At the beginning of the year, the optimism surrounding Bitcoin (BTC) was much stronger, but according to Alex Thorn, head of research at Galaxy Digital, this cryptocurrency may soon regain the same level of attention.
"Attention will return to Bitcoin, it always has," Thorn said in an interview with CNBC on Friday, emphasizing that "after Donald Trump won the U.S. presidential election, Bitcoin was the hottest trade at the beginning of this year."
Thorn noted that investors have shifted their focus to areas such as artificial intelligence, nuclear energy, quantum technology, and gold. "There are many other places to gain returns this year, which has hindered the allocation to Bitcoin," he said.
"We are entering a more mature era, and the distribution from veterans to newcomers is extremely healthy for diversifying Bitcoin ownership," Thorn added.
While Thorn maintains a long-term bullish outlook on Bitcoin, he has lowered Galaxy Digital's year-end price target from $185,000 to $120,000. According to CoinMarketCap data, rising to $120,000 would mean an increase of about 17% from Bitcoin's current price of $102,080.
Many of the industries Thorn mentioned that are attracting investor attention away from Bitcoin, particularly gold, are often compared to Bitcoin.
JPMorgan analysts recently stated that gold's volatility increased during its rise to historical highs in October, making the precious metal riskier, while Bitcoin "is more attractive to investors," based on the ratio of Bitcoin's volatility to gold's dropping to 1.8, meaning BTC is 1.8 times riskier than gold.
As for artificial intelligence, reports on October 10 indicated that Bitcoin and Nvidia stock (NVDA) are now more synchronized than at any time in the past year. This has raised concerns among some market observers about a potential crash similar to the late 1990s internet bubble.
Meanwhile, the ongoing debate about the potential threat of quantum computing to Bitcoin continues to divide expert opinions. Amit Mehra of Borderless Capital recently stated that quantum computing is still years away from threatening Bitcoin.
In contrast, Charles Edwards, founder of the quantitative Bitcoin and digital asset fund Capriole, argued that the situation is much more urgent and believes the industry must implement solutions quickly to avoid being too late.
Related: Reports suggest that cryptocurrencies are expected to catch a breather as the U.S. Senate reaches an agreement to end the government shutdown.
Original: “Alex Thorn: Bitcoin (BTC) Falls from 2025's 'Hottest Trade,' but Attention Will Return”
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