In an interview with CNBC on Wednesday, Pascal Gauthier, CEO and President of Ledger, says he believes retail investors will be the main driver of bitcoin price appreciation.
The price of bitcoin has fallen rapidly over the past few months and currently sits at $43,950.45. BTC is now down 36.4% from its all-time high of $69,044.77 on November 10. Given the price depreciation, CNBC host Arjun Kharpal asked the CEO of Ledger what else could drive the price of BTC higher this year.
“What you’re seeing right now is a retail trend in bitcoin,” Gauthier said Jan. 12. “The number of addresses with the minimum number of bitcoin is increasing from whales. So I think you have a deep retail trend all over the world. It just means people are accepting bitcoin, they’re doing more and more trust in bitcoin and it is really people who will drive the price of bitcoin up.
While Gauthier sees encouraging signs in macro trends, there is also positive news for bitcoin in micro trading analysis. According to Valdrin’s technical analysis at BeInCrypto, BTC prices may be on the verge of bottoming out as both the MACD and RSI have risen.
As for the broader market beyond Bitcoin, Gauthier had other thoughts, even going so far as to single out a blockchain for praise.
“I think this year is a year of consolidation for a number of these coins. Last year there were projects that came out, this year they have to deliver in terms of applications that run on these protocols. So you’ll see some of these projects come to fruition and generate a lot of the activity. I mean, you can already see that Solana has built a good value proposition when it comes to NFTs competing with Ethereum. I think that this year you will see a lot of the same things, but scalability in all of these protocols.
Gauthier might be impressed with Solana’s value proposition, however, the blockchain has not been without its problems in 2021 as it suffered a series of outages and technical issues. These are challenges the Solana team will want to address as the project seeks to expand in 2022.
While Gauthier remains positive about Bitcoin and Solana, Kyle Samani, CEO of Multicoin Capital and major investor in Solana recently predicted a future “game over” moment for BTC.
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