Bitcoin’s value. Demirors said that the price of Bitcoin is a direct reflection of market trends and behavior. If people keep buying into the market and continue holding, then there will be a direct and commensurate price response.
She also disclosed that Square, one of the major ways most retail investors trade bitcoin, has recorded a substantial surge in the volume of Bitcoin being acquired. This directly means that people are still very interested in investing in the asset.