Cryptocurrency price, bitcoin did not move much on Saturday trading (20/3/2021). Meanwhile, if viewed in the past week, the price stepped down from its all-time high record.
Launching Refinitiv data, at 15:25 WIB, bitcoin was traded at the level of 58,771.05 / BTC rose 0.66%. Compared to the closing price last Saturday, bitcoin is down about 5%.
Bitcoin touched an all-time high of US $ 61,780.63 / BTC on Friday (13/3/2021), after which the price fell quite sharply in 2 consecutive days, and again rose even though it tended to be thin. There has yet to be a sharp jump in prices, even though there is a breath of fresh air that can make it more widely accepted.
Giant US Bank Offers Bitcoin to Rich Clients
One of the giant banks of the United States (US), Morgan Stanley, in the wealth management service, offers access to bitcoin to wealthy customers.
The news was reported by CNBC International Wednesday (17/3/2021), citing a source who refused to be identified.
Morgan Stanley became the first major US bank to provide bitcoin services to its customers. Although not all customers, even rich ones, can get this service. The new Morgan Stanley will provide access to customers with “aggressive risk tolerance” who have company-managed funds of at least US $ 2 million.
In addition, Morgan Stanley also applies strict rules, investing in bitcoin is limited to a maximum of 2.5% of the funds held.
As well as creating euphoria in the financial market, bitcoin is still reaping the odds. There are still many global financial figures who call bitcoin a dangerous asset, for example, the US Treasury Secretary, Janet Yellen.
Then the Indian government will also ban all kinds of activities related to cryptocurrencies, the perpetrator could be threatened with fines and imprisonment.
Bitcoin was even labeled “mother of all bubbles” by Michael Hartnett, the head of investment strategy at Bank of America.
When Hertnett said this, the price of bitcoin was in the range of US $ 40,000 / btc, when compared to current levels, it was almost 50% more.
Experts Predictions Regarding Bitcoin
Hartnett sees bitcoin soaring much bigger than the gains in assets that have experienced a bubble in the last few decades. The price of gold rose 400% in the late 1970s, for example, then the Japanese stock market in the late 1980s, to the dot-com bubble in the late 1990s.
These assets shot up to 3-digit percentages, before finally crashing and drifting as fast as possible.
Even so, Hartnett did not provide a prediction that the price of bitcoin would go awry, he only showed that bitcoin was an example of increasing speculation.
Meanwhile. veteran investor, Mark Mobious, said in CNBC Pro Talk Wednesday (18/3/2021) yesterday that he “hopes and prays” that bitcoin prices will not crash, because it will trigger a fall in the broader market.
According to Mobius, the increase in crypto currencies is one of the reasons the stock market strengthens, because many bitcoin players, even those who become millionaires, are increasingly willing to take risks in other assets.
“This is one of the reasons why the stock market is performing well, people who buy bitcoin, say at the price of US $1 or US $ 10, are currently getting rich,” Mobius said as reported by CNBC International.
“These people are willing to ‘throw’ their money in the stock market and even gamble. I hope and pray that the bitcoin price won’t crash, because if that happens I think there will be a slump in the stock market,” he added.