The expectation that the popular crypto currency Bitcoin will continue its upward trend in 2021 is outweighing. As the investor profile consists of Generation Z, Bitcoin is expected to compete more intensely with gold, the traditional investment tool, in the long run.
Faruk Fatih Özer, Founder and CEO of the global crypto currency exchange Thodex, said, “Bitcoin is mainly used as an investment tool. However, with the effect of developing technology and pandemic, the use of Bitcoin even in daily shopping has shown that it is an alternative currency, ”he said.
With the pandemic, one of the most important issues on everyone's agenda was personal hygiene and at this point, people started to use online payments more frequently. This has led to a further increase in interest in cryptocurrencies stored in a completely digital environment. During this period, the issue was raised even in the councils of many countries, and it was emphasized that countries should focus on digital assets and cryptocurrencies.
Faruk Fatih Özer, Founder and CEO of Thodex, stated that Bitcoin has been the most preferred crypto currency in the world since its launch in 2009, “It is not affiliated with any central bank or official institution, it uses Blockchain technology, it is a common currency. "People tend to buy Bitcoins because it can be used anywhere in the world without any problems and because it is both a payment and an investment tool."
It will be an alternative to money
Pointing out that Bitcoin and many cryptocurrencies are officially accepted in some countries, Özer continued as follows: “Studies on this issue continue in many countries. When viewed by investors, we can say that it is an accepted currency. If people use Bitcoin even in their daily purchases, this is the biggest indicator that Bitcoin is an alternative to the currencies we use. "
Gained the trust of institutions
Stating that Bitcoin is mainly used as an investment tool, Özer said, “According to Coindesk's data, Bitcoin hit its highest level of $ 30 on November 19,920.53. This recovery strengthened expectations that cryptocurrency could exceed $ 20 for the first time in its history. One of the most important reasons for this rise is that Bitcoin has now gained the trust of institutions… ”he said.
Does it replace gold?
Financial institutions such as JP Morgan, Citibank and Deutsche Bank are '21 from Bitcoin in recent investment ratings. Reminding that they speak of the 'gold of the century', Özer said, “It is remarkable that Citibank gave a very ambitious price of 2021 thousand dollars for December 300. Interest in bitcoins is increasing day by day. "Bitcoin is expected to compete more intensely with gold, the traditional investment tool, in the long run, as its investor profile consists of Generation Z".