Will Bitcoin price Hit $250,000 in 2023? – Aminhossein Rad interviews BeinCrypto
- If an investor is looking for a long-term investment, I would recommend ether and dogecoin.
- Cryptocurrencies are still in beta globally.
- Bitcoin will reach between $15,000 and $40,000.
- To avoid cryptocurrency accidents, it is recommended to store funds in offline De-Fi wallets.
- The NFT industry holds potential for technical and commercial advancement in the near future.
- Bitcoin will see a positive reaction as the United States of America goes through a recession.
Mr. Aminhossein Rad had an exclusive interview with BeinCrypto, where he explained Bitcoin price prediction. Many people want to learn about the world of cryptocurrencies, blockchain technology, and the declines, rises, and price fluctuations that the crypto market is witnessing overnight. In addition to their desire to know the factors that lead to the rise of the market and which currencies are optimal for trading and making the right investment decision.
Therefore, we had a meeting with Mr. Aminhossein Rad, one of the industry market experts and founder of the CryptoDesk Stock Exchange, to tell us about his rich experience in the investment world and to find out from him why some people are afraid of the currency market, while some countries in the world adopt it. This is in addition to many questions that occupy the minds of many investors. Here is the text of the interview:
1- Are altcoins a good investment and what are the best candidates? Especially with the up-and-down fluctuation
While answering to BeinCrypto, He added “The matter differs according to the goal. If the investor is looking for a long-term investment, I advise him on ether and dogecoin. As ether is not just a digital currency for trading. But it belongs to an integrated project with the Ethereum network; Which develops smart contracts and decentralized applications and is thus an attractive element for companies and individuals.”
As for the doge, it started as a meme currency until it became one of the most profitable currencies in the crypto industry, thanks to Elon Musk, who supports it, despite its lack of technical creativity.
At the same time, we have to understand the volatile nature of the crypto market, as it is always subject to this. So altcoins are good for short-term investments such as speculative action and day trading.
Therefore, I recommend investing only in what the investor does not fear losing, in addition to diversifying the digital portfolio, seeking expert advice, and carefully monitoring market trends.
2- Why do some resort to USDT currency instead of bank transfer?
Tether transactions provide privacy, which is why it is preferred by many individuals as it is done through digital wallets and blockchain technology. It also requires fewer regulatory compliance requirements than traditional banking systems, which also makes it a more cost-effective option.
USDT transactions are known for their speed, low fees, and flexibility, so they are an ideal choice for many people.
3- How do we spot a crypto bull market early?
To feel and detect the bullish market, we must adhere to some scientific steps. Among the most important steps: understanding cryptographic patterns and tracking the previous periods that the digital currency market went through. For example, the link between the Halving Bitcoin event and the passage of a bull market after that. During this event, the coin supply is halved and after that, the market usually goes into a bullish state and the price of Bitcoin goes up.
Industry professionals also plan to align their activities with the emerging market to the point of adjusting their projects to achieve high returns. The increasing adoption of cryptocurrencies, in addition to the good reputation of reliable major players, contributes to the rise in the prices of cryptocurrencies that come in response to the increased participation in the crypto market.
4- Why do some countries of the world not yet recognize the crypto market despite recognizing the importance of blockchain technology?
This may happen due to fear of lack of control over the industry or financial instability, and we must draw attention that cryptocurrencies are still in an experimental stage in the world, such as what the Internet went through in the modern era. So experts are still studying the social and political implications of using the currency that is not understood at the present time.
But other than that, some governments realize like; The wise government of the United Arab Emirates achieves a balance between the benefit of blockchain technology and the need for it to be subject to regulations to reduce the risks of money laundering and tax evasion while ensuring financial stability.
5- How is awareness achieved among small investors in the digital currency market?
Small investors are afraid of the digital currency market, as a result of their fear of losing money, and to avoid this, they should aspire to a deeper understanding of technology and learn about the advantages of cryptocurrencies, which creates a strong motive for them to become aware of these currencies and then adopt them.
6- What are your price expectations for the price of bitcoin during this year? Can it reach $250,000?
I do not see the possibility of the BTC price reaching this number during this year, as for my price expectations, the cryptocurrency could reach between $15,000 and $40,000 until it passes through a new bull market during the year 2025.
7- What is the importance of the stop-loss policy followed by some stock exchanges?
Stop losses are not a policy in themselves but rather one of the trading features offered by some exchanges. In the end, it depends on the user’s freedom. If we talk about the day trader can take advantage of this feature. However, a long-term investor who is focused on getting a return from Bitcoin or Ethereum should avoid this strategy.
8- How do crypto companies balance developing the cryptocurrency industry with complying with regulatory laws?
Companies should prioritize regulation, to ensure that they avoid supporting or facilitating illegal activities such as money laundering and terrorist financing. Therefore, the development of the industry does not conflict with achieving security and financial stability.
9- Cryptocurrency incidents are frequent. How do customers avoid having their money stolen?
To avoid exposure to crypto mishaps, I recommend storing funds inside offline De-Fi wallets, rather than keeping crypto inside centralized exchanges. And don’t link that wallet to unknown apps. When unusual activity is detected, assets should be moved to a new wallet.
The recovery phrase should also be stored in a safe place to go back to in case you lose your phone. And don’t pay attention to crypto companies that promise to invest in return for fantastic returns. It is not correct to deal with third parties instead of dealing with the service provider directly.
10- What are your expectations for the crypto industry over the next five years?
Over the next five years, the industry will see upward trends in pricing and adoption. It is expected to pass through a bullish market and price increases after the Bitcoin halving event, as well as going through corrective price periods.
11- What do you think about the non-fungible token industry (NFT) and how useful is it for the investor?
The non-fungible token industry holds potential for technical and commercial advancement in the near future. These tokens have the unique ability to simplify subscriptions, art tickets, and asset ownership. It also contributes to improving business and speeding up development.
12- What is the reaction associated with the Bitcoin market in the event that the United States goes through an economic recession?
Bitcoin price will see a positive reaction in the event of a US recession. As a result of the lack of confidence in the US dollar and paper currencies, which means that individuals turn to alternative assets such as gold or Bitcoin, and thus the demand for and approval of the currency increases, and then its price increases.