Bitcoin (BTC) has been heavily lambasted by a lot of analysts and strategist over the past year. A lot of financial institutions and banks don’t like the digital currency because it seems to be disrupting their industry. However, Bitcoin (BTC) and its underlying technology – blockchain – are going nowhere, and a lot of firms and industries are beginning their numerous benefits.
According to a report released by CNBC on the 6th of February, Bitcoin (BTC) could soon be experiencing a resurgence on Wall Street. This was said by Nikolaos Panigirtzoglou – Global Market Strategist at JP Morgan. This means that the interests on Bitcoin (BTC) in Wall Street are likely to be revived in the near-term.
In a statement, the Global Market Strategist of JP Morgan said: “The stability that is currently being displayed by the digital currency market is paving the way for more participation by institutional investors in the near future. The digital currency market was a new market. It went through a bubble phase and the burst.”
The Stability of Digital Currencies Will Attract More Companies
Panigirtzoglou said that more companies will be attracted to Bitcoin (BTC) and other digital currencies as stability in the crypto market grow and as the underlying technology of Bitcoin (BTC) becomes more important. The strategist further stated that a revival in Bitcoin (BTC) may be years away, as regulators are pretty slow when it comes to realizing the potential of the digital currency.
Over the past years, a lot of experts have predicted more participation from institutional investors on Wall Street would push much-needed capital into the digital currency verse, especially after the digital currency market suffered a bear year last year.
In June last year, Charles Hoskinson – the co-founder of Cardano (ADA) – said that if Wall Street enters into the digital currency space, it would bring in tens of trillions of dollars. Nevertheless, Wall Street has put its digital currency plans on hold due to the continuous downward trend of the digital currency market, according to a report from last year.
According to a report by Bloomberg in late December, top firms in the financial industry such as Goldman Sachs (a banking giant), Morgan Stanley (a multinational financial services firm), and Citigroup Inc. (banking conglomerate), have shelved digital currency-related products for the foreseeable future.
Jack Dorsey – the chief executive officer of Twitter is still optimistic about the future of Bitcoin (BTC). According to reports, Bitcoin (BTC) is the only digital currency that Dorsey owns. The CEO said that the digital currency had a great brand and that it is resilient. He said Bitcoin (BTC) is native to internet ideals and it is principled.
Dorsey also went to the extent to say that Bitcoin (BTC) will become the single currency of the world in the next ten years. In a statement, he said that: “The world will have a single currency, the internet will have just one currency. I personally believe that Bitcoin (BTC) will be that currency.”
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is changing hands at $3,450 after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $59.82 and its trading volume over the past twenty-four hours is $3.06 billion