Cryptocurrency Market Update: Global financial situation to propel Bitcoin to $300,000 in 5 years

Adam Back says that Bitcoin rally does not depend on institutional money influx.
Bitcoin rally to $300,000 by 2025 could be triggered by the current financial disaster – Adam Back.
Ripple CEO, Brad Garlinghouse met the president of the Central Bank of Brazil via a video conference call.

The cryptocurrency mogul, Adam Smith of Blockstream has predicted Bitcoin’s rally to $300,000 in a span of five years. Back cites the prevailing economic situation around the world due to the COVID-19 pandemic as the turbo boost for the growth. Back recently told Bloomberg that he is not Satoshi Nakamoto – The creator of Bitcoin. Although, he was cited in Bitcoin’s White Paper. He reckoned that Bitcoin did not need to wait for an influx of institutional funds to post a bull run.

It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said. “And retaining value when there’s a lot of money printing in the world.

Back is known for holding the Bitcoin he mines for an anticipation growth in value. He also cited overvalued bonds, the struggling real estate, and people working from as catalysts for the next Bitcoin rally. It is becoming increasingly difficult to make significant returns from traditional investment. According to Back, the COVID-19 situation “is causing people to think about the value of money and looking for ways to preserve money.”

Ripple CEO meets Brazil’s central bank president via call

The CEO of Ripple, Brad Garlinghouse is reported to have met the president of the Central Bank of Brazil in a confidential video conference call. Also in the call were blockchain representatives from decacorn. The parties are said to have discussed matters surrounding institutions but details of the meeting remain confidential as the press was locked out.

Market update

At the time of writing, cryptocurrencies across the board are dealing with increased selling activities. All the top three coins are in the red led by Ripple’s 0.22% loss on the day. Ethereum is down a subtle 0.05%b while Bitcoin is struggling to hold the green with barely 0.05% in gains on the day.

At the time of writing, Bitcoin is trading at $9,527. The crypto has adjusted upwards from $9,369 (intraday low). However, on the upside, an intraday high has been reached at $9,536. If the buyers’ interest remains intact, gains towards $300 would remain in the picture.

Ethereum is also struggling to detangle from the bearish trappings. There was a slide under $240 and Ether is trading at $237. Unfortunately, the volatility is shrinking which jeopardizes the slim chances of recovery above $240.

Ripple has impressively held above $0.20 amid the drop from weekly highs at $0.2245. Support at $0.20 has remained intact with $0.2007 (intraday low) being posted. XRP/USD is dancing at $0.2027 at the time of writing.

BTC/USD daily chart

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