Bitcoin at $100,000 by end of year - Chainalysis CEO believes

The CEO of analyst firm Chainalysis seems to have an optimistic bullish stance. According to him, the price of Bitcoin

will rise above $100k later this year. Sponsored Sponsored

$100k by December 2021.

In an interview with Bloomberg on Thursday, Michael Gronager, who is also the co-founder of cryptocurrency exchange Kraken, asserted that Bitcoin

and the cryptocurrency market in general are still in a bull market.

Earlier in August, Kraken

CEO Jesse Powell expressed a similar opinion. He claimed that the market is still in the early stages of a bullish trend. Speaking about his predictions for the Bitcoin price at the time, Powell said:Sponsored Sponsored

We could see $100,000 or more per coin late this year or early next year.

It seems that the CEO of Chainalysis agrees with Powell’s prediction. When asked if he believes the value of Bitcoin could rise to over $100,000 in 2021, he replied

:

I think we’re still in a bull market. I think we could see above $100,000 by the end of the year, so I would be bullish on that as well. Long term, I would probably usually say the moon is the limit, but we could also go beyond that limit.

The head of Chainalysis has joined the list of people who have predicted a bump in Bitcoin’s price above $100,000. Other investors have made similar predictions, including Kevin Wadsworth of Northstar & Badcharts, Jordan Belfort, also known as the Wolf of Wall Street

, Blockstream CEO Adam Back, and Florian Grummes, among others.

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Even Bitcoin’s most prominent critic and economist Peter Schiff has confirmed that the price of BTC

could reach $100,000 or $1 million.

Gronager also commented on the price of Ethereum (ETH). According to him, there are some factors driving the value of the second largest cryptocurrency. According to the head of Chainalysis, one such factor is the continuous growth of the DeFi

market, which is constantly affecting the price of the network’s native coin.

Lack of awareness causes resistance among Salvadorans

Chain’s

CEO

alysis also discussed the adoption of Bitcoin in El Salvador. While the law making BTC legal tender proposed by President Nayiba Bukele has received much positive feedback, there has also been resistance.

The law is set to go into effect as early as September 7. However, a recent survey found that nearly 70 percent of Salvadorans are not enthusiastic about the law.

Meanwhile, Gronager noted that citizens are against Bitcoin adoption because they don’t understand it. As he states, people prefer to use dollars, which they are familiar with.

The CEO continued that if they downloaded the government’s Chivo wallet, they would realize how simple it is to use BTC. As we reported in late August, President Bukele had already set up the necessary infrastructure even before the law was formalized.

The Salvadoran Assembly also recently voted to create a $150 million Bitcoin fund.

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