In 2019, Grayscale founder Barry Silbert asserted that $20,000 was magnetic for the price of bitcoin. This week, Silbert said that $100,000 is a magnet for the top cryptocurrency by market capitalisation.
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Bitcoin has been on a roller-coaster ride this week, attempting to surpass $48,000 on multiple occasions. At the time of writing, the cryptocurrency trades hands just below $47,500 and it remains to be seen what will transpire in the hours to come at the start of a new week.
Regardless, the founder and CEO of Digital Currency Group, the parent company of digital investment vehicle firm Grayscale, is optimistic about the future of bitcoin.
In an August 15 tweet, Silbert stated that “$100k is a magnet” for the bellwether cryptocurrency. He referenced his June 2019 tweet when he had posited the same thing about the $20K mark for BTC.
The pundit has consistently argued a macro bullish case for bitcoin. In 2019, he claimed that most cryptocurrencies would eventually go to zero, but bitcoin will remain king as it already won the race to becoming digital gold.
Bitcoin rocketed to $65,000 in April. At the time, the market over-heated and futures were notably overextended. Then in May, Elon Musk and Chinese authorities unleashed a barrage of anti-bitcoin tweets and measures which ended the parabolic rally as BTC slipped below $30,000. Some analysts speculated that the blood-letting would send the coin back to $20,000, but so far the number one coin has snapped back with a vengeance.
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