Speaking to Bloomberg’s Emily Chang on Thursday, Chainalysis CEO and co-founder of Kraken crypto trading platform Michael Gronager talked about global cryptocurrency adoption in El Salvador, as well as how long the Bitcoin boom will last.
“I believe we’re still in the bull market. I believe that we will see above 100k by the end of the year, so I would be bullish on that as well. Long term, I might in all probability often say the moon is the restrict, however we will transcend that as well”.
So far as the CEO is concerned, most cryptocurrencies, such as Bitcoin and Ethereum, that are regarded as more stable, are on a steady upward trajectory, and so they can typically rise faster than different cryptos.
Crypto is still in a bull market
At present, a lot of exciting issues are being developed, which facilitates a new bull market; therefore, Gronager believes we’re still in a bull market.
When asked about what’s currently driving the price of the market, Gronager responded.
“We noticed larger platform modifications to Ethereum. The network stabilized and got higher in numerous ways, so I think that facilitated more trust in Ethereum as an entire. On top of that, we’ve seen the trend of DeFi that’s been rising and rising , and that’s been pumping the curiosity in Ethereum, and Ethereum is then dragging alongside a variety of the opposite cryptocurrencies with it.”
El Salvador’s Bitcoin adoption
Questioned about some of the opposition and skepticism confirmed in direction of the governmental law, Gronager believes that this is typical opposition in a rustic and is thus not overly involved about that replying:
“A lot of people in the nation wouldn’t even hardly know what Bitcoin is, and they’d be like I want my dollars, I need what I’m used to, and so on after which we’ll see they will obtain the pockets from the federal government they begin to use it and notice that is really equally easy and even less complicated than what they’re used to.”
According to a recent university study, most Salvadorans dislike Bitcoin regardless of President Nayib Bukele’s efforts to market it on social media.
On August 30, the government of El Salvador published the first-ever Bitcoin commercial created by a government with the purpose to promote the new law.
In consequence, the Central American country would be the first in the world to just accept Bitcoin as authorized cash, and it’ll flow alongside the U.S. dollar as the nation’s official currency.