Alex Thorn, Galaxy Digital’s director of research, says that optimism around Bitcoin is likely to return soon.
“Attention will come back to Bitcoin, it always does,” Thorn said During an interview on CNBC Friday, I stressed that “Bitcoin was the hottest trade of the year at the start of the year” Donald Trump has won the US presidential elections.
“For everyone worldwide and all sorts of asset classes…That’s just not true for the rest of the year.”
The attention of investors has been diverted to other areas
Thorn stated that investors are now focusing on areas such as AI, nuclear technology, quantum technologies, and gold. “There were a lot of other places to get gains this year that impeded the allocation to Bitcoin,” He said.
“We’re entering a much more mature era, where distribution from old hands to new is incredibly healthy for distributing the ownership of Bitcoin,” Thorn added
Thorn continues to be bullish for the long term on Bitcoin.BTCHe then reduced Galaxy Digital’s target price for year-end to $120,000 (from $185,000. Bitcoin is currently trading at $102,080. A jump to $120,000 would represent a 17% increase. according CoinMarketCap is a great place to start.
Thorn claims that many sectors, including gold, which are often compared with Bitcoin are actually the same.
JPMorgan analysts have recently stated that the increase in gold volatility is a concern. during its rally to all-time highs Bitcoin is more volatile in October. “more attractive to investors,” Based on the Bitcoin to Gold Volatility Ratio falling to 1,8, BTC has 1.8x the risk as gold.
Bitcoin’s industry continues to be divided by quantum computing
On Oct. 10, it was revealed that Bitcoin (BTC) and Nvidia Stocks (NVDA), are moving in greater sync now than ever before. any point in the past year. Some market observers are worried that a crash is imminent, similar to what happened in late 1990s during the dotcom bubble.
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Experts continue to disagree on the issue of the threat that quantum computing poses to Bitcoin. Amit Amit of Borderless Capital recently claimed that quantum computing will not be available for many years. away from threatening Bitcoin.
Charles Edwards of the quantitative Bitcoin fund Capriole and the digital asset fund Capriole said that the situation was far more urgent. He argued that solutions must be implemented as quickly as possible, before it’s too late.
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Source: cointelegraph.com
