Crypto.com CEO Says Bitcoin Cycle Currently in December 2020 Phase, Sees Steady Ramp-Up of Capital Flowing to BTC

The CEO of the Singapore-based digital asset exchange Crypto.com is sharing his insights on Bitcoin (BTC) after its recent pullback from new record highs. 

In a new interview with CNBC, Kris Marszalek says Bitcoin is currently in the midst of a strong uptrend last witnessed in December 2020 and January 2021, when BTC started a parabolic rally from $20,000 to above $60,000 in just a few months. 

“We sit on a ton of proprietary data so we can look back at the 2021 cycle from a retail perspective and compare it to what’s happening now. Looking at the data and the intent as a signal from the retail side, we’re probably in December 2020- January 2021. We are seeing this kind of metrics.”

With the price of Bitcoin dropping below $67,000 after breaching $73,000 last week, Marszalek says the benchmark cryptocurrency has gone through larger fluctuations before. 

“I think this is predominantly driven by what’s happening in the options market and the correction, but you have to remember, this volatility is actually pretty low compared to what we have seen in previous cycles.”

Marszalek also remains optimistic that the price of Bitcoin will continue to see greater heights over the long haul. 

“I think you would see a steady ramp-up, and that’s what we want. I think it’s the size of the market and the increasing liquidity happening. You will see less of sudden moves. This is an asset that you want to hold for decades, not for days or weeks.”

At time of writing, Bitcoin is worth $66,163, down by over 4% in the last 24 hours.

See also  Bitcoin at $70,000 - Should you follow these long-term holders and sell?

 

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