The dollar could be the great catalyst for Bitcoin’s expected parabolic explosion.
Bitcoin’s performance in 2020 has been one of the big news for the investment markets, especially the cryptoactive market, which is living up to the imminent expectation that the biggest cryptomone will overcome its final resistance by $20,000 and set a new historical record.
Predictions that Bitcoin Lifestyle review may be worth $100,000, $350,000 and even $1 million after that reinforce this expectation, but when could it really happen?
A forecast by analysts at investment bank Morgan Stanley this week may give us clues that BTC’s all-time high – proven a few times in recent weeks – may soon trigger a price spike for the world’s largest cryptomone currency.
According to Morgan Stanley, the world’s main reserve currency, the dollar, is expected to lose more value in 2021, with a drop of up to 10% in the next 12 months.
BlackRock CEO: „Bitcoin has caught our attention“
Mark Wilson, the institution’s investment director and head of stock market strategy, said:
„A weaker dollar is good for the world. A stronger dollar is an additional constraint on global growth. … Ultimately, it is a positive story for reflection.
According to Exame, the crypto market is closely following the devaluation of national currencies, especially the dollar. For MicroStrategy CEO Michael Saylor, one of the companies that bought the largest amount of BTC in the world in 2020, investing in crypt currency today is an economic hedge:
„We are trying to preserve our heritage. The purchasing power of money is rapidly degrading.
Crypto Broker AG’s Patrick Heusser also believes that the devaluation of the dollar could trigger a price explosion at BTC, especially when the currency exceeds $20,000:
„If one side cracks, I think we’ll see ‚fireworks‘, especially on the positive side.
- Ripple has sold $15 million of his MoneyGram shares
- Ripple’s association with MoneyGram may not be as cordial as it once was, but it’s paying off.
- Ripple Labs has sold much of its 2019 investment in MoneyGram.
- Ripple’s CTO says the community could force the company to burn off 48 billion XRP
In a filing with the Securities and Exchange Commission on Friday night, November 27 to December 4, Ripple Labs successfully sold 2,264,113 shares of MoneyGram (MGI). The technology company obtained a total of USD 15,30,792.60 from the sales.
The value of MoneyGram shares has skyrocketed in recent months from $2.94 on October 1 to $8.53 on November 23. Largely due to the news of the massive sale of Ripple, MoneyGram shares fell to $6.54 by the time this article was published.
95% of Ripple’s customers are from outside the US, says CEO Garlinghouse
Despite a series of major announcements of expansion and integration between the remittance company and Ripple throughout 2019, the relationship between the two companies seemed to be over earlier this year.
Ripple initially announced a major investment in MoneyGram in June of last year, which led to the latter using the former’s xRapid technology to speed up its payments. XRapid uses XRP to facilitate liquidity.
Brad Garlinghouse believes that Ripple can thrive even if XRP is declared a Ripple, which still has 48 billion XRP, has spent the last few years downplaying its token ratio, although recent price hikes may be changing that.