Best Bitcoin Trading App in 2021
Best Bitcoin Trading App in 2021

The Best Bitcoin Trading App in 2021

Online Bitcoin trading platforms are as popular as ever. 

According to a report by CoinMarketCap, just three weeks ago, the total market capitalization of the digital currency was just under $28 billion and is expected to reach $533 billion this year.

While Coinbase, Bitstamp, and Kraken are doing extremely well with the major players in the bitcoin space and we have many other new players emerging every day, it is hardly surprising that there are still many who believe that the best thing one can do with their bitcoin is to keep them.

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Over the last week or so, the head of trading at GBTC (Bitcoin Investment Trust) which is one of the largest bitcoin exchange-traded funds (ETFs) in the world, has expressed his views on the cryptocurrency:

In a recent interview with CNBC, GBTC head of trading Alex Makhray said: “if you have a [digital currency] currency of choice, you can’t be overly aggressive about it. You can’t expect to make big money on it.”

While it is true that one should not expect to make big money on bitcoin if one plans on trading it and all it entails then it is a legitimate investment.

CNBC reported that Makhray said that one should not invest in Bitcoin unless one has a “trading discipline” like a market maker would.

The past two weeks have seen a wild roller coaster ride in the cryptocurrency, where it has seen it all.

No one knew what the future had in store for the cryptocurrency and so they sat back and waited to see what would happen next. 

But, like most crypto prices, what has happened this past week has not been a good sign.

However, Makhray’s position is interesting because he works for an investment firm that is connected to the Winklevoss twins – the actual owners of the Gemini exchange, one of the biggest cryptocurrency platforms. 

The venture is backed by $11.5 million and, according to Makhray, the company will be adding 100,000-500,000 new users in the next three years.

Whether or not the number of people that use bitcoin will increase by such a huge percentage is a fair question to ask.

Bitcoin remains a niche item and in the long run, it will face a huge battle with other forms of digital payments that have come to the fore recently such as Alipay in China and Paypal in the West.

According to Makhray, there are some signs that bitcoin may be able to hold its own against other forms of digital payments but the short-term bullish momentum seems to be over for now.

However, it is important to note that the concept of bitcoin still remains extremely popular in the online world, where even an unproven concept can be enormously successful if well-placed.

Nevertheless, it is equally likely that another form of digital payments that does not need to be created in the form of the blockchain technology which underpins bitcoin and that can be used to send money could be far more successful. 

This particular aspect of digital payments is being seriously discussed and this is a point that bitcoin enthusiasts should keep in mind.

Makhray also said that he does not expect to see any substantial gains in bitcoin for the next two years. 

The cryptocurrency is trading at $55,000 at the time of writing and the analyst is predicting a downward trajectory over the next couple of weeks.

The most recent bitcoin ETF, USTC, is under heavy scrutiny due to a new derivative product called the Bitcoin SV (Bitcoin Next) that is already being heavily traded.

Suggested Reads: TOP 5 BEST APPS OF 2021

The SEC is currently assessing USTC and has since declared that it has received and opened a request for information to see if it is capable of policing this potential new ETF.

Whether or not the SEC will approve this new ETF remains to be seen.

Linus Yip, chief strategist at First Shanghai Securities in Hong Kong was a little more optimistic about the prospects of bitcoin. Yip predicted that bitcoin could reach as high as $150,000 by the end of the year.

Yip said that he expects big investors such as pension funds to pile into bitcoin in the coming months, the reason being that they want to be able to use it in their pension.

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