Over the last two years, there has been a recession in Bitcoin (BTC) price as it has been trading at around half of its all time highs of $20,000 per bitcoin (BTC) and crypto investors has been waiting to see the closure of crypto winter, the term went viral after BTC’s price drifted south to around $3,000 per bitcoin in December of 2018.
Reddit co-founder, Alexis Ohanian, sees the green shots of a new bitcoin and crypto spring. He is seeing this because of top-tier engineers, product developers; designers are building real solutions on top of the blockchain which may call crypto spring. Maybe, this will come into a long term value creation which marks the potentiality of the industry.
There is a harmonious voice from the Silicon Valley venture capital firm Andreessen Horowitz, a private American venture capital firm. The firm has forecast a ‘’fourth crypto cycle’’ earlier this month which could be imminent-potentially peaking the Bitcoin price and bringing the closure of the third crypto winter.
The glance of some of the world’s largest technology companies fall upon bitcoin and crypto currencies leaving the bitcoin price climbing to around $12,000. But the price of bitcoin came around on track and to be the best performing asset of the year after Bitcoin’s 2019 rally faltered amid increased regulatory scrutiny with the price plunging back to under $4,000 in March. There are many investors with some percentage of their wealth in crypto currency are presently in good condition. Some of them are using it as a prudent hedge. In recent times, crypto currency has seen a high backing from high-profile investors. Some are now buying Bitcoin as a hedge thinking unprecedented central bank-printing designed to offset the downturn of economy that a taken place because of the existing coronavirus pandemic.