With the current crypto market taking a dive many started yelling abandon ship. Some have even done so. Meanwhile others see this as a great opportunity. But the more rational among us look at the overall ecosystem and notice that is not nearly as bad as it looks. Investors, companies, banks and governments are still going with their plans to integrate cryptocurrencies into society. Also while Bitcoin did suffer a steep decline this is in actuality good news for other crypto assets like Ethereum which did drop as well but still gaining on BTC. Not to mention the fact that not all coins saw a decline. OSMO, ATOM, FTM and a slew of other assets shined when their competitors were not doing so well.
At the time of writing, the crypto market is down more than 7% to a low of $2.16 trillion on Thursday, January 6, 2022. BTC lost around 7% while ETH is down more than 10%. BNB (Binance) has lost over 8% and SOL (Solana) shed more than 11% in USD value. Despite the plunge of almost all 12000 crypto assets in existence a small number of digital coins have seen quite a huge increase. Thus, osmosis (OSMO) gained a whopping 41.3% this week while cosmos (ATOM) jumped by 34.9%. They were followed by Fantom (FTM) with an increase of 32.5%, Ravencoin (RVN) with +27.7% and internet computer (ICP) that grew by 25.9%. So it’s not doom and gloom for all, when some fall, others rise to take their place.
Of course market experts and insiders have a general idea of what is happening and have not been dissuaded from their investment. Not to mention the go-ahead on several big crypto projects all around the world which continue despite the current fears. But to fear is natural and when it comes to an asset that can drop by 7% one day and again by 5% another only to rise by 6% the next day you could even say that crypto skeptics have a point. The volatility of the market makes it hard to predict even with all the evidence behind that which shows that cryptocurrencies will not go away anytime soon and will in fact sooner or later dominate the economic system.
Bitcoin’s Price Will Hit $100K by Mid-Year, Nexo Founder Predicts market for 2022
Nexo is one of the biggest cryptocurrency lender on the market right now. Antoni Trenchev, the managing director of Nexo as well as its co-founder predicted that the price of Bitcoin will hit the $100k margin my mid-2022. His predictions might seem quite laughable with the current state of the market but the executive did give 2 reasons why he believes in his prediction.
The first reason is the fact that many institutions are putting BTC in their corporate treasuries. For example the Nasdaq-listed company, Microstrategy has bought a stunning amount of 124,391 bitcoin for its treasury. Tesla, Galaxy Digital Holdings and Voyager Digital LTD are the next big 3 companies that hold 42,902 BTC, 16,400 BTC and 12,260 BTC respectively. The decisions from these giants is not just mere speculation. They most likely know what they are doing.
Another reason is that Trenchev expects “cheap money” is here to stay, which would boost the prices of cryptocurrencies. The Federal Reserve is expected to raise interest rates several times this year. Wharton finance professor Jeremy Siegel recently predicted that “The Fed is going to have to hike many more times than what the market expects.”
The Nexon executive continued with his reasoning: “I quite frankly think that as soon as we see a rate hike, it’s going to be a dip into equities and the bond market — and quite frankly, the last few years, we haven’t seen much political will to … power through any sort of correction in the traditional financial markets.” Also when it comes to bitcoin value increasing predictions, recently the president of El Salvador, Nayib Bukele shared the same opinion as Trenchev and forecasts BTC will reach $100k in 2022.
Goldman Sachs analyst Zach Pandl as well, expects that bitcoin will continue to take market share from gold in 2022 and reach the $100k price as cryptocurrencies become more widely adopted and grow in popularity with millennials. Meanwhile companies that have huge vested interests make some predictions that might seem absurd to some. This is the case with Michael Saylor, the CEO of Microstrategy who foresees bitcoin price reaching the mark of $6 million.
If you agree or disagree with them, the fact remains that industry giants are going forward with their crypto push and predict an amazing future for the market.
AMC Theatres will accept Dogecoin and Shiba Inu Payments in Q1 according to its CEO
Continuing the trend of companies implementing and adopting cryptocurrencies, the CEO of AMC entertainment says his company is still well on track to accept dogecoin (DOGE) and shiba inu (SHIB), the popular meme cryptocurrencies. AMC entertainment is currently the world’s largest movie exhibition company. The company owns or operates approximately 950 theaters and 10,500 screens globally. Adam Aron the current CEO of AMC tweeted recently about a question he is constantly asked. Namely, when would AMC expect to accept dogecoing and shiba inu cryptocurrencies “for any and all payments made via the AMC website and mobile app.” The CEO’s response was that they are “well on track” for the promised implementation in Q1 of 2022, saying that it will most likely be the month of March.
The AMC executive made an announcement in November last year that his company will accept DOGE and SHIB via Bitpay. But the problem was that that time, Bitpay had not started supporting shiba inu. Aron has been reportedly claiming afterwards that Bitpay started accepting shiba inu at his request.
For people that don’t know there are already a lot of major corporation accepting cryptocurrency as a form of payment. Among them we can count fast food giants like Burger King, KFC, Starbucks, Subway, Pizza Hut as well as Domino’s and even Coca Cola. Then we have major airlines like CheapAir and Norwegian Air. There are also big names in the online shopping market like Gyft, Home Depot, Lush, NewEgg, Overstock, Rakuten and even Shopify which have started accepting crypto. But maybe the biggest name on this list is Microsoft who allows you to use Bitcoin to pay for apps, games, and other digital content for Windows Phone and Xbox through your Microsoft account. Microsoft has in fact been one of the frontrunners of this trend by already accepting bitcoin since 2014.