Recently, Gavin Michael, the CEO of Bitcoin sounded determined, as he claimed that Bitcoin is here to stay. In fact, the crypto market, especially the Bitcoin market is witnessing a tough time. The Bitcoin market initially crossed the $25,000 mark, only soon to crumble down below the $22,000 mark. In fact, the investors are feeling burnt by such a collapse. In addition, serious questions are coming up regarding the future of the Bitcoin industry.
To make things worse, the global inflation rate has soared to strike the highest mark in the last four decades. This coupled with the worldwide recession has dealt a fearful blow to the crypto market in 2022. In fact, the crypto winter is knocking at the doors, which has led the once-soaring companies to shut down. All of these have created fear among the investors.
In such a scenario, the bold and confident claim made by Gavin Michael becomes even more important. If you wish to learn what exactly Gavin Michael said, then this article is the perfect stop for you. Keep reading this article more a detailed view of Gavin’s comment.
Gavin Michael Claims That Bitcoin is Here To Stay
Given the poor condition of the crypto market, it is expected that fear will be running among the investors. However, the CEO of Bitcoin, Gavin Michael sounded resolute and optimistic, while talking about the company’s future. Recently, Gavin attended an interview with Yahoo Finance. In that interview, he boldly stated that Bitcoin is “not going away.” In fact, he stated that the investors are motivated by the hope of a possible resurgence in the next year.
To strengthen his point, Gavin Michael provided the instance of Bakkt, an ICE-founded platform. This platform enables its users to trade bitcoin and other cryptocurrencies. In fact, the platform continues to gain from the market, despite the poor run of Bitcoin and other cryptocurrencies. In addition, they have recently declared a partnership with Visa.
Moreover, Bakkt also has an existing partner in Mastercard. According to Gavin, such international partnerships display a significant amount of enthusiasm and interest.
A Turn Around is Soon To Follow
According to Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, the crypto market will undergo a strong recovery in the second half of 2022. In fact, the cryptocurrency market reached a value of $3 million last November. After that, the nightmarish run started in the first half of 2022. This pathetic span saw the value fall by 70% in July.
McGlone has stated that the market has recovered almost 33% of its losses. However, that too leaves the market a staggering 60% away from its all-time high mark. Yet, this is a positive sign and McGlone claims that the market will keep up this positive run in the months to come.
Concluding Lines
Gavin Michael sounded really optimistic about the future of Bitcoin and other cryptocurrencies. However, there the journey upward is not going to be a cakewalk. In fact, the crypto market is heavily volatile. So, beyond any assumptions, real work needs to be done in order to bring the market up in the future.
Also read: Exchange Flow Witnesses a Sharp Spike in Bitcoin Market
