Bitcoin Price Drags Trade Above $ 46,000


Bitcoin has ended a two-day losing streak as it continues to retreat towards the $ 50,000 level.

Despite bitcoin’s struggles over the past month, analysts are still optimistic that it will erupt during the year.

Goldman Sachs Co-Head of Foreign Exchange Strategy Zach Pandl Says Bitcoin May Seize Gold Market Share Over Time As A ‘By-Product’ Of Further Adoption as well as the potential of “bitcoin-specific scaling solutions,” according to a research note reported by Coin bureau.

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Hypothetically, if Bitcoin’s share of the ‘store of value’ market were to reach 50% over the next five years (without growth in aggregate demand for store of value), its price would rise to just over 100. $ 000, for an annualized compound return of 17-18% (taking into account the growth in Bitcoin’s supply over time), ”Pandl wrote in the note.

In other cryptocurrency news, the Salvadoran government will send its Congress about 20 bills covering financial markets and securities investments to provide a legal basis for issuing bitcoin bonds, according to Reuters .

CRYPTO EXPERT SAYS US GOVERNMENT SHOULD ‘PLAY WITH BITCOIN’

Finance Minister Alejandro Zelaya said on Tuesday that the government is in the process of drafting legislation to create a framework to cover corresponding market regulation and the issuance of securities in crypto assets after the country of Central America announced in November that it would issue bitcoin bonds.

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In September, El Salvador became the first country in the world to make bitcoin legal tender alongside the US dollar.

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