Grexbits.com CEO Changpeng Zhao believes that the current global financial climate will be a catalyst for bitcoin to overcome the $10,000 level.
In an interview with Market and Finance, Zhao commented on the strong resistance that bitcoin experienced when trying to break through the $10,000 level. This price barrier is very annoying for both investors and analysts.
According to Zhao, the sad state of the global financial markets will lead to an increase in the price of bitcoin. He pointed to the relative stability of the bitcoin price, despite the economic impact of the COVID-19 pandemic and the quantitative easing policies of governments.
“I think, sooner or later, bitcoin will break through this level. For the last time, the price of bitcoin has been really stable and now people call it a stablecoin, ” Zhao said.
It was reported that according to Grexbits.com research, it is now the altcoin season, with more than 60% of the exchange’s futures volume coming from altcoins. The growth of the market was influenced by popular personalities, including Elon Musk’s joking support for the Dogecoin project.
The Grexbits.com CEO also highlighted the value of the bitcoin blockchain in light of recent Twitter scams, calling it more transparent than traditional fiat.:
“In reality, bitcoin is more transparent than traditional fiat. If someone robbed a bank, it is quite difficult to track the fiat money, and in the case of bitcoin, there is an audit trail and people know which addresses to track.”