The cryptocurrency market has experienced massive growth and changes since the creation of Bitcoin over a decade ago.
Hong Fang, CEO of OKCoin, one of the leading cryptocurrency exchanges in the world, believes that Bitcoin will become a global payment network. She made this statement despite the fact that Bitcoin had fallen below the $60,000 mark after a massive slump in recent weeks.
In an interview with CNBC a few hours ago, Hong Fang explained that Bitcoin has always been volatile and the broader cryptocurrency market will continue to remain so. 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 claimed that the cryptocurrency space has experienced massive growth in recent years. Fang had predicted last year that Bitcoin would trade between the $50,000 and $100,000 levels by the end of 2021.
Bitcoin reached a new all-time high of over $69,000 a few days ago, but has now fallen to the level of $57,000. However, the CEO of OKCoin remains optimistic and believes that Bitcoin will reach the $ 100,000 mark before the end of the year or shortly after.
According to Fang, Bitcoin is developing not only as an asset, but also as a global payment network. She added that the fundamentals are building up and the use of Bitcoin in the global economy will continue to increase in the coming years.
Bitcoin and the broader cryptocurrency market have performed excellently since the beginning of the year, despite the current downtrend. The broader market capitalization of cryptocurrencies reached $3 trillion for the first time a few weeks ago, when the market capitalization of Bitcoin exceeded $ 1 trillion.
The market is expected to see further growth in the coming years as investors take a bullish stance on Bitcoin, Ether, Solana, Cardano and a host of other cryptocurrencies.