Michael Gronager, CEO of Chainalysis and co-founder of Kraken crypto trading platform, spoke with Bloomberg’s Emily Chang on Thursday. The topic of discussion worldwide cryptocurrency growth in El Salvador, as well as how long the Bitcoin boom will persist.
“I think we are still in the bull market,” Gronager said. When asked if Bitcoin may go through $100,000 before the end of the year. I believe we will see above 100k before the end of the year, so I am positive about that. Long-term, I’d say the moon is the limit, but we can go far further.”
Most cryptocurrencies, such as Bitcoin and Ethereum, which are considered to be more stable, are on a constant upward trend. According to the CEO, and they can sometimes grow faster than other cryptos.
Cryptocurrency remains in a bull market.
Gronager feels we are still in a bull market because a lot of fascinating things are under production right now. And in his opinion, this supports a new bull market.
Gronager said when asked what is now driving the market’s pricing.
“With Ethereum, we saw more significant platform changes. I believe that as the network stabilised and improved in many ways.” Gronager showed more trust in Ethereum as a whole in his facination.
On top of that, we’ve seen the DeFi trend grow and grow, which has been driving interest in Ethereum, and Ethereum is then dragging a number of other cryptocurrencies along with it. ”
Bitcoin acceptance in El Salvador
When asked about some of the opposition and scepticism expressed toward the government law, Gronager believes that this is typical opposition in a country and thus is not overly concerned, saying: “A lot of people in the country would not even hardly know what Bitcoin is, and they would be like I want my dollars, I want what I’m used to, and so on, and then we will see they can download it.”
Despite President Nayib Bukele’s efforts to promote Bitcoin on social media, most Salvadorans reject it, according to recent university research.
El Salvador’s government released the first-ever Bitcoin commercial developed by a government on August 30 in order to promote the new law.
As a result, the Central American country will be the first in the world to recognise Bitcoin as legal tender, and it will coexist with the US dollar as the country’s official currency.