According to Joel Birch, cryptocurrency prices could continue to be affected by a difficult global economic climate. Co-founder of the automated cryptocurrency investment platform Stacked.
“I don’t necessarily think 2020 will be the year for some kind of bull run in retail, largely due to the fact that the world economy, like other financial markets, is still clinging to this industry.” said the personality, aka “Bitcoin Birch” on Twitter to Cointelegraph in an interview. Birch, however said it maintains a very positive trend in expectations for the remainder of the year of rising prices.
The COVID-19 pandemic turned the global economy on its head as preventative measures shut down companies and stopped travel. In the United States in particular, the number of unemployed increased several times, as did social unrest and difficulties. Although certain aspects such as Unemployment, seem to be improving The economies are still in a phase of uncertainty.
Given the difficult economic situation Birch remains pessimistic about mainstream markets, including real estate. Although he doesn’t expect market-wide crypto prices to rise, Birch He said he didn’t expect a big drop either. Actually, He noted that in the cryptocurrency market, bitcoin could maintain reasonable upward pressure on its way to $ 14,000 or $ 15,000.
“The exception, of course, is DeFi or food-named coins. If you pull out a mac and cheese token at Uniswap tomorrow, there’s a good chance it’ll make a 1000% profit in two hours, and then there’s a big one Possibility of it reaching zero. “
Apart from the prices, birch He said he saw significant advances in the crypto industry as companies, services and projects move forward. Your own company, Stacked has just completed a round of seed funding raising $ 1 million in total capital from a number of industry players, including Alameda Ventures. Stacked was worth more than $ 2 billion in 2020.
Birch said the industry’s growth is evident based on interactions with numerous companies in space while seeking funding for the first round. “I’ve spoken to all of the industry’s biggest donors” Birch said which included stock exchanges, venture capital firms and other companies.
“I’ve basically talked to everyone and everyone reaches agreements,” said. “By the end of the year we’ll see some serious players show up.” added, pointing out that products, services and companies andYou are gaining ground in the mainstream public.
Alameda Research, led by the CEO of the FTX exchange, Sam Bankman-Fried heads Alameda Ventures, one of the companies that have invested in Birch’s company. Bankman-Fried has had numerous conversations and articles in the last few days for her participation in the DeFi project SushiSwap.