Bitcoin’s price has recently fluctuated between $90,000 and $95,000, a decrease of over 10% from its peak just under four weeks ago. Despite this, long-term investors remain optimistic, with some predicting the cryptocurrency could reach $200,000 this year. David Siemer, CEO of Wave Digital Assets, notes a stark contrast between traders, who are cautious due to technical analysis, and long-term investors who are bullish. Siemer believes that significant developments in the crypto space, including regulatory advancements in countries like the U.S., Russia, Singapore, and Japan, could propel bitcoin’s value. He also mentions the potential for strategic bitcoin reserves in several countries, with the U.S. already holding nearly $19 billion worth of bitcoin. This could serve as a foundation for a reserve without additional purchases. Meanwhile, the success of U.S. spot bitcoin ETFs has forced global financial institutions to innovate, creating new crypto products to compete.
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