For those worried about the downward trend of bitcoin in the last few days, it is not a thing of concern, according to Perianne Boring. The founder of the Digital Chamber of Commerce seems unconcerned about the recent performance statistics of Bitcoin. She moreover seems very positive about the primary crypto to reach new heights as the year progresses. The smaller setbacks would be a necessary evil for the currency to get to new unrecorded values.
Boring claims that the 30- 50% volatility of Bitcoin is not as bad as it seems. This response came to answer host Joe Kernan’s question about Bitcoin being unable to establish itself as a viable currency of value. One might come to the conclusion based on the performance of Bitcoin in recent times. The coin is down 50% from its all-time high of $68,000 and currently trades at $33,000.
According to this Bitcoin forecast, Bitcoin has a great year ahead. However, according to Boring, the seemingly high numbers regarding the volatility of Bitcoin are actually a part of the normal course of the market. The market has been trained that way ever since the introduction of Bitcoin. Securing as much as 50% during a crash is one of the best positions as far as the crypto market goes. In her own words, “the fundamentals of Bitcoin are strong as ever,” meaning the coin easily gets back up even after a crash as punishing as the recent one.
The growth of cryptocurrencies, Bitcoin, in particular, has been far more rapid than how the internet advanced during the late 90s and early 00s. The pandemic has caused crypto-related activities on the internet to multiply a thousand fold. Thanks to the attractive incentives, more nodes are added to the Bitcoin network every day. The minting rate has reached an everyday limit of 32 million dollars. It has been made evident through these facts that Bitcoin is becoming one of the unavoidable forces of the financial world.
Joe Kernan has also raised the question about Bitcoin stooping down to $8000 as it is currently trading at half the price of its all-time high. Boring answered, citing several models, saying Bitcoin is currently undervalued. It is not surprising that 90% of these models agree with what she is saying. And she predicted Bitcoin to hit a great spot between $50,000 and $100,000 by the end of the year.
Moreover, several smaller countries, like El Salvador, are already building infrastructures to induce the growth of Bitcoin in their countries. This is expected to help the number of Bitcoins users cross a billion by the end of the year. If all goes well, the coin could get to the $100,000 mark, as Perianne Boring predicted.