Bitcoin News: American Investment Bank JP Morgan says that in the medium term the price of bitcoin will be between 24-36 thousand dollars. More corrections are possible in this now.
Is bitcoin at its high value?
Bitcoin News:Even though governments and central banks around the world are taking a negative stance on cryptocurrencies, investor confidence in it is increasing. The price of bitcoin has dropped drastically in the past few weeks. At present it is at the level of 37 thousand dollars. Meanwhile, American Investment Bank JP Morgan said that despite the steep fall in the price, institutional investors have not yet bought it.
According to a CNBC report, Nikolaos Panigirtzoglou, strategist at JP Morgan, said in a research note that further corrections are still pending in its price. After Elon Musk’s tweet, the price of bitcoin had fallen drastically in the second fortnight of May and it reached below 30 thousand dollars. Its all time high is about 65 thousand dollars. In this research note, the true value of bitcoin for the medium term has been estimated to be between 24 thousand to 36 thousand dollars. (Bitcoin price range 24000-36000 dollars)
Pro Tip: When inflation runs high, the last asset you want to own is the US dollar, the first asset you want to own is #bitcoin
— Tyler Winklevoss (@tyler) May 31, 2021
Bitcoin will be the first choice of investors
Here cryptocurrency billionaire Tyler Winklevoss made a tweet last week. He said that when inflation rises, then the US dollar will be the one asset that you will want to stock with you last, while the first asset will be Bitcoin.
Cryptocurrencies like bitcoin
Jirod’s co-founder Nikhil Kamath had also said in a special conversation with The Indian Express last week about cryptocurrencies that there is a need for cryptocurrencies like bitcoin. He had said that when the government of the world prints unaccounted currency, the value of the currency will decrease and the inflation rate will start touching the sky. In this way, if a situation arises like Zimbabwe, where inflation is in the thousands of percent, then the importance of cryptocurrencies will increase.
Regulation of bitcoin will have to be done under compulsion
Here Stefan Ingves, Governor of Sweden Central Bank has said that there will definitely be regulation of cryptocurrencies like bitcoin in the coming days. He said that when the value of something increases very much, the interest of people from all over the world increases in it, then the possibility of money laundering also increases there. In such a situation, regulation becomes necessary to stop it. Stefan Ingves also said that the regulation for cryptocurrencies will be different for different regions at different times.
Currently bitcoin is at the level of $37000
According to the information available on CoinDesk’s website, the price of bitcoin is $ 37255 at 2.45 pm. Its market cap is $697 billion. Ethereum was trading at the level of $2702 and XRP at the level of $1.03.
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