SiGMA News speaks to US crypto-attorney Gordon Einstein on the ongoing Crypto rally
Working directly in the crypto sphere for the last decade, Gordon Einstein, Founding Partner at CryptoLaw Partners and FinTech and Blockchain expert, shares his perspective on the volatile value of cryptocurrency. According to the crypto expert, bitcoin has the possibility of reaching $100,000 by the end of the year, if current trends continue!
Disclaimer: The following is not intended as investment advice. Do your own research.
Crypto is now the world's fifth most circulated currency by value. Just a week into the new year, the market value of the worlds crypto currencies surpassed $1trillion. The record came after a supercharged six month run. Just to compare, the value of all digital currencies stood at just $260billion by the end of June. The biggest push upwards occurred after Joe Biden was announced President-Elect of the United States, and the much-awaited positive announcement of a vaccine against COVID-19; However, these were not the only reasons for a four-fold increase.
Gordon Einstein (pictured below at the AIBC Summit Malta 2019) told SiGMA News that bitcoin is a phenomenon.
Unlike stock in a company, there is no bitcoin management company, there’s no bitcoin CEO that we can go on talking and getting an explanation about why it is up or down. It does whatever the market tells it to do.
We can make some observations, but it is worth keeping in mind the fundamentally chaotic nature of this thing and just appreciate it for what it is. It's got a mind of its own.
Just a few months ago, experts were advising that a market correction was going to happen. Many were hinting that short-term investments were risky.
While agreeing, Einstein stressed that one should be focussed on the long-term gains. “Volatility is your friend”, he told SiGMA News. He adds:
If you buy into the fundamental story of Bitcoin, then you are not going to be thrown off by the fact that it costs $40,000...Given the increasing institutional interest, given that there isn't enough bitcoin to go round, it makes sense that it is at $40,000...
I think in the short-term, it's going to at $100,000. I think by the end of the year maybe at $250,000. Now that's a little bit aggressive, but I think $100,000 at the end of the year is a no-brainer.
WATCH: Making Sense of the 2021 Bitcoin Boom, with Gordon Einstein
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