- Bitcoin set a new high at $66,000, increasing the ceiling in value for cryptocurrency.
- As markets become more liquid, there will be more depth to buying and selling.
- There will also be less price action and volatility.
Last week, Bitcoin reached a new high in value of $66,000, adding another milestone to the world’s largest cryptocurrency. With this accomplishment, we wanted to know what this could mean for Bitcoin and cryptocurrency as a whole. So, we asked a couple of experts in the cryptocurrency world, Chris McAlary – CEO of Coin Cloud, and James Putra, VP Product Strategy at TradeStation Crypto, about what sort of goal in value for cryptocurrency should these cryptos try and obtain.
As markets become more and more liquid, and there’s more depth to buying and selling, you’re going to see less price action and volatility. Things like ETFs being traded. More and more people are able to buy and sell through retail, whether it’s on a Robinhood app or Venmo or add a digital currency machine. These markets become more and more liquid, and the price stability becomes present. – Chris McAlary.
This is very hard to put a target on. The key here is really working through the pent-up demand that’s in the system. Once this asset class is fully accessible to those that desire exposure, then we should be at a stability standpoint. There’s still a tremendous amount of capital on the sidelines that want exposure to this asset class that cannot. For example, in the U.S., 10 trillion dollars of assets are tied up with advisors prevented from accessing spot crypto. The ETF is a big step, but there needs to be more to reduce concentration risk. – James Putra.
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