Lou Kerner, an official from CryptoOracle, a blockchain focused development company, has stated that Bitcoin will one day occupy the same position that gold holds right now. Speaking in an interview, Kerner stated that like all new products, Bitcoin is just going through the initial transitions after which it will become a strong placeholder.
Calling gold the current economic placeholder in the society, Kerner has stated that Bitcoin as a product is far more functional than gold. This statement can be backed up by reports that show that Bitcoin, as well as other major cryptocurrencies, have breached a lot of mainstream markets that include shopping and transport.
Kerner also said that the ‘nervous money’ is going out of the Bitcoin sphere, a tag that was given to the cryptocurrency because of its sheer volatility and presence in the financial market. The official extrapolated his observations from the on the ground situation in the financial market that showed an unprecedented increase of Bitcoin holders.
He further added that the wild highs and lows of Bitcoin prices can be attributed to the fact that markets do not know how to rate new assets. Kerner also added onto Brian Kelly’s earlier statement on Bitcoin stating that Kelly had a pulse on the cryptocurrency market and that the price dividends will become apparent soon.
Brian Kelly was very bullish on another piece of news recently, going so far as to call it the biggest news of the year. This was the announcement by InterContinental Exchange, the parent company of the New York Stock Exchange, where they stated that they will launch a company called Bakkt. The company will offer a federally regulated market for digital assets in a move to accommodate the widespread mainstream adoption of cryptocurrencies.
Financial officers have also stated that Bitcoin seems to be in what the market watch calls ‘purgatory’, trading between levels of $6000 and $7500. Bart Smith, the Head of Digital Asset at Susquehanna International Group had earlier talked about the price of the coin and the catalysts for growth.
The executive, known as Wall Street’s “crypto king”, spoke about the market as well. He stated that the market was in a “show me” mode, where movement occurs only with events occurring. He said:
“The market is in show me mode. There’s a lot of news that’s come along that you thought would be a catalyst, where the market hasn’t responded.”
Subscribe to AMBCrypto’s Newsletter