Dave WeisbergerThis time is different has been a recurring theme during the boom and bust periods of Bitcoin\u2019s little more than a decade long existence. With the largest cryptocurrency topping $20,000 for the first time, the mantra is growing louder.Dave Weisberger, co-founder and chief executive officer of trading software provider CoinRoutes, and Frances Coppola, author of \u201cThe Case for People\u2019s Quantitative Easing,\u201d commented Wednesday on what\u2019s next in the digital asset world. Their remarks have been edited and condensed.What is the significance of this threshold?Coppola: Bitcoin is clearly on a tear, and this will attract investors looking for yield, including institutional investors who are getting short commons at the moment because of very low yields. I expect more institutional investors to come in.Weisberger: Today\u2019s price action, in particular, is instructive. There was (supposedly) a \u201cwall of sellers\u201d at $20,000, but those were not \u201cnatural\u201d sellers that had bought at that previous price. Rather, they\u2019re speculators betting against the price getting through that level. The result was an immediate pop, as those short-sellers covered. What happens next is anyone\u2019s guess, as it could fall below that level again. I suspect $20,000 will form a new support level unless there is actual negative news.On what extent did the wave of monetary and fiscal support spark the Bitcoin rally?Weisberger: The monetary debasement has been unprecedented. That, coupled with the demonstrable success of Bitcoin\u2019s non-inflationary monetary policy, has been and will continue to be the main driver of the rally.Coppola: Many investors think all this monetary and fiscal stimulus will debase fiat currencies, so cryptocurrencies \u2014 especially coins like Bitcoin that have limited supply \u2014 are attractive as inflation hedges. I think the theme for Bitcoin next year will be whether fiscal and monetary stimulus is unwound and whether interest rates rise. Bitcoin\u2019s strength\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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