What is Wrapped Bitcoin?
Wrapped Bitcoin is the project that fully collateralized ERC-20 Ethereum Blockchain Token with Bitcoin. the platform designed on Ethereum to bring liquidity to DeFi Apps. WBTC is created & launched by combination of DeFi Project including Bitgo, Kyber Network and REN. Basically, it takes advantages from different blockchain network along with Ethereum.
Wrapped token will be having centralized token, but it will be relying on consortium of institution that important to manage different department on the network. so, ultimately network has framework for asset backed tokens eliminated problem of scalability, trust, regulation and governance.
WBTC utilized tokenization on Bitcoin powered by Ethereum to solve problem speed of transaction, third party, security, usability and transparency. WBTC also brings liquidity on decentralized exchange (DEX) and Decentralized Apps (dApps) and also help to create smart contract to bitcoin easily. however, WBTC will be backed by stablecoin and fiat currency to offer safety to the trades and problem occurred while exchanging crypto asset. it also enables interoperability with different blockchain asset to focus on cheaper transaction fees, smart contract ability, nodes operation and privacy.
Wrapped Bitcoin Price Prediction
|Month & Year||WBTC Price Prediction|
Wrapped Bitcoin Overview
|Project name||Wrapped Bitcoin|
|Based on||ERC-20 backed Bitcoin|
|All-time high||$40826 USD|
|Exchange Platform||DDEX, Kyber Network, Uniswap, Switcheo Network, Radar Relay, Oasis, Bitfinex, Compound, Uniswap v2.|
Wrapped Bitcoin Price Analysis
WBTC listed in early 2019 with opening average price noted of CMC was $3504 USD and then on 28th august 2018 it reaches to all time highest price i.e. $40826 USD with 1065.13%. however, WBTC after crossing $10k USD mark started following neutral trend with small price fluctuation. Now, in 2020, initially WBTC was following neutral trend but in July after crossing $11k USD may be heading towards to bullish trend, following Bitcoin footstep.
Can WBTC Reach $20000 USD?
Yes, most probably after 2024.
How Much WBTC Worth in 2030?
Expected to reach $60k USD
Is Wrapped Bitcoin a Good Investment?
Yes, long term only more beneficial.
Bitcoin connected to the Ethereum Blockchain thanks to ERC20 and its innovation. Wrapped Bitcoin will help to create and format smart contract for Bitcoin and users can uses Bitcoin in trade to bring Bitcoin liquidity to the decentralized Exchange. So, user can security make transaction using bitcoin with lesser transaction fees and will have faster transaction speed than original Bitcoin network. WBTC will be playing major role in bringing innovation of Decentralized Finance market with this Ethereum and Bitcoin collaboration.