BY SEYIFUNMI LUMEKO
Investors had stormed the cryptocurrency early hours of Thursday after the rumour that Oracle was going to invest four billion dollars in bitcoin.
The news practically surged the bitcoin to $57,000 as many investors saw it as an opportunity.
But Oracle, however, failed to purchase the $4 billion bitcoin, leading to a slide to $54,000 in value of Bitcoin.
Investors were further disappointed after the Oracle CEO made no mention whatsoever of Bitcoin in a conference call to investors after releasing results for the third quarter of the fiscal year.
Meanwhile, in spite of the development, Mike McGlone of Bloomberg Intelligence, said Bitcoin has the potential to overtake Amazon’s market cap in the not-too-distant future.
While the world’s biggest cryptocurrency has an overall valuation of $1.05 trillion right now, the e-commerce giant is streets ahead on $1.53 trillion.
McGlone said that $80,000 in 2021 is an achievable price for BTC going forward — a 42.8% increase from current levels.