Bitcoin Still On Track to Becoming Dominate Currency: Thomas Peterffy
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The businessman is the founder and chairman of the board of directors of Interactive Brokers, an online trading platform that offers cryptocurrency trading.
According to Peterffy, investors should have 2% to 3% of their wealth in cryptocurrencies as a hedge against fiat losing value. In July 2021, the billionaire revealed that he held some Bitcoin, explaining that “there’s a small chance that this will be a dominant currency, so you have to play the odds.”
Peterffy told Forbes in the interview that still believes BTC could become a dominant currency with an immense value despite the ongoing downturn in the crypto market. The Interactive Brokers’ founder asserted that he does not plan on selling his BTC holding anytime soon, instead, he plans on acquiring more if the price falls to $12K. At press time, the primary cryptocurrency trades above the $21K mark.
While he plans to buy more Bitcoin, the businessman acknowledged the possibility of more troubles for the cryptocurrency. He explained:
“Chances are very high that [Bitcoin] will become worthless or outlawed.”
Key Bitcoin Levels to Watch — July 17
BTC rode on the wave of an Ethereum (ETH) yesterday, sending the benchmark cryptocurrency to the $21.7K range top. Not surprisingly, the cryptocurrency lacked the momentum to continue above the range, warranting a correction to the $21K mark.
That said, Bitcoin remains on course for a rebound from $21K as sentiment across the market brightens. However, the primary cryptocurrency needs a decisive break above the $22K barrier to stall or negate the overwhelming bearish bias in the near term.
Meanwhile, my resistance levels are at $21,700, $22,000, and $23,000, and my key support levels are at $21,000, $20,000, and $19,000.
Total Market Capitalization: $964.9 billion
Bitcoin Market Capitalization: $404.5 billion
Bitcoin Dominance: 41.9%
Market Rank: #1
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