Bitcoin
Bitcoin Just Went Through a Major Trend Shift, According to Economist and Trader Alex Krüger – Here’s His Perspective
A widely followed economist believes that Bitcoin (BTC) is suddenly on a new trend that will last for a while.
In a new interview on the Unchained Podcast YouTube channel, economist Alex Krüger it says that he is bullish on Bitcoin after the top digital asset by market cap reclaimed the $60,000 range this week.
“I think what we just saw is a trend change, a big trend change, and we continue to go up.”
Some analysts have attributed Bitcoin’s correction to the $50,000 range before recovering this week to fears surrounding the refunds from the now-defunct cryptocurrency exchange Mt. Gox, as well as the German government selling Bitcoin confiscated.
Krüger believes that the market will absorb the new amounts of Bitcoin without impacting the uptrend.
“Basically, Mt. Gox has 141,000 Bitcoins to distribute. Of those, 95,000 will be distributed over 90 days, which will basically go to those who elected to receive an early distribution with a 10% cut. Of those 95,000, 20,000 will go to credit funds, 10,000 will go to the New Zealand exchange which is embroiled in its own bankruptcy proceedings, so it won’t make it to the market.
“65,000 are going to individual lenders. So that’s 85,000 in 90 days. Let’s say 30% are sold. That’s 25.5%. That’s about the same as Germany, but spread out over time… I would be very surprised if that actually changed the trend and we went down instead of up.”
Bitcoin is trading at $63,984 at the time of writing, down slightly over the past 24 hours.
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