Peter Johnson is a crypto market analyst and also a partner at Jump Capital. He was recently invited to have a dialogue at the CNBC show. Talking about Bitcoin projections and expectations for the current year, Johnson pointed out some of the bullish indicators that are developing in the market for flagship crypto.
According to him, the macro indicators are one of the biggest reasons for encouraging increased interest in the cryptocurrency market. He explained that the excessive money printing policies and the constant fear of inflation, in addition to the money devaluation, are going to inspire more new users to take up crypto positions. He added that during the last year, a considerable number of people from all strata of society joined the digital asset market.
Talking about the top coin, Johnson claimed that some of the most highly sought after and influential names joined the crypto industry last year. At one point, the CNBC interviewer asked him about his stance on the recent liquidations happening on Bitcoin. Closer to the year-end, Bitcoin prices plunged sharply, allowing the critics to question the position of the token as a reliable store of value.
However, Johnson replied that downward developments are just as necessary and natural for Bitcoin. He also claimed that these downward movements made room for the top coin to aspire for higher price points every year till now. He also added that volatility is another essential part and parcel of crypto investment products, and regular investors are not fazed by it.
Speaking on the matter of Bitcoin, Johnson claimed that Bitcoin is a good investment position for those who want to reap long-term rewards. On the other hand, there are proponents like Michael Saylor from MicroStrategy who have continued to advocate for the wider adoption of the token as well as adopted a dollar averaging approach for adding the top coin to the corporate balance sheet.
Meanwhile, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. The president of Salvador, Nayib Bukele, told the media that he plans to grant financial services to the largely unbanked population of the country and save banks on hefty remittance fees every year.