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Bitcoin mania ‘not a fad,’ says Wedbush analyst

02/17/2021

Dan Ives, Wedbush Securities’ managing director, believes BTC is on the cusp of a a lot larger adoption story.

Wedbush Securities, a distinguished wealth supervisor primarily based in Los Angeles, California, believes Bitcoin (BTC) is turning into a everlasting fixture within the world monetary market.

Managing director Dan Ives knowledgeable shoppers on Wednesday that company adoption of Bitcoin represents a a lot larger story than merely predicting the digital forex’s future worth.

“We consider the story and theme right here is way bigger than simply investing in Bitcoin and predicting its future worth, however reasonably across the potential ramifications that crypto, blockchain, and bitcoin may have throughout the know-how and company world for the subsequent decade,” he stated in a notice that was obtained by CNBC.

He additionally defined why so-called Bitcoin mania shouldn’t be a fad:

“From Paypal, and Sq., to the likes of Nvidia, Tesla, IBM, Visa, Mastercard and plenty of different firms throughout verticals, we consider the pattern of transactions, bitcoin investments, and blockchain pushed initiatives may surge over the approaching years as this bitcoin mania shouldn’t be a fad in our opinion, however reasonably the beginning of a brand new age on the digital forex entrance.”

Wedbush Securities has been on the forefront of Bitcoin adoption since a minimum of 2014. A Wedbush report launched the next yr touted Bitcoin as a possible disruptor of present monetary infrastructure, which ought to result in its worth appreciating over time.

Bitcoin’s adoption story accelerated final yr after main establishments and companies sought publicity to the digital asset. That pattern seems to be intensifying after Tesla confirmed it had allotted $1.5 billion of its money reserves to BTC.

Though Bitcoin has earned a fame for being extraordinarily risky, its worth swings seem to have ebbed from the earlier bull cycle that peaked in 2017. As Cointelegraph reported Wednesday, Bitcoin’s 60-day volatility is considerably decrease right now than it was when the cryptocurrency topped out close to $20,000 in Dec 2017.

BTC worth peaked at $51,721 on Wednesday, a brand new all-time excessive, in response to TradingView knowledge.