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Bitcoin may have taken a serious decline, but the global investment bank analyst is still strong on the Bitcoin ecosystem to reach $ 10 trillion in 10-15 years. He points out that Goldman postponing the Bitcoin trading desk is not worrying, the interest of institutional investors is already here as the market expects two things in the short term.
Bitcoin down the short-term, long-term still high for $ 10 trillion
The market may have taken a serious landfill in the last 24 hours dropping below $ 6,500 to $ 6,424, down more than 12%. This has the entire collapse of the market collapse from $ 238 billion yesterday to today $ 202 billion, the loss of $ 36 billion
Goldman Sachs postponing Bitcoin's trading plans may have further triggered the decline along with millions of bitcoins sold in the market that has the sellers who dominate the commercial space. Although it has been predicted by experts that Bitcoin will see further momentum, an analyst remains substantially bullish.
Mitch Stevens, research analyst at the RBC Capital markets, a global investment bank and part of the Royal Bank of Canada (RBC)) recently shared his bullish views on the encrypted market. At the start of this year, he said,
"Using decentralized computing and open source software, we see a multibillion dollar market emerge."
He had estimated a $ 10 trillion market in the next 10-15 years while experiencing a lot of ups and downs along the way. The estimate comes from "taking a third of about 30 trillion dollars in assets held in offshore funds and gold, as investors embrace digital currencies as a new store of value."
Goldman Sachs news is not worrying
This time, Stevens reaffirmed his analysis despite Goldman Sachs postponing the Bitcoin trading bank. In his interview with CNBC, he shared how Goldman's decision does not in any way mean that institutional investors are catching on Bitcoin, explaining:
"So I do not think it's a big concern … All institutional investors with whom I speak that they have been involved in the last five years or so, they are still involved in space … they follow him closely. "
He also told how Goldman Sachs is already involved in the encrypted market and is still working on the forward movement:
"So, I think that Goldman is going through a difficult period they can not find a way to invest institutional investors, so, in particular, they are invested in Circle, which is essentially a competitor of Coinbase … So, I'm already able to get trading flows on the retail side. What they're doing now is probably the next step to getting institutional money, waiting for a Bitcoin ETF to be approved. "
Also, read: Credible Names Involved You Could Get Bitcoin ETF an Appreciation Hears Experts
Everything is on its way, Bitcoin has a long way to go
As for its 10 trillion dollars worth of capitalization for the bitcoin ecosystem, is very strong in responding with a simple "NO" to if it has even changed its calculations based on developments and fluctuations in market prices. [19659005] Speaking of the short term, he mentioned the things that are the focus of attention in the short term
"These are venture capital, they look at 10-15 years. But if you look at the short-term dynamics on why the trade has been negative this year, waiting for two things, looking for an ETF to be approved, in order to get it approved, the only underlying Bitcoin. The last time 9 ETFs that were denied did not actually own any bitcoins in their future price base such as gold ETNs. "
He also added:
" There is another negative thing that must happen that all the funds that have raised money in q4 last year, at the top of the cryptocurrency fund , they will probably start to close. "
He concluded with" from the technical point of view everything is on track "that is given to the crypto ecosystem as prices fluctuate quite constantly.
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Bitcoin is on track, head to market for $ 10 trillion in 15 years – Global Invt. Bank Analyst
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The bitcoin may have taken a serious decline, but the global investment bank analyst is still strong on the Bitcoin ecosystem to reach $ 10 trillion in 10-15 years. It stresses that Goldman will postpone trading Bitcoin desk is not of any concern, the interest of institutional investors is already here as the market expects two things in the short term.
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ANJALI TYAGI
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COINGAPE
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