Digital Asset Data is a research and analysis platform for digital currencies based in the United States. The company was co-founded by two brothers Ryan and Mike Alfred. Interestingly the company was acquired by NYDIG in January this year. Mike Alfred, who is also serving as the CEO of the company to date, recently shared some insightful predictions about Bitcoin price movement.
As per Mike, in the course of the next ten years, Bitcoin could reach a price mark of $1 million. Many assume that this is a bold statement. However, this is not the first time trained professionals have made such remarks. Scott Minerd, CIO at Guggenheim Partners, exclaimed last year that Bitcoin should be valued at $400,000.
Scott Minerd, who is also chairperson at Guggenheim Investments, was invited for a comment on their massive Bitcoin bet last year. Speaking to Bloomberg, journalist Minerd revealed that the investment decisions made by their organization are in line with the federal policies. At the time, Guggenheim was opting to invest 10% of their reserve capital into Grayscale GBTC shares.
Minerd also wanted to extend the crypto exposure to their mutual funds. He told Bloomberg that since the SEC has not provided clearance for the mutual funds yet, the company has put the matter on hold. He further added that the financial organization has been planning to adopt Bitcoin on their balance sheets since it was valued at $10K.
Bitcoin Adoption is Happening Everywhere
Speaking to a CNN journalist earlier this year, Minerd claimed that cryptocurrencies are seeing massive institutional interest pouring into and flooding the market. He added that it is highly likely that as time passes, Bitcoin will become more important for the global financial markets. In the current date, countries like El Salvador have announced the acceptance of Bitcoin as a legal tender.
Meanwhile, the rise of inflation (17.53% highest in two years) has nudged investors to seek refuge in cryptocurrencies like Bitcoin as a store of value. The misconception that cryptocurrency is only popular in selected countries is not right. A music-bound Twitter account recently shared several photos from Turkey showing the massive influence that Bitcoins have started to make on several economies.