Reasons to Be Bullish About Bitcoin & Other Cryptocurrencies, According to Prominent Economics Professor

Panos Mourdoukoutas, an economics professor at the University of Pennsylvania, has argued that there are “a couple of signs” that the current cryptocurrency market rally could be “sustainable.”

Mourdoukoutas, who earned his Phd from the Stony Brook University, noted in a Forbes post (published on February 21st) that digital asset prices may continue to increase because the latest market rally “extended to the entire cryptocurrency chain.” Mourdoukoutas pointed out that the value of “only seven cryptocurrencies out of the top 100” depreciated in the past week.

Commenting on the recent surge in cryptoasset prices, Michael Noel, the CEO of Blockchain Consultants, remarked: 

Interestingly, it appears that the momentum behind the recent Bitcoin rise comes more from fiat and stablecoins than from other cryptocurrencies. This move from fiat currencies shows at least some consensus that BTC value, is better long term than in traditional currencies.

Bitcoin Usage Has Been "Really High Recently"

Noel added that the latest digital asset rally may also be partially attributed to increased enterprise interest in the crypto market. Established financial service providers and organizations including Western Union, the leading money transfer company, has been working closely with crypto firms such as American fintech Ripple Labs - in order to expedite cross-border payments.

Nasdaq, the world’s second largest stock exchange, recently introduced a new bitcoin (BTC) and ether (ETH) tracking index. Meanwhile, Mastercard has been working with crypto payments solutions provider, Stellar - in order to make it easier to send money globally.

Bitcoin acceptance rates also appear to be increasing as Mati Greenspan, the senior market analyst at eToro, a leading social trading platform, revealed recently that BTC usage has been “really high recently.” Additionally, Greenspan mentioned that Google searches about bitcoin and other cryptocurrencies have picked up again.

JPMorgan Coin May Have Helped Legitimize Crypto Industry

Jeff Ramson, the founder and CEO of PCG Advisory, Inc., a company “dedicated to adding value in the small-cap, micro-cap and blockchain/cryptocurrency marketplace”, remarked:

Each day we are hearing of more well-known fiduciaries, banks, funds, etc. investing into crypto/blockchain infrastructure, and I believe Bitcoin is the proxy for most who want to have exposure to the crypto asset class, while these markets develop.

Ramson continued: “While not significant to the price of Bitcoin, in reality, [the introduction of JPMorgan’s own cryptocurrency or coin] has also given additional credibility to the space, which is helping with the price of Bitcoin; and I believe, this acceptance will help sustain the crypto asset class for the long run.”

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance