Garrick Hileman Believes Next Bitcoin Bull Run Will be Fueled by Central Banks Buying “Digital Gold”

The cryptocurrency winter seems to be reaching an end after more than a year in a downtrend for Bitcoin (BTC) and other digital assets. The last few weeks have been very positive, specifically for altcoins operating in the market. According to Garrick Hileman, Bitcoin’s next bull run could be triggered by central banks storing digital gold.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Banks Could Help Bitcoin Recover Its Price

During a conversation at AltFi Podcast, Hileman, the head of research at Blockchain.com and research associate with the LSE, explained that banks stockpiling Bitcoin could end up in a price increase for Bitcoin.

Hileman explained that although Bitcoin lost part of its dominance, it remains important due to its wide adoption and liquidity in the virtual currency market. He mentioned that there is a correlation between regulation in the crypto market and Bitcoin price increase. As he mentioned regulation helped legitimize Bitcoin.

According to Hileman, Bitcoin has been created as a store of value rather than necessarily a means of exchange. This, Bitcoin could eventually become digital gold in the future and work as a store of value. In the future, central banks could eventually start to purchase and stockpile the most popular digital asset, allowing it to surge in price.

On the matter, he commented:

“The question is though, who will be buying digital gold? If central banks start to accumulate bitcoin, that could be hugely impactful on Bitcoin’s price.”

Pauline Adam Kalfon, blockchain and financial services partner with PwC France, explained that central banks could move away from Bitcoin and digital assets. However, private entities such as JP Morgan could start moving towards the crypto market.

At the moment, there are no central banks holding Bitcoin, at least they did not inform about it publicly. Additionally, central banks have different rules that would not allow them to purchase the volatile digital asset.

Currently, each Bitcoin can be purchased for $4,082 and it has a market capitalization of $71.9 billion.

Live Bitcoin (BTC) Price:

1 BTC/USD =$5,169.2500 change ~ -4.97%

Coin Market Cap

$91.32 Billion

24 Hour Volume

$4.99 Billion

24 Hour VWAP

$5.45 K

24 Hour Change

$-257.1063

Find Us: Telegram \\ Facebook \\ Twitter \\ Live Prices \\ Today’s News \\ BTC Charts

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

<< LIVE COIN MARKET CAP CRYPTOCURRENCY PRICES CHANGE + VOLUME >>

Coin Market Cap Price Change 24 Hour Volume
BTC $91.32B $5,169.2500 -4.97% $4.99B
ETH $16.3B $154.0912 -6.57% $2.36B
XRP $12.2B $0.2903 -3.52% $435.96M
BCH $4.75B $267.8412 -3.66% $255.87M
LTC $4.4B $71.4878 -1.74% $919.9M
EOS $4.33B $4.5861 -4.15% $999.06M
BNB $3.12B $22.0987 -2.52% $157.8M
USDT $2.84B $0.9921 -1.29% $4.49B
XLM $1.88B $0.0985 -4.48% $45.63M
ADA $1.8B $0.0694 -2.19% $75.43M

<< TODAY’S TOP BITCOIN, BLOCKCHAIN AND CRYPTO NEWS HEADLINES >>

09:28 PM How Bullish Is JP Morgan's Blockchain Exploration as a Means o...
08:36 PM New Scam Alert, Bitcoiner Be Aware: Schemer Disguises As “BPD ...
08:23 PM Moscow And Regions From Russia To Trial Crypto And Blockchain ...
08:17 PM Hackers Target Atlanta Hawks Online NBA Basketball Store Using...
07:58 PM Chainalysis Report Says All But 5% Of Cryptocurrency-Related C...
07:42 PM Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For T...
07:35 PM Binance, OKEx And Huobi Global Witness 30% Increase In Trading...
07:21 PM ErisX Exchange Could Open New Spot Trading Services As TDAmeri...
06:50 PM Nike Shoe Company Submits Patent And Trademark Document For ‘C...
06:46 PM Genesis Global Capital Issues $425 Million Worth Of Cryptocurr...
06:46 PM United States SEC And CFTC Jointly Warn Investors About Fraudu...
06:22 PM BITCOIN SV Price Prediction Today: Daily (BSV) Value Forecast ...
06:14 PM Ripple Has Sold $890 Million Worth Of XRP Tokens, Nearly One T...
05:46 PM Monex Plans Coincheck Exchange Trading Services Reopen In July...
05:37 PM Backpage Classified Ads Website's Use Of Bitcoin Might Be The ...
05:21 PM Samsung-Backed Blockchain Firm Blocko Partners With Hyundai Au...
05:01 PM South Korea's Gil Medical Center, Longenesis To Create Blockch...
04:54 PM XRP Price Stuck at $0.30 But Still Up Over 388% Since Ripple C...
05:04 PM Binance Makes Its Singapore Crypto Exchange Launch Official, O...
04:40 PM ErisX Crypto Exchange is Gearing Up for Official Trading Platf...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

17 − two =