When Bitcoin hit new price highs near the $ 50,000 handle on Thursday, people were curious about where the price will go in the future. Despite the gains so far, a number of big names, analysts, executives, and proponents in the crypto space believe the leading crypto asset will hit between 60,000 and six-digit figures this year.
Mike Novogratz Predicts $ 100,000 Bitcoin: “Other CFOs and CEOs Say What Should We Do?”
Satoshi Nakamoto’s invention has grown in popularity recently as the leading bitcoin for digital assets (BTC) hit its peak in 2021. On Thursday morning (EST), BTC hit an all-time high (ATH) of $ 48,697 per unit. Early in the morning around 2 a.m., Bitcoin traded hands for $ 44,485 and has since grown by 8.98%. At the time of publication, February 11, 2021, at 6:30 p.m. (EST), Bitcoin (BTC) is exchanging for $ 47,821 per coin.
With BTC so close to the $ 50,000 mark, people have been forecasting new price predictions for 2021. Some people believe the bull run isn’t over yet, and crypto backers should expect much higher prices from here. Although skeptics believe that the leading crypto asset is utterly worthless and the biggest bubble the world has seen in years.
The founder of Galaxy Digital believes that Bitcoin (BTC) could reach six-digit numbers by the end of the year.
Galaxy Digital founder Mike Novogratz sat down for an interview with Bloomberg recently after Tesla announced it had bought $ 1.5 billion worth of BTC.
“You have the tallest, richest man in the world and one of the greatest stories that do that. You have to think other CFOs and CEOs are saying what should we do? “Said Novogratz. Bitcoin bull Novogratz expects many more companies to follow Tesla’s Coattails and believes BTC could hit $ 100,000 this year.
In an investor announcement last week, quantitative trading firm QCP Capital discussed finance manager Bridgewater Associates, saying that Ray Dalio’s company stated, “If 50% of the gold capital goes into BTC, it would result in a price of $ 85,000 per 1 BTC. ”At the end of January, Dalio announced to the public that colleagues at Bridgewater Associates are“ intensely focused on alternative asset safekeeping ”.
A variety of bitcoin price predictions between zero and $ 600,000
On February 11, cryptanalyst at multi-asset investment platform Etoro, Simon Peters, told investors in a statement that BTC could tap $ 70,000 by the end of the year.
“The world of crypto assets is breaking into traditional finance at a breathtaking pace. The major payment provider Mastercard announced that it will support digital assets directly through its own network, which is another important milestone for the industry, ”wrote Peters.
The Etoro analyst added:
Bitcoin and its counterparts are simply going to be part of the mainstream financial universe sooner rather than later. I expect demand will increase and Bitcoin prices will hit at least $ 70,000 by the end of this year.
As BTC neared the $ 50,000 handle, Luno’s Asia Pacific chief Vijay Ayyar said he believed the price would surpass this psychological price zone. Ayyar emphasized that Bitcoin “is slowly overtaking gold’s market capitalization”.
While BTC has come dangerously close to the psychological price of $ 50,000, Goldbug Peter Schiff considers Bitcoin to be worthless.
But while Lunos Vijay Ayyar and others believe that Bitcoin will devour gold market capitalization, gold bug Peter Schiff certainly disagrees.
“Big Wall Street investment banks love the Fed,” Schiff tweeted. “They love the fiat currency system and government regulations that hamper free markets and suppress their smaller competitors. Now they love Bitcoin too. As Wall Street’s newest BFF, is Bitcoin a problem for everyone? “Schiff asked his 355,000 Twitter followers.
When someone replied and said that BTC was a competitor to gold, Schiff disagreed again.
The gold bug replied:
Not really, but maybe Wall Street banks think it is. Since they hate gold, loving bitcoin can make sense. The enemy of your enemy is your friend.
Other skeptics wholeheartedly agree with Schiff, as Inside View writer and Wall Street Journal contributor Andy Kessler believes BTC is worthless. In Kessler’s statement, titled “Behind the Bitcoin Bubble: Manipulative Actors Are Known for Taking advantage of the madness of the masses.”
In the article, Kessler explains:
Bitcoin is nothing, it’s steam, a concept of an idea. Transactions with Bitcoin are few and far between. It’s not a store of value – anything that falls 30% in a week cannot play that role.
Just a guess, but I think #Bitcoin blows through $ 50,000 on the first try.
– Vinny Lingham (@VinnyLingham) February 11, 2021
While Bitcoin (BTC) has its skeptics and critics, there appear to be many individuals and organizations out there who are far more optimistic. Last week, Scott Minerd, Guggenheim Partners chief investment officer, raised his estimate for the leading crypto asset. “We did a lot of basic research,” Minerd explained.
“If you look at the supply of bitcoin in relation to the gold supply in the world and the total value of gold, if bitcoin were to go to such numbers, we would be talking about $ 400,000 to $ 600,000 per bitcoin. Well, I’m not saying we will eventually get there, but that is an indication of what might be fair value, ”added Guggenheim’s Minerd.
Even so, nobody’s prediction is set in stone and only time will tell what will turn out to be the future price of BTC.
What do you think of all of the Bitcoin price predictions for 2021? Let us know what you think on this matter in the comments section below.
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