19.07.202118:34 Forex Analysis & Reviews: Hopes for rapid growth of bitcoin did not materialize

Bitcoin has been tightly stuck around the $31,000 level in the past few days and has only managed to overcome it during today's trading. Currently, one bitcoin coin is trading at $30,500. And this price value suggests a further decline in its quotes. Most analysts agree that the bitcoin price will continue to fall. This scenario is supported by the fact that bitcoin is an extremely hype cryptocurrency and digital asset. In other words, it is in demand when there is a high likelihood of rapid growth. Cryptocurrency is still used to get rich quick, but at this time the chances of growth are negligible, and the period of consolidation after the peak values of 2021 has dragged on for several months. Thus, speculators, whose calculation is to make a quick profit, leave the market.

Mining activity has also been declining recently. This is primarily due to the repression of miners in China, which has banned mining activities on its territory. The hash rate of the network falls, the difficulty of mining one block of bitcoin decreases. All this speaks in favor of the fact that the interest of investors and speculators in the main cryptocurrency is falling. The news background for bitcoin also remains unimportant now. I have already spoken about the events in China in recent months. But it is China that is the first in the world to mine coins. Although in the near future it will cease to be such. The shares of mined coins are growing in Russia, Kazakhstan, and the United States. Nevertheless, many analysts maintain favorable long-term forecasts. Recently, a survey was conducted among cryptocurrency experts, and a fairly significant part said they expect the displacement of fiat money by bitcoin by 2040. However, no less than a part of the surveyed experts said that bitcoin will never displace fiat money.

At the same time, MicroStrategy CEO Michael Saylor gave several interviews recently, in which he stated that the future remains for bitcoin, and the US authorities have no reason to worry about the impact of cryptocurrencies on the US economy and the national currency. Saylor considers bitcoin to be a digital asset that is somewhat similar to other assets like gold or real estate. According to him, the US government is not worried about the rising value of gold, so why should it be worried about bitcoin? Moreover, Fed Chairman Jerome Powell, said recently that bitcoin has failed as a means of payment and does not pose any threat to the financial stability of the country and the dollar. Sailor also advised former boxer, Mike Tyson, to buy bitcoin rather than ether. "I bought $2.9 billion worth of bitcoins because I consider it the future of digital property," Saylor wrote on Twitter.