Even in times of war, the intrigue and enigma that has always surrounded Bitcoin – the world’s most sought-after digital asset – still grabs headlines.
In cases like these, Russia’s prolonged invasion of Ukraine has repeatedly tested the entire cryptocurrency market.
Despite a drop in Bitcoin’s price since November, the digital asset is still on track to hit the $100,000 per coin mark, according to the CEO of a cryptocurrency and blockchain hedge fund management firm .
$100,000 still a possibility for Bitcoin
Joe DiPasquale shared his views on Bitcoin’s role in the Russian-Ukrainian war and his bullish predictions for cryptocurrency markets in the coming months.
According to the CEO of Bitbull, despite the gloomy mood that has dominated the crypto markets since the start of the year, Bitcoin is still on track to hit $100,000 within the next 24 months.
DiPasquale said 2023 is “a fair bet” and people might need time this year to “chill out and let off steam.”
Biden Crypto EO Raises Bitcoin
A strong push from Wall Street on Thursday — mixed with anticipation of US President Joe Biden’s cryptocurrency executive order — helped rally digital currencies such as Bitcoin, which gained nearly 10% to reach around $42,000.
Speaking of “safe bets,” it seems DiPasquale’s positive prognosis for Bitcoin carries a lot of weight, especially now that the US government has expressed strong interest in crypto and its potential to reshape the financial status quo.
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BTC total market cap at $741.70 billion on the daily chart | Source: TradingView.com
“The devil will be in the details,” according to Ryan Selkis, founder and CEO of Messari, a cryptocurrency research platform.
“While we will have to wait and see what major regulators suggest in the coming months, this is a positive decision, and there were no red lights on the first reading,” Selkis added.
bitcoin as currency
After the outbreak of the Russian-Ukrainian conflict, Bitcoin showed a mixed reaction, initially plunging alongside stocks and then making a significant recovery. Many have wondered if cryptocurrency can still be called the digital equivalent of gold.
“We have to think of bitcoin as a currency, not as digital gold, but as a currency that is not subject to the whims of a central bank and instead has a very limited supply,” DiPasquale said.
Individuals are embracing cryptocurrencies in order to mitigate the effects of financial turmoil on both sides of the conflict.
There are growing fears that the Russian elite are trying to dodge Western sanctions by using cryptocurrencies.
Analysts say Russia could turn to Bitcoin mining – an industry in which President Putin has previously said Russia has a “competitive advantage” – or use non-compliant exchanges, a tactic currently being exploited by Russian hackers.
As has been the case with a number of other analysts in recent weeks, DiPasquale believes bitcoin is not suited for this purpose.
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Featured image from NaijaGreen Movies-Music, chart from TradingView.com