Bitcoin is evolving into a global payment network, says OKCoin’s CEO
The cryptocurrency market has experienced massive growth and changes since Bitcoin was created over a decade ago.
The CEO of OKCoin, one of the leading cryptocurrency exchanges in the world, believes that Bitcoin is evolving into a global payment network. She made this statement despite Bitcoin dropping below the $60k mark following a massive dip over the past few weeks.
In an interview with CNBC a few hours ago, Hong Fang stated that Bitcoin has always been volatile, and the broader cryptocurrency market will remain that way. She added that the entry of Bitcoin exchange-traded funds (ETFs) will increase the volatility of cryptocurrencies as institutional investors are now involved.
However, despite the huge volatility, Fang maintains that the cryptocurrency space has experienced massive growth over the past few years. Fang predicted last year that Bitcoin would be trading between the $50k and $100k levels by the end of 2021.
Bitcoin reached a new all-time high above $69k a few days ago but has now dropped towards the $57k levels. However, the OKCoin CEO remains bullish and believes that Bitcoin will reach the $100k mark before the end of the year or shortly after.
According to Fang, Bitcoin is not only evolving as an asset but also as a global payment network. She added that the fundamentals are building up, and Bitcoin's usage within the global economy will continue to increase over the coming years.
Bitcoin and the broader cryptocurrency market have performed excellently since the start of the year, despite the current bearish trend. The broader cryptocurrency market cap reached $3 trillion for the first time a few weeks ago as Bitcoin's market cap surpassed $1 trillion.
The market is expected to experience further growth over the coming years as investors become bullish on Bitcoin, Ether, Solana, Cardano and a wide array of other cryptocurrencies.
