• The CEO of Chainalysis believes that Bitcoin will be worth more than $100,000 by the end of the year

  • Chainalysis CEO and co-founder of Kraken crypto trading platform Michael Gronager spoke to us on Thursday about global cryptocurrency adoption in El Salvador, as well as how long the Bitcoin boom will last.

    Gronager responded when asked if he thought Bitcoin would surpass $100,000 before the end of the year:

    “I believe we are still in a bull market. I believe we will see above 100k by the end of the year, so I am bullish on that as well. Long term, I’d say the moon is probably the limit, but we can go beyond that as well.”

    According to the CEO, most cryptocurrencies, including Bitcoin and Ethereum, which are considered more stable, are on a steady upward trajectory, and they can sometimes rise faster than other cryptos.

    Cryptocurrency is still in a bull market.

    A lot of exciting things are being developed right now, which facilitates a new bull market; as a result, Gronager believes we are still in a bull market.

    Gronager responded when asked what is currently driving the market’s price.

    “We saw more significant Ethereum platform changes. The network stabilized and improved in a variety of ways, which I believe contributed to increased trust in Ethereum as a whole. On top of that, we’ve seen the DeFi trend that’s been growing and growing…>, and that’s been pumping up interest in Ethereum, which is then dragging a lot of the other cryptocurrencies along with it.”

    Bitcoin adoption in El Salvador

    When asked about some of the opposition and skepticism expressed toward the governmental law, Gronager believes that this is typical opposition in a country and is thus unconcerned, responding:

    “A lot of people in the country would not even hardly know what Bitcoin is, and they would be like, I want my dollars, I want what I’m used to, and so on, and then we will see they can download the wallet from the government, start using it, and realize this is actually equally simple, if not simpler, than what they’re used to.”

    Despite President Nayib Bukele’s efforts to promote Bitcoin on social media, most Salvadorans dislike it, according to a recent university study.

    On August 30, El Salvador’s government released the first-ever Bitcoin commercial created by a government to promote the new law.

    As a result, the Central American country will be the first in the world to accept Bitcoin as legal currency, and it will circulate alongside the US dollar as the official currency.

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