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The value of Bitcoin looks confident to reach above $50,000 for the first time ever since December, as investors remain ecstatic with the wave of good news. Although, its price has dropped back to $45,000. Ethereum has also struggled—even as traders gear up for a huge upgrade—with the likes of BNB, XRP, Cardano, and Solana also showing signs of decline. However, crypto payment token Luna has been able to resist the minor downtrend.
Now, with the bitcoin community assembling in Miami this week for the Bitcoin 2022 conference and one high-profile developer teasing “big surprises,” the cryptocurrency market could be in for a revolution.
According to the former chief strategy officer at bitcoin infrastructure company Blockstream – Samson Mow; “If they only knew the magnitude of what’s to come.”
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In late 2020, the price of Bitcoin surged past its previous all-time high, soaring to highs of $60,000 shortly following the Bitcoin conference where President Nayib Bukele introduced a bill to make bitcoin legal tender in El Salvador. Also, the former chief executive of Twitter, Jack Dorsey told conference attendees that “if I were not at Square or Twitter, I would be working on bitcoin.”
Following the conference a few months later, Dorsey quit his job at Twitter and has since pivoted Square into a bitcoin-focused company, renaming it Block.
“There is very high stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers,” Fidelity analysts Chris Kuiper and Jack Neureuter wrote in a note, adding they “wouldn’t be surprised to see other sovereign nation-states acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.”