2019-4-9 18:00 |
Now is likely an excellent time to build exposure to Bitcoin as 99.5 percent of the potential market is still untapped, says market researcher Victor Dergunov.
‘This is Very Likely Only The Beginning’Market researcher at SeekingAlpha, Victor Dergunov, believes now is the time to get into Bitcoin — before it’s too late.
After a 15-month long bear market, bitcoin is starting to show signs of bottoming. For one, the BTC/USD price today is trading over 40 percent higher compared to its mid-December yearly lows.
Therefore, Dergunov says now could be “an excellent time to build your exposure to bitcoin.” Particularly, after what he calls a “formidable rally” and technical similarities to previous bull-run setups. Therefore, he believes that:
…This is very likely only the beginning of Bitcoin’s next bull market.
However, as Bitcoin grows more popular, “the bull market peak is always significantly higher than the previous one,” according to Dergunov.
Bitcoin: 99.5% of the Potential Market Still UntappedFinite supply, along with strengthening fundamentals such as rising daily transactions and hash rate (network security), is also what’s making the analyst bullish on BTC — particularly as a long-term investment.
The market capitalization of Bitcoin and other virtual currencies is also still a drop in the ocean compared to traditional markets. This gives Bitcoin huge upside potential especially since it’s unlike any other asset. Dergunov notes:
Currently, only about 0.56% of potential users have exposure to Bitcoin, which implies nearly 99.5% of the potential market is still untapped.
“Bitcoin’s market cap is only $90 billion, and the entire cryptocurrency complex is valued at just $180 billion, while the world’s fiat money supply is worth around $90.4 trillion,” he adds.
Bitcoin’s Unique Value PropositionBitcoin and other digital assets, he says, are also attractive because they’re outside the existing financial system.
…Bitcoin and other digital assets act as alternative currencies and payment systems relative to the current fiat financial status quo.
As Bitcoinist reported, chief investment officer at Ikigai Asset Management, Travis Kling, also believes more people are becoming open to the idea of Bitcoin being hedge against traditional market uncertainties.
In fact, what makes Kling “so bullish” on cryptocurrencies is the monetary easing “experiment” of central banks around the globe. He said:
…Look at whats happening with monetary/fiscal policies. And US policy isnt nearly as rekt as EU, Japan & China Close your eyes & imagine the next 5-10 years. Do you really think these policy ‘experiments’ are going to end well?
Thus, the world’s only neutral and borderless protocol for storing and transferring value does offer a unique value proposition — especially with traditional money becoming increasingly digital and, thus, much easier to control by central authorities.
Could the recent BTC price rally be the beginning of the next bull market? Share your thoughts below!
Images via Shutterstock, twitter/@victordergunov.
The post Next Bitcoin Market Peak Will Be ‘Significantly Higher,’ Says Researcher appeared first on Bitcoinist.com.
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