After the Bitcoin market cap has breached 1 trillion dollars and it has convinced researchers at the Deutsche bank that the cryptocurrency is here to stay for a long time.
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According to the banking giant the BTC is expected to remain extremely volatile and unpredictable among all speculations.
“In the short term, Bitcoin is here to stay and its value will remain volatile… We estimate that less than 30% of transactional activity in Bitcoin is related to payment for goods and services, with the rest largely used as a financial investment.”
A recent report has been released on the future of payments wherein it cites that the price of BTC will continue to rise, partly due to its adoption among institutional investors.
“At the beginning of 2017, Bitcoin prices were below $1,000 per coin. In December of the same year, Bitcoin reached nearly $20,000. Then came the fall and by February 2018, the price had dropped to $7,000. In a year only, prices surged from $4,900 in March 2020 to hit a new high of $60,000 last Saturday. One of the most important factors driving Bitcoin’s increased demand was the entrance of hedge funds and other institutional investors.”
Next to this the report also mentions that the mass acceptance of crypto assets among people that were born in the 1981-1996s (Generation Y= perceived as increasingly familiar with digital and electronic technology) could be the breaking point for a worldwide adoption of industry.
“Future generations may usher in mass adoption. The older people we surveyed had fears about cryptocurrencies, found them harder to understand, believed they create volatile financial bubbles (like the dotcom bust), and saw them as low-liquidity financial instruments. A third of those surveyed had no idea how cryptocurrencies work, and 40% had only a partial understanding.
By contrast, around a third of millennials believed that cryptocurrencies are replacing cash and credit/debit cards according to our exclusive survey of over 4,700 people in the United States, the United Kingdom, Germany, France, Italy, Spain and South Korea.”
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