Speaking to Bloomberg’s Emily Chang on Thursday, Chainalysis CEO and co-founder of Kraken crypto trading platform Michael Gronager talked about global cryptocurrency adoption in El Salvador, as well as how long the Bitcoin boom will last.
“I think we are still in the bull market. I think that we can see above 100k by the end of the year, so I would be bullish on that as well. Long term, I would probably usually say the moon is the limit, but we can go beyond that as well”.
As far as the CEO is concerned, most cryptocurrencies, such as Bitcoin and Ethereum, which are regarded as more stable, are on a steady upward trajectory, and they can sometimes rise quicker than other cryptos.
Crypto still in a bull market
Currently, a lot of exciting things are being developed, which facilitates a new bull market; therefore, Gronager believes we’re still in a bull market.
When asked about what is currently driving the price of the market, Gronager responded.
“We saw bigger platform changes to Ethereum. The network stabilized and got better in various ways, so I think that facilitated more trust in Ethereum as a whole. On top of that, we’ve seen the trend of DeFi that’s been growing and growing <..>, and that’s been pumping the interest in Ethereum, and Ethereum is then dragging along a lot of the other cryptocurrencies with it.”
El Salvador’s Bitcoin adoption
Questioned about some of the opposition and skepticism showed towards the governmental law, Gronager believes that this is typical opposition in a country and is thus not overly concerned about that replying:
“A lot of people in the country would not even hardly know what Bitcoin is, and they would be like I want my dollars, I want what I’m used to, and so on and then we will see they can download the wallet from the government they start to use it and realize this is actually equally simple or even simpler than what they’re used to.”
According to a recent university study, most Salvadorans dislike Bitcoin despite President Nayib Bukele’s efforts to promote it on social media.
On August 30, the government of El Salvador published the first-ever Bitcoin commercial created by a government in order to promote the new law.
As a result, the Central American country will be the first in the world to accept Bitcoin as legal money, and it will circulate alongside the U.S. dollar as the nation’s official currency.