George Kikvadze, vp of Bitfury, a widely known determine within the crypto world, made a stunning prediction about the way forward for Bitcoin in an interview with CNBC TV. In line with Kikvadze, it’s “solely a matter of time” earlier than the worth of Bitcoin reaches $1 million and even $10 million.
As an early Bitcoin investor, Mr. Kikvadze assessed the evolution of Bitcoin over the previous decade and detailed the macroeconomic and institutional components behind its rise.
Kikvadze mentioned he had at all times thought-about Bitcoin “an funding that counters authorities irresponsibility and central financial institution cash printing,” and argued that Bitcoin acts as “digital gold” with anti-inflation properties and insurance coverage.
Kikvadze mentioned there are a number of causes for the dramatic rise in Bitcoin costs, naming a very powerful drivers:
- International Debt and Quantitative Easing: Rising international authorities debt, continued spending in OECD nations, and central financial institution quantitative easing (QE) insurance policies are making Bitcoin extra engaging.
- Institutional wave: He famous that the entry of giants like BlackRock and Constancy has elevated entry to establishments and is having a serious influence on the business. He attributed the start of institutional curiosity to an article by Paul Tudor Jones supporting Bitcoin.
Kikvadze additionally touched on competitors within the mining sector, saying the sector is changing into extra capital-intensive.
Kikvadze reiterated that regulation of cryptocurrencies is important and a very good factor, as he has believed since 2014.
*This isn’t funding recommendation.
