Predictions Point to Bitcoin Could Quadruple In 2021 Similar to the 2017 Parabolic Rally
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., Feb. 17, 2021 /PRNewswire/ -- Bitcoin was created in 2009 as the first decentralized currency to run on Blockchain technology. It has become notorious for price swings that often make news headlines and grab the attention of financial traders. It has also led to the creation of other digital currency such as Ethereum, Ripple XRP and Litecoin. Bitcoin even has other cryptocurrencies that were created when nodes chose not to upgrade to the latest protocol, creating a new currency out of Bitcoin's old protocols, such as Bitcoin Cash ABC. Despite Bitcoin being well known amongst traders for its price swings, many believe that this leading digital currency is here to stay. While some experts in the field see problems ahead with Bitcoin, while others still see the future as rosy as its past performances… with even higher projections. One such industry expert has predicted that Bitcoin's near 300% surge in 2020 could be followed up by an even stronger performance in 2021, according to Fundstrat's Tom Lee. Fundstrat Global Advisors is an independent research boutique, serving a broad array of clients, including institutional investors, wealth advisors, pension funds and high net worth individuals. Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998 Active companies with recent developments in the Tech Industry include: Riot Blockchain, Inc. (NASDAQ: RIOT), Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Mogo, Inc. (NASDAQ: MOGO) (TSX: MOGO), Marathon Patent Group, Inc. (NASDAQ: MARA), HIVE Blockchain Technologies Ltd. (OTCQX: HVBTF) (TSX-V: HIVE).
According to an article in Markets Insider, Lee has recently also said t bitcoin could quadruple in 2021 as the crypto asset experiences a similar parabolic setup that occurred in 2017. "2021 is going to be a lot like 2017 which means bitcoin should do even better in 2021 than it did in 2020, so something above 300%," Lee told CNBC. Following a strong 2020 that saw Bitcoin march to all-time highs for a gain of around 300%, 2021 could be even stronger. That's according to Fundstrat's Tom Lee, who recently said in an interview with CNBC that he sees bitcoin surging another 300% next year." At its current price of about $29,000, a quadruple in bitcoin would put the crypto asset well above the $100,000 mark at $116,000. Driving bitcoin higher would be a similar setup to what was seen in 2017: a parabolic rally. Lee tweeted that the halvening of 2020 makes this year most similar to 2016, which also experienced a halvening. A halvening in bitcoin is when the reward for miners completing problems on the bitcoin blockchain is cut in half. 2021 will be most like 2017 in that bitcoin will likely experience a "parabolic rise," Lee tweeted.
Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal Announces User Bitcoin-Mining Initiative To Increase Cryptocurrency Awareness and Use Among Users - Hello Pal International Inc., a provider of rapidly growing international live-streaming, social messaging and language learning mobile apps, is pleased to announce that it has expanded its partnership with Shanghai Yitang Data Technology Co. Ltd. ("Yitang") to launch the Crypto - Mining Initiative. This will give all Hello Pal users the ability to participate in Bitcoin and Ethereum mining in a simple and convenient way.
Yitang currently manages 35,000 mining machines spread across the North, North West and South East parts of China and has pre-existing contractual arrangements with mining machine vendors to acquire many more in the future. Through Yitang, the Company will be able to allow users (individually or as a group) to purchase Bitcoin and Ethereum mining machines (or option to purchase fractional parts of the miner), and have the machines hosted and operated by Yitang. Machines will be personally identifiable to the purchaser(s), and differs from typical 'cloud mining' services available. After the purchase, users can expect the mined cryptocurrency to be credited to their digital wallet each day. Further details will be available after the service is launched.
As a first step in this initiative, the Company has purchased several Bitcoin and Ethereum mining machines and plans to purchase more. The Bitcoin minig machines (Whatsminer M31S) each have a hash rate of 74T hash/s operating at an efficiency of 44w/T, while the Ethereum machines have MSI 5700 graphics cards at their core with an estimated hash rate of 400M. The mining results from this initiative will be used to showcase and demonstrate to users what can be expected with a purchase. With each crypto machine purchase, all users can now mine BTC and ETH to learn and create value within their own crypto wallets on the platform.
"It has long been our intention for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature," said KL Wong, Founder and Chairman of the Company. "The recent activity and interest in cryptocurrency presents us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform," he added.
Yitang, a leading provider of digital wallet services with over USD70 million in crypto-assets under management. is also helping the Company to revamp and reintroduce its digital wallet as well as its own digital token called "Palto". Enabling the Company's current virtual tokens used on its livestreaming platform to be fully enhanced and backed by blockchain technology. First launched in 2018 (see news release October 9th, 2018), the Palto (PLT) is a utility token that will be used across the entire Hello Pal suite of apps in order to allow for the borderless transfer of value between Hello Pal users across the world.
"We believe by starting the crypto-mining initiative this will be true to our mission by creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in bringing the world closer together" said Hans Xu Advisor to Hello Pal. Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Riot Blockchain, Inc. (NASDAQ: RIOT) one of the few NASDAQ-listed bitcoin mining companies in the United States, recently announced that it will achieve an estimated hash rate capacity of 1.06 Exahash per second ("EH/s") with the deployment of the newly received 2,002 S19 Pro Antminers.
"Exceeding 1 EH/s in hash rate capacity marks a major milestone for the Company," said Jason Les, CEO of Riot. "While we are proud of this accomplishment, we view it as the successful completion of just one of many steps of our ongoing growth plan. Riot continues to receive and deploy next-generation miners from Bitmain and remains on schedule to more than triple our currently deployed capacity by the fourth quarter of 2021."
Mogo, Inc. (NASDAQ: MOGO) (TSX: MOGO), a digital payments and financial technology company, recently announced its investment in Coinsquare Ltd. ("Coinsquare"), Canada's leading digital asset trading platform, including the execution of a definitive agreement (the "Agreement") for Mogo to acquire 19.99% ownership of Coinsquare's outstanding common shares on a post-transaction basis for total consideration of approximately $56.4 million. The Agreement also includes rights for Mogo to acquire an additional 20% ownership interest in Coinsquare through purchases of shares from current shareholders and the exercise of warrants under certain conditions (refer to "Terms of the Transaction"), for consideration based on a pre-money valuation of Coinsquare ranging from $250-350 million. This strategic investment builds on a multi-year relationship between the two companies. Coinsquare acts as the trading platform for MogoCrypto, a service Mogo launched in 2018 to allow its members an easy and convenient way to buy and sell bitcoin.
Marathon Patent Group, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently announced that 4,000 Antminer S-19 Pro ASIC miners have been shipped from Bitmain to Marathon's mining facility in Hardin, MT as scheduled.
Marathon's current mining fleet consists of 2,560 miners, generating 248 PH/s (petahash per second). Each S-19 Pro miner produces 110 TH/s (terahash per second) and adds 0.11 PH/s to the Company's existing operations. Once the additional 4,000 miners are installed, the Company's mining fleet will consist of 6,560 miners producing approximately 688 PH/s. This represents a 256% increase of our current Hashrate production. To date, the Company has purchased 103,060 miners, which, once delivered and fully deployed, will produce approximately 10.36 EH/s (exahash per second).
HIVE Blockchain Technologies Ltd. (OTCQX: HVBTF) (TSX-V: HIVE) (FSE:HBF) recently announced the purchase of 4,180 MicroBT WhatsMiner M31S+ next generation miners with an aggregate operating hash power of 334 Petahash per second (PH/s) as it continues to expand its bitcoin mining operations.
With the addition of these 4,180 MicroBT WhatsMiner M31S+ Miners, HIVE's aggregate operating hash rate from Bitcoin mining to almost double to an estimated 653 PH/s.
Based on the orders that have been placed, this new equipment is expected to be delivered in 9 tranches in 2021, with 180 miners delivered in April and 500 miners delivered in each month in the remainder of calendar 2021 commencing with May delivery. These secured orders are the continuing steps that HIVE is taking towards the vision to achieve an aggregate operating hash power of 1,000 PH/s by the end of calendar 2021, all funded out of operational cash flows. With these secured purchases the Company has taken a huge step towards its goal.
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