Bitcoin price is going up because more people trust it, Ledger CEO says

4 months ago 40
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The Ledger CEO says much retail buyers proceed to look astatine Bitcoin, with non-zero addresses connected the rise.

Pascal Gauthier, the CEO and president of hardware wallet steadfast Ledger, says it is radical pushing the terms of Bitcoin higher.

The crypto enforcement noted this during an interview with CNBC astatine the Crypto Finance Conference successful St. Moritz, Switzerland.

On the contented of Bitcoin’s price increasing exponentially implicit the past year, Gauthier said that each this is down to retail involvement successful the cryptocurrency. He believes much radical privation Bitcoin and arsenic such, request is pushing prices higher.

He noted that the inclination implicit the past fewer weeks has been that much addresses person been created, with a increasing fig holding the minimum fig of BTC. The Bitcoin web saw astir 1 cardinal caller addresses successful November, with BTC terms astatine the clip having raced to its all-time precocious of $69,044 connected 10 November.

The Ledger main besides added that the fig of retail holders was expanding comparative to whales, suggesting it’s the tiny buyers that proceed to propulsion the terms of Bitcoin higher.

There is simply a profound retail inclination everyplace successful the world; they spot Bitcoin much and more. It’s the radical that volition propulsion the terms up,” helium said. 

Bitcoin has rebounded from beneath $40,000 reached connected Monday and presently trades astir $43,700. The upward unit comes astatine a clip US ostentation information shows a 7% leap year-on-year, the fastest complaint since 1982.

Meanwhile, Bitcoin flows from exchanges person continued contempt the caller sell-off. On-chain information investigation level Santiment says this is simply a awesome of little sell-off pressure. 

👌 Despite #Bitcoin being 36% beneath its #AllTimeHigh 2 months ago, coins proceed to determination distant from exchanges astatine an awesome rate. The 26.3k $BTC quality betwixt speech outflow & inflow yesterday is an encouraging motion of little ongoing selloff risk.

— Santiment (@santimentfeed) January 12, 2022

On a antithetic note, Gauthier spoke astir the broader crypto abstraction and noted that the abstraction witnessed an detonation of projects that outperformed Bitcoin.

Last twelvemonth saw Ethereum, which notched much than 455% successful yearly gains, outpace Bitcoin’s +75% upmove. While ETH is expected to scope a caller highest arsenic its web grows amid organization inflows, the Ledger laminitis believes the crypto manufacture volition besides beryllium looking astatine projects similar Solana and different apical 10 projects.

For Solana, the Ledger CEO says it already has a large worth proposition successful narration to its non-fungible token (NFT) offering. This, helium noted, could beryllium expected from respective of the protocols arsenic they mature, driving adoption and prices.

Gauthier nevertheless says that past year’s monolithic rally could spot respective cryptocurrencies settle into a consolidation phase.

On blockchain networks, his main takeaway was that tokens are the “security” of the blockchain network. As such, helium believes that a web is arsenic unafraid arsenic the terms level of its autochthonal token.

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