Breaking the $20 000 “Curse”
Its another year coming to an end. Wow, its 12 months already since I last did a post signalling the end of a year. My gosh, a year like no other. A year that ushered in a new decade, and voila, at the onset of the 2nd Quarter, a storm and a cyclone entered the realm. A cyclone and a storm that has slaughtered hundreds of thousands of people, decimated businesses and brought some economies to their knees. This is the Covid 19 storm!
In saying that, businesses have been both impacted positively and negatively, just depends on which sector when you get down to the details. Generally speaking, its been nuts!!!
In saying that, we have seen a lot of growth in many areas and sectors. One of the things that has been happened is the rise of Bitcoin. Since the lows of around $7000 US around April, and as In write this, Bitcoin is floating between $18K and $19K. Came close to the $20 000 threshold about three times now. First in 2017 and then two weeks ago, ( thanks giving week) and then last week. Last week, saw Bitcoin rise to its highest level yet that exceeded the 2017 level of $19783. This time, according to Coindesk it hit, $19850.11.
Assuming you bought Bitcoin in April 2020, thats a gain of over $12 000 per coin. So essentially, Bitcoin is on the verge of breaking into the $20k realm. How soon this will happen is up in the air at this point. However, the quick bounce back from the market correction is a positive sign. This time around after the highs of last week, it deepeed to about $18K and rose up again and has been hovering around the upper $18k and $19K mark. This is different from the thanksgiving week, where it dropped to as low as round $16 K, which caused a few people to panic.
The market is pretty confident at the moment, after the announcement by Paypal that they will enable their customers to be able to buy and sell using bitcoin on the platform. This feature is being rolled out and is expected to be widely available around the first half of 2021. We also know that Square made headlines by investing $50m into Bitcoin. What does Jack Dorsey from Square/Twitter know that the market doesn’t and also Paypal?? I believe these moves by these two players and many other players send a signal to the market, that bitcoin is here and its not going anywhere anytime soon! Not only has Bitcoin become a “darling”, among savvy investors, but it has also opened up the vault for others to consider other digital currencies such as Etherium, Bitcoin lyte etc. Been watching both Ether and Bitcoin for the last few weeks closely, Ether oscillating between $500 and about $615. When bitcoin started to go through a market correction, i quickly realised that Ether did dip as well.
In saying that, we also know that Wirex in partnership with Mastercard, will be launching a new Mastercard. Initial emails were sent weeks ago, for ‘’Expressions of Interest” via a “”waiting list””. We know Wirex has become a top player being a fin tech that is allowing or facilitating the use of cryptocurrencies in the wider mainstream. Their recent offer to raise 1M pounds was over subscribed within a few hours and that offer has since been closed.
The world has changed, and my earlier prediction via Instagram and Facebook is that at least by December 31st, Bitcoin will rise to at least $20 K. We wait and see how soon Bitcoin will break the $20 K “curse”. According to media commentators and analysts many new institutional investors made moves last week towards Bitcoin, so at any moment, we might finally see the ‘’curse’’ breaking as many more institutional investors and even individuals who are picking up the ‘’sport’’ come in. If it does, or should I say, when it does, I get the impression, this will be the moment where all hell breaks loose and it may rise faster than what we saw. Lets see what 2021 ushers in, however, i do believe, this is the crypto decade and there is no turning back! Crypto has already started being a better option than gold when it comes to hedging. Its about to get interesting, in the business world!
In Unleash the Book Within I mention that there are many variables that bring changes to the market and industries. I go through some of them and in saying that, one thing for sure is the market is always subject to change! Changes have to come to the Fin Sector and related Fin Techs, and will continue to come. One of the huge drivers of change is of course technology.
Blessings and always remember, you have an Uncommon Destiny!
Wisdom V Mupudzi is an Award Winning Author, Book Coach, Entepreneur.