Carinthia, Austria, Jan. 20, 2021 (GLOBE NEWSWIRE) -- With so many changes taking place around us, it is imperative to notice how the financial industry too has been seeing some great revolutions from the past few years, thanks to the many redefining moments that are caused by the emergence of bitcoin and cryptocurrencies that have compelled people to learn more about the same and also accepting it as the best revolutions in the financial world. Talking about the same and sharing his views on bitcoin, today we got in touch with ace Austrian entrepreneur and Investment Banker named Florian Koschat, who is also an author and a Senator in the Senate of Economics.
By explaining what bitcoin is exactly, Florian Koschat says that it is not exclusively a currency but an asset class for value protection. Bitcoin serves as the most modern asset class and is increasingly being used for payments and transactions. He further explains that the hype that bitcoin has been experiencing from the past few years and at the moment, most importantly, is because it is extremely secure and also limited in number. It offers various advantages, including Anti-counterfeiting, Limitation and Decentralization, which proves why bitcoin is even better than gold.
Florian Koschat points out that though there are other cryptocurrencies besides bitcoin, they may not profit as he feels that all of them cannot keep up with bitcoin's growth and rise, owing to its limitation and other technical progress it is making each passing day. He also feels that other cryptocurrencies will definitely be used but not as a new asset class with unique selling points like bitcoin.
On asking about the highs and lows of bitcoin in the financial markets, where at the end of 2017 it rose to almost 17,000 euros and then fell again, Florian Koschat says that many factors lead to this market uprise and downfall. Like, Paypal which showed interest in making cryptocurrencies, especially bitcoin for all masses. This opened the door to bitcoin for institutional investors. This was followed by Michael Taylor, who made an investment of nearly 1 billion USD in bitcoin. Also, the current pandemic has led to the fear of inflation and bitcoin serves as the best solution and protection to the same.
Having said that, Florian Koschat also believes that it won't replace currencies like EUR; however, the abolition of cash is on its way, but it is likely that an e-euro; i.e., a digital Euro will enter the markets. Talking about the price, the leading Investment Banker says that many banks and analysts see the price of more than USD 100,000 in the medium term. Some others say it will reach USD 500,000, but the entrepreneur says there's still a long way to go.
Lastly, Florian Koschat highlights that buying bitcoin is a question of principle and not timing. He explains that if people believe in bitcoin and share the assessments of the professionals, then the entry price must not be a big concern. People can also buy in tranches and thus catch more favorable and less favourable entry moments. However, people must also know that there are sharp corrections as well on the way up. The Austrian entrepreneur himself has personally invested in bitcoin, having a wallet with BITPANDA and holding bitcoins directly.
Florian Koschat
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