Bitcoin doubters are running out of steam in 2019, especially as the price of BTC trends towards new highs.
No Longer Doubting Bitcoin
Antoni Trenchev, co-founder and managing partner of cryptocurrency lending startup Nexo, appeared on CNBC onJune 25 to take aim at bitcoin detractors. In the interview, Trenchev explained that bitcoin has been declared dead more than 300 times, with 90 occasions occurring in the past year.
Crypto bears such as Warren Buffett and Peter Schiff have continued to call for the demise of bitcoin, despite the price trading above $11,000. Trenchev declared that bitcoin “has risen from the ashes yet again.”
“I think, you know, the doubters are having a really hard time continuing their cause.”
Institutional Interest In Cryptocurrency
Trenchev gave his reasons for the increased rise in bitcoin price. He highlighted institutional participation, including the launch of JP Morgan’s JPMCoin pilot at the end of the year. Geopolitical turmoil has also been favorable for the price of bitcoin.
In early April, concerns over Brexit sparked the initial rally which saw bitcoin jump above $4,000. More recently, deteriorating US-China and US-Mexico trade relations have led to anxiety in the stock market. With President Trump now threatening sanctions against Iran, bitcoin is becoming a favorable digital asset for investors fleeing traditional markets.
Set For New Heights in 2019
Despite crypto proponents losing confidence during last year’s bear market, Trenchev believes skepticism is shifting towards current bitcoin detractors.
He told CNBC,
“[During] the bear market of 2018, we’ve seen even the harshest proponents turning skeptical at some point, and this usually is the inflection point from which, you know, assets start rallying again, but I think it is really about institutional support and implications that it has in terms of mass adoption.”
Trenchev also gave a nod to Facebook’s Libra. While Facebook has created a storm of global regulatory concern over Libra, the digital currency has driven new interest into cryptoassets -- even if bitcoin's price was already on the rise.
In all, Nexo’s co-founder believes it is more difficult to doubt bitcoin in 2019. The landscape for crypto has shifted since last year’s market collapse, which will provide a springboard for adoption and price.