By Tobi Loba
The co-founder of Ethereum (ETH), Vitalik Buterin, has in a recent 2020 summary blog post revealed the most underrated bull case for Bitcoin (BTC) and cryptocurrency as markets experience massive price uptrend.
Since October 2020, Bitcoin (BTC) bulls have embarked on a remarkable price upside trend that took its price from its long-time $10,000 support level to the highest highs of relatively $35,000.
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Bitcoin (BTC) Surged 300% while Ethereum (ETH) Surged 600% In 2020
In 2020, it was a magnificent rise for Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.
The price of Bitcoin increased by 300% through 2020 despite the over 50% crash of March 2020, following the outbreak of the coronavirus pandemic. While Ethereum (ETH) had a better rally compared to Bitcoin, with a relatively 600% price increase over the last 12 months.
Vitalik Buterin Reveals Most Underrated Bull Case for Crypto
As crypto analysts and investors discuss how far this historic rally would run, the Ethereum co-founder Vitalik Buterin has in a blog post revealed what he thinks is an underrated bull case for cryptocurrency.
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Referring to the total value of the world’s mined gold, Buterin noted:
“One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it’s lame, and that $9 trillion has to go somewhere.”
Obviously, Bitcoin’s effort to prove itself as digital gold has paid off in recent months, considering the number of capital investors that have recognized the cryptocurrency as an emerging inflation hedge.
Buterin further stated that we are now in “a world where blockchains and cryptocurrencies are well poised to play an important part, though for reasons much more complex than many people think, and having as much to do with cultural forces as anything financial.”
He added that “public-blockchain-based solutions [will] just keep quietly moving forward and gaining actual adoption.”
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In corroboration with Vitalik Buterin’s opinion, a venture capitalist, Fred Wilson, wrote in a blog post that outlines his predictions for 2021:
“I believe that governments will respond to all of these economic challenges by continuing to print fiat money without restraint and by taxing and regulating innovative new companies to protect old and dying companies. This will lead investors to continue to allocate capital to new forms of money (crypto) and new ways of creating and financing innovation (decentralized projects and organizations).”
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