There is a growing wave of institutional interest in Bitcoin and Cryptocurrency in 2020, yet the sentiment on Google Trends is nowhere near the levels we have seen in 2017. Google Trends allows us to realize the sentiment of the masses, and that sentiment right now seems to be flying under the radar. For those just getting involved with bitcoin and crypto, this is an important time to start to understand the environment of the crypto marketplace and what is happening. When big institutions start to get involved with a new technology it is because they have done their homework and believe in the technology. Bitcoin is only 10 years young and sometimes we can forget this, yet large companies are putting their stamp of approval on Bitcoin and crypto. Bitcoin is a store of value just like other asset classes like gold and silver, but something that separates Bitcoin from these other asset classes is its ability to be transferred anywhere in the world with less friction and ease.
An analyst from CitiBank released a technical analysis memo stating Bitcoin will reach levels of $300,000 by December 2021. We should take notice when major players like PayPal, Grayscale, Fidelity, CitiBank, and JP Morgan Chase get involved in crypto because at one point in time some of these institutions were naysayers of Bitcoin and crypto. This happens with any new emerging technology and doubters will be turned into believers. As we look back through history, the same things happened when the cell phone and internet were first started.
Is this a good thing that mainstream players could take the reigns of the crypto industry?
Leave your thoughts and opinions in the comments!
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