December 4, 2021

Bitcoin bull run could end if institutions go under, Komodo exec speculates

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Famous for its volatility, Bitcoin’s price constantly waffles both north and south. While it recovered quickly from its pandemic-induced drop in March 2020, going on to break record highs, that doesn’t mean the asset is bulletproof against a similar event in the future. The director of business development for smart chain platform Komodo, Jason Brown, recently weighed in on what could possibly cause another COVID-19-style price decline for Bitcoin (BTC).

“I think such a scenario is unlikely given the current uptrend in institutional adoption,” Brown told Cointelegraph. “On the other hand, we couldn’t have predicted that COVID would have caused such an abrupt crash and short-term bear market followed by the subsequent bull run that started in the summer of 2020.”

March 2020 saw Bitcoin plummet 50% inside 48 hours alongside similar slides in other traditional markets. Since then, a number of mainstream giants, such as MicroStrategy and MassMutual, have unveiled massive U.S. dollar allocations to Bitcoin. MicroStrategy, in particular, under its CEO Michael Saylor, has become a big proponent of Bitcoin, in part as an act against inflation. “Institutions clearly have a long-term HODL mindset and aren’t speculating,” Brown said.

Plans can change,Title: Bitcoin bull run could end if institutions go under, Komodo exec speculates
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Published Date: Fri, 08 Jan 2021 18:04:20 +0000