As bitcoin hit new highs on Thursday, approaching the $50,000 mark, people wondered where the price would go in the future. Meanwhile, despite the gains, a number of luminaries, analysts, executives and supporters in the crypto space believe that the top crypto asset this year will reach six figures in the $60k range.
Mike Novogratz predicts $100K in bitcoin: Other CFOs and business leaders say What do we do?
Satoshi Nakamoto’s invention has gained tremendous popularity recently, with the main digital asset, bitcoin (BTC), reaching its highest value in 2021. On Thursday morning (EST), BTC reached an all-time high (ATH) of $48,697 per unit. Earlier in the morning, around 2 a.m., bitcoin was trading at $44.485 and has since risen 8.98 percent. At the time of publication, at 18:30. (EST) at 11am. On February 20, 2021, bitcoin (BTC) traded at $47.821 per coin.
With BTC so close to the $50k mark, people have been making new price predictions for 2021. Some believe that the bull market is not over yet and that crypto followers should expect much higher prices from now on. Although skeptics believe the leading crypto asset is worth absolutely nothing and is the biggest bubble the world has seen in centuries.
FoundersGalaxy Digital estimates that bitcoin (BTC) could reach a six-digit value by the end of the year.
Mike Novogratz, founder of Galaxy Digital, recently gave an interview to Bloomberg after Tesla announced the purchase of BTC for $1.5 billion.
You have the greatest and richest man in the world and one of the greatest stories. They must think other CFOs and business leaders are telling us what to do, Novogratz said. Bitcoin expert Novogratz expects many other companies to follow Tesla’s lead and believes BTC could reach the $100,000 mark this year.
In a note to investors last week, quantitative trading firm QCP Capital spoke to money manager Bridgewater Associates and said that Ray Dalio’s company said that if 50% of gold capital went into BTC, that would fetch a price of $85,000 per BTC. In late January, Dalio told the audience that his colleagues at Bridgewater Associates were focusing on alternative real assets.
Myriad predictions about the price of bitcoin, from zero to $600,000
On the eleventh. In February, crypto analyst at investment platform Etoro, Simon Peters, said in a note to investors that BTC could reach $70k by the end of the year.
The world of crypto assets is penetrating the realm of traditional finance at a dizzying pace. Leading payment service provider Mastercard announced it would support digital assets directly through its own network, another important step for the industry, Peters said.
The Etoro analyst added:
Bitcoin and its counterparts will sooner or later become part of the mainstream financial universe. I expect demand to increase and the price of bitcoin to reach at least $70,000 by the end of the year.
When BTC approached the $50k Luno handle, Asia-Pacific head Vijay Ayar said he thought the price would cross that psychological price zone. Aiyar pointed out that bitcoin is slowly moving away from the capitalization of the gold market.
As BTC approaches the psychological threshold of $50,000, gold miner Peter Schiff thinks bitcoin is worthless.
But while Luno Vijay Ayyar and others think bitcoin will eat up gold at the top of the market, gold expert Peter Schiff absolutely disagrees.
Big Wall Street investment banks love the Fed, Schiff tweeted. They love the fiat currency system, and they love government regulation that hinders free markets and crushes their small competitors. Now they like bitcoin too. Does anyone have a problem with bitcoin being Wall Street’s new best friend? Schiff asked his 355,000 followers on Twitter.
When someone responded and said BTC was a competitor to gold, Schiff again disagreed.
The golden beetle replied:
Not really, but maybe the Wall Street banks think so. Because they hate gold, it makes sense that they love bitcoin. The enemy of your enemy is your friend.
Other skeptics agree with Schiff, including Andy Kessler, a writer for Inside View and a contributor to the Wall Street Journal, who believes BTC is unnecessary. According to Kessler, the article is titled Behind the Bitcoin Bubble: Manipulative actors are known to prey on the madness of the crowd.
In the article, Kessler says:
Bitcoin is nothing, it’s a vapor, a concept of an idea. Bitcoin transactions are rare and widespread. It is not a store of value – something that drops 30% in a week cannot play that role.
Just a guess, but I think #Bitcoin passes $50k on the first try.
– Vinny Lingham (@VinnyLingham) February 11, 2021
Although bitcoin (BTC) has its pessimists and detractors, it seems that many people and organizations are much more optimistic. Last week, Guggenheim Partners’ chief investment officer Scott Minerd raised his rating against the leading crypto asset. We did a lot of background research, says Minderd.
If you look at the supply of bitcoins versus the supply of gold in the world and the total value of gold, if bitcoin were to reach those numbers, we would be talking about $400,000 to $600,000 per bitcoin. I’m not saying we’ll ever get there, but it gives you an idea of what a fair value might be, the Guggenheim miner added.
However, no prediction is set in stone, and only time will tell what the future price of BTC will be.
What do you think of all the bitcoin price predictions for 2021? Let us know what you think in the comments below.
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frequently asked questions
How much will BTC cost in 2020?
Moas expects bitcoin to reach a price of $50,000 by the end of 2020. He also believes that in the next ten years, the market capitalization of all cryptocurrencies will explode to as much as $2 trillion (from $150 billion today).
What is the outlook for bitcoin in 2021?
According to Morehead, bitcoin is currently exceeding the company’s expectations. Pantera Capital expects the cryptocurrency to reach $115,000 by the summer of 2021.
What is the outlook for bitcoin?
2021 bitcoin price predictions: Analysts predict that BTC will be worth between zero and $600,000. As bitcoin hit new highs on Thursday, approaching the $50,000 mark, people wondered where the price would go in the future.
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