In an interview with CNBC on Wednesday, January 12, Pascal Gauthier, CEO and Director of Ledger, said that he believes retail investors will be the main force behind a price appreciation of Bitcoin (BTC).
Bitcoin’s price 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, reached on November 10. Given this price depreciation, CNBC host Arjun Kharpal asked the CEO of Ledger what could drive the price of BTC back up this year.
“What we are seeing right now is a Bitcoin retail trend,” Pascal Gauthier said on January 12. “The number of addresses with the minimum number of bitcoins increases compared to whales. So I think there is a deep retail trend all over the world. It just means people are getting into bitcoin, they’re trusting BTC more and more, and it’s really people who are going to drive its price up.”
While Gauthier sees encouraging signs in macro trends, the micro-trading analysis also carries positive news for Bitcoin. According to technical analysis by Valdrin Tahiri for BeInCrypto, the price of BTC could be close to a bottom, as the MACD and RSI are both rising.
As for the broader market beyond Bitcoin, Pascal Gauthier offered a few other thoughts, even going so far as to mention a specific blockchain in praise of it.
“I think this year is a year of consolidation for a number of these cryptocurrencies. Last year, projects have emerged. This year, they must provide applications running on these protocols. So you’ll see some of these projects come to fruition and do a lot of the work. For example, you can already see that Solana has built a good value proposition when it comes to NFTs competing with Ethereum. I think this year you will see a lot of similar things, but with scalability in all these protocols. “
Ledger’s CEO may be impressed with Solana’s value proposition, but the blockchain hasn’t been without its problems in 2021, knowing that it has suffered a series of outages and technical issues. These are all challenges the Solana team will face as the project seeks to expand in 2022.
However, while Mr. Gauthier remains positive towards Bitcoin and Solana, Kyle Samani, CEO of Multicoin Capital and also a major investor in Solana, recently predicted a future “game over” situation for BTC.
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