Luno makes cryptocurrency predictions for 2021
By Opinion
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Ongoing volatility, further progress on regulations and continued interest from institutional investors can be expected from cryptocurrency in 2021.
Looking back at our predictions from last year - the Bitcoin halving happened without a hitch and the industry matured as institutional investors entered the market. 2020 was a proper stress test with Bitcoin hitting a low of around $5,000 (R76735.75) in March and a high of $28,000. The new year is following the same trend with the price already reaching the $40,000 level.
Institutional investors will continue to flock
2020 was the year of institutional investment, with MicroStrategy, Mode, Square and more moving high percentages of their cash reserves in Bitcoin in a bid to hedge against the inflationary potential of fiat currency.
Ongoing volatility, further progress on regulations and continued interest from institutional investors can be expected in 2021 – this according to South African cryptocurrency exchange, Luno.
“Looking back at our predictions from last year – the Bitcoin halving happened without a hitch and the industry matured as institutional investors entered the market,” says Marius Reitz, GM for Luno Africa.
“2020 was a proper stress test with Bitcoin hitting a low of around $5,000 in March and a high of $28,000. The new year is following the same trend with the price already reaching the $40,000 level.”
Here’s a closer look at seven cryptocurrency predictions for 2021:
1. Institutional investors will continue to flock
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