Tuesday, November 29, 2022

Bitcoin Surpasses $13,000 On PayPal’s News


The quotes surpassed the $13,000 showing yesterday, after PayPal (NASDAQ:) move, but EXANTE co-founder Anatoliy Knyazev says that $14,000 will be the “psychologically important milestone”. Mr Knyazev says that Bitcoin is growing in popularity and will continue to do so.

PayPal Changes Its Views On Bitcoin

Payments provider PayPal has changed its views on Bitcoin and entered the industry following its negativity on the asset class in 2013. This means a paradigm change: Bitcoin is actively penetrating the conservative financial market. Other well-known companies, such as Square, MicroStrategy and Stone Ridge, have also purchased assets in Bitcoin, says Mr Knyazev.

And this will continue regardless of politics adds Mr Knyazev.

“A Trump win will probably be welcomed by the stock market players and Bitcoin will keep on growing along with other assets. However, A Biden win, which may lead to a stock market fall, could also work in Bitcoin’s favour based on the expectation of the depreciation of the dollar.”

Growth drivers:

  • Central banks’ policy in response to the market slump will stimulate the interest towards Bitcoin. The September fall of Bitcoin was due to correction on the US stock markets. Market players were afraid of a new selloff like the one we witnessed in March.
  • At this point, the markets look differently. The stimulus package from the US government will be approved in any case, either before or after the elections. In the background, the index lowers whereas the risk appetite grows on the markets and plummeting stocks are being bought out quickly.
  • The DeFi market has fallen into correction so many players are transferring their assets from DeFi to Bitcoin.
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