Bitcoin has endured a rollercoaster of emotions in 2020, rising to $10,500 at the start of the year before slumping to a devastating $4,000 low just one month later, but Ripple CTO David Schwartz believes its value will not decline again.
At the time of writing Bitcoin is trading at around $9,200 following a month of relatively low levels of volatility, although some analysts are predicting a major move in July.
There have been suggestions that Bitcoin is in store for a correction back to the yearly open at $7,100, but that is not the belief of Schwartz who believes the world’s largest cryptocurrency will be bolstered by government and regulatory scrutiny.
In response to a quote from legendary investor Jim Rogers, who claimed that Bitcoin is going to zero, Schwartz replied: “Generally when governments restrict or ban things, the result is not a decrease in price.”
Generally when governments restrict or ban things, the result is not a decrease in price.
— David Schwartz (@JoelKatz) June 26, 2020
Bitcoin has been dismissed by institutions and governments since its inception more than 10 years ago, but the fact that it is still alive and kicking in 2020 reinforces the notion that it’s here to stay.
What’s interesting about Schwartz’ quote, as someone who is “one of the original architects of the XRP network”, is that he didn’t mention the price of the token that he is affiliated to.
Ripple’s XRP token, as noted in Coin Rivet’s daily analysis, has struggled to gain momentum in 2020 as it languishes down below the $0.20 mark, a far cry from its all-time high when it surged to $3.30.
However, it’s worth pointing at that if Bitcoin can continue its positive trajectory to the upside, altcoins like XRP will eventually follow as profits are usually diversified into lower market-cap assets.
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