Chainalysis CEO and Kraken co-founder Michael Gronager also spoke about Bitcoin
adoption in El Salvador.
Sometimes, the ups and downs of cryptocurrencies baffle even the most inexperienced investors. Chainalysis CEO and co-founder of cryptocurrency trading platform Kraken, Michael Gronager, spoke to Bloomberg
about his positive outlook on the market, as well as global cryptocurrency adoption in El Salvador.
It’s worth noting that Chainalysis is an investigative and compliance firm specializing in cryptocurrencies that provides information to law enforcement agencies, regulators and global companies as it works to combat illicit cryptocurrency activity. Last month it listed Venezuela, Colombia, Argentina and Brazil among the top 20 countries with the highest crypto adoption
In the interview, one question was whether he thought Bitcoin
could surpass USD $100,000 before the end of the year, to which Gronager responded:
“I think we are still in the bull market. I think we can see over 100k by the end of the year, so I would be bullish on that as well. Longer term, I’d probably say the moon is the limit, but we can also go beyond that.”
, which are considered more stable, are on a steady upward trajectory and can sometimes rise faster than other cryptocurrencies.
He also sees a lot of interesting things developing, which Gronager believes we are still in a bull market.
When asked what is currently driving the market price, Gronager responded, referring specifically to Ether
“We saw bigger platform changes in Ethereum. The network stabilized and improved in a number of ways, so I think that facilitated more confidence in Ethereum as a whole. In addition to that, we’ve seen the DeFi trend that’s been growing and growing, and that’s been increasing interest in <a href=”https://www.diariobitcoin.com/glossary/ethereum/” target=”_blank” rel=”noopener”>Ethereum, and Ethereum is dragging many of the other cryptocurrencies with it.
About Bitcoin in El Salvador
Since Chainalysis has done a lot of research on Latin America, Bloomberg asked him about the Bitcoin Law of El Salvador and all the controversy it has had in that country, which has led the government to look for ways to explain to people all the benefits the cryptocurrency will bring to consumers, merchants and recipients of remittances from abroad.
In this regard, Gronager believes that these are typical responses from a country’s opposition and therefore he is not too worried about them:
“A lot of people in the country didn’t even know what Bitcoin is, and they say ‘I want my dollars,’ I want what I’m used to, and so on. Then we’ll see that if they can download the government wallet and start using it, they’ll realize that it’s actually just as simple or even simpler than what they’re used to.”
You can watch the video of the Bloomberg interview here:
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