Bitcoin has also become a sudden hedge for investors to shield their investments against legitimate inflation as a result of numerous government’s effort to support economies and increase in spending due to the pandemic.
The biggest digital coin in the crypto world Bitcoin has been tipped to further explode within the coming months according to crypto surveys. Bitcoin’s performance in the last quarter of the year has been nothing but marvelous. After a somewhat shaky start to the year, the coin finally looks set to embark on a bull run. Bitcoin achieved new ATH’s within 50 days and now crypto surveys as well as experts believe it has what it takes to achieve more.
Bitcoin has seen a rise of over 200% in its value since the start of the year. The digital coin sailed to a new ATH, surpassing the $20,000 mark for the first time in its history, touching above $23,000 on December 17 before dropping. As usual, the new feat has sparked an outpour of opinions, predictions, research and surveys as the big players in the crypto world are voicing out which direction they think Bitcoin is moving next.
Chief investment officer of Investment Bank Guggenheim Partners, Scott Minerd told investors to “try $400,000” when asked to make a prediction on Bitcoin next year. Minerd cited scarcity and relative valuation of Bitcoin to assets such as Gold as GDP for his forecast. He stated that Bitcoin possessed a lot of the attributes of gold and even more as well as qualities far within the reach of those assets such as an unprecedented transaction value.
A major factor highlighted in the various crypto surveys is the interest of some of the world’s biggest financial institutions in the digital coin. Wall Street giants, multinational payment companies as well as other financial firms have delved more into crypto this year and along with their overwhelming expertise and capital, the market is in for a big run.
Bitcoin has also become a sudden hedge for investors to shield their investments against legitimate inflation as a result of numerous government’s effort to support economies and increase in spending due to the pandemic.
Nigel Green, the CEO and founder of deVere Group, also told reporters that Bitcoin’s new ATH is a major milestone for the cryptocurrency and he is certain that this is not the end of the current historic bull run. According to him, the crypto market is no different from the rest of the financial markets as both go through peaks and troughs both of which can be beneficial to investors .
A pullback of Bitcoin’s price as well as the crypto market in general is inevitable as there’s the ever-present volatility and the whales of the market, selling off Bitcoin at record high prices. These whales hold enormous amounts of cryptocurrencies and therefore have a significant impact on the market and prices when they decide to offload and buy.
However, there’s also a good side to these lower entry points as it gives newbies and small investors the chance to increase their involvement in the crypto market.
The various crypto surveys also predict probable problems for the digital coin which is of no doubt but present developments as well as Bitcoin’s history places its long-era price trajectory on a bullish path.
Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
