Information Regtech
Bitcoin rises to USD50000 was predicted--> February 17, 2021
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At the dawn of 2021, Bitcoin continues its strong upward trend. It was within a whisker of $50,000 yesterday, as it drew unprecedented flows from big and small investors after Elon Musk ‘s major announcement of investment and potential to sell his electric vehicle for bitcoin. Also, many research institutions believe that as Wall Street ‘s acceptance of Bitcoin gaining momentum, its price is likely to hit new highs with fluctuations, exceeding $50,000 per coin for the 2021.

However, more and more Wall Street investment institutions are delivering risk warnings about Bitcoin. Although institutions compare Bitcoin to gold, large financial institutions such as Goldman Sachs still believes that Bitcoin may coexist with gold, but may not replace gold, as gold has been attested for long time in human history, the financial market accepts its as default channel to resist long-term inflation. Compared to gold, bitcoin is a new born baby with relative less records in multiple rounds of economic cycles. It yet to prove its long-term sustainability against inflation. From this perspective, Bitcoin remains a speculative investment tool.

As many people are bullish on Bitcoin in 2021, it may continue to hit new highs, but in terms of policy and regulation in Hong Kong, the cryptcurrency industry is facing an uphill compliance hurdle.

#Cryptocurrency #bitcoin

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