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Bitcoin Price Will Skyrocket in 2021, Here’s Why

by firstcryptonews
June 17, 2019
in Industry
Bitcoin Price Will Skyrocket in 2021, Here’s Why

Next Bitcoin halvening is in May 2020 and we are expecting to see huge price increase in 2021. Bitcoin miners currently receive 12.5 BTC each time they successfully mine a block. By the end of May 2020 (the next Halvening) they will earn just 6.25 BTC.

It’s already widely known that Bitcoin and cryptocurrency markets are highly volatile and incredibly unpredictable, appearing to move independently of most traditional or expected indicators.

Bitcoin price, which has doubled so far this year after recording heavy losses throughout 2018, is hanging around $8,000 and most other major cryptocurrencies, including Ethereum, Bitcoin Cash, Litecoin, and XRP, have also made significant gains in recent months.

Novak Svrkota, fund manager and analyst from consulting agency KriptoBroker explains that price of Bitcoin is determined by supply and demand.

“Fiat currencies like US dollar, have infinite supply, that increases everyday with rate determined by central banks like FED. Increasing supply is called inflation, meaning that the same amount of money is worth less as time passes. Therefore, keeping your wealth in form of dollar or any other fiat currency doesn’t have lot of sense.

That is the reason why people decide to hold their wealth in form of real-estate, art, shares, gold or any other commodity. Everything revolves around gaining value, but big part of equation is story about money that is constantly losing value. That’s why bottle of Coca-cola costed 5 cents – even today manufacturing and distribution are much more efficient.”

He also noted that Bitcoin “per se” doesn’t have infinite supply. It is grounded at $21 million.

“Bitcoin’s inflation is programmed to decrease every 4 years in event called halvening. Miners are rewarded with Bitcoins for processing transactions. In the beginning that reward was 50 Bitcoins for every 10 minutes. You would probably assume this is a real fortune but at the beginning, Bitcoin was practically worthless.

In 2012 we had first halvening where reward was reduced from 50 to 25 BTC and after that, we had big bull market in a late 2013. Then we had 2016 halvening where reward was reduced from 25 to 12.5 BTC, and we witnessed again the bull market in 2017.”

Next halvening is in May 2020 and we are expecting to see huge price increase in 2021 as well. Bitcoin miners currently receive 12.5 BTC each time they successfully mine a block. By the end of May 2020 (the next Halvening) they will instead earn just 6.25 BTC.

The truth is that the Bitcoin price rose from under $1,000 per bitcoin to almost $20,000 throughout 2017 before losing more than 80% of its value last year.

This epic 2017 Bitcoin bull run is thought to have been triggered by expectations institutional investment in the Bitcoin and cryptocurrency market was imminent but when that failed to materialize in the way many thought it would, the market pulled back sharply.

What will happen next year is probably similar to the situation we had in previous years. Earlier this week, a U.S. venture capitalist warned the market is heading for a “supply shock” thanks to next year’s closely watched bitcoin halvening event, now just 341 day away.

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world.  Contributing to the Greater Good  The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions.  The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more.  NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone.  NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks.  Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts.  According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships.  Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency.   The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin.  The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience.  More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers.  Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers.  According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow.  “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted.  The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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