As bitcoin reached new price spikes on Thursday, close to the $ 50,000 mark, people were curious to know where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives and proponents of the cryptographic space believe that the main crypto asset will reach between $ 60,000 and six digits this year.
Mike Novogratz predicts $ 100k Bitcoin: ‘Other CFOs and CEOs are saying, what should we be doing?’
Satoshi Nakamoto’s invention has gained mass appeal in recent times, as the main bitcoin digital asset (BTC) reached its highest value in 2021. On Thursday morning (EST), BTC reached a historic peak (ATH) of $ 48,697 per unit. Early in the morning, around 2 am, bitcoin was changing hands for $ 44,485 and has seen an increase of 8.98% since then. At the time of publication, at 6:30 pm (EST) on February 11, 2021, bitcoin (BTC) is being exchanged for $ 47,821 per currency.
With BTC so close to the $ 50,000 mark, people are predicting new price predictions for 2021. Some individuals think the bull run is not over, and crypto advocates should expect much higher prices from here. Although, skeptics think that the main cryptographic asset is completely useless and the biggest bubble the world has seen in years.
Mike Novogratz, the founder of Galaxy Digital recently sat down for an interview with Bloomberg after Tesla revealed that it had purchased $ 1.5 billion in BTC.
“You have the biggest and richest man in the world and one of the biggest stories about it. You have to think that other CFOs and CEOs are saying, what should we do? ”Said Novogratz. Bitcoin bull Novogratz expects many more companies to follow the same path as Tesla and thinks BTC could reach $ 100,000 this year.
In a note to investors last week, the quantitative trading company QCP Capital discussed the financial manager of Bridgewater Associates and said that Ray Dalio’s company explained “that if 50% of the gold capital was transferred to BTC, it would result in a price of $ 85,000 per 1 BTC”. In late January, Dalio told the public that colleagues at Bridgewater Associates “are concentrating intensely on alternative storage of wealth assets”.
A myriad of Bitcoin price predictions between zero and $ 600k
On February 11, the crypto analyst for the multi-asset investment platform Etoro, Simon Peters, explained in a note to investors that BTC could withdraw $ 70,000 by the end of the year.
“The world of crypto assets is exploding in the fields of traditional finance at an impressive rate. The main payment provider, Mastercard, has announced that it will support digital assets directly through its own network, signaling another important milestone for the industry, ”wrote Peters.
The Etoro analyst added:
Bitcoin and its peers will simply be part of the dominant financial universe sooner or later. I expect demand to grow and bitcoin prices to reach at least $ 70,000 by the end of this year.
When the BTC approached $ 50,000, Asia-Pacific chief Vijay Ayyar de Luno said he believed the price would exceed this psychological price zone. Ayyar emphasized that bitcoin is “slowly advancing in the gold market capitalization”.
But although Vijay Ayyar de Luno and others believe that bitcoin will erode the gold market capitalization, the gold insect Peter Schiff certainly disagrees.
“The big Wall Street investment banks love the Fed,” Schiff tweeted. “They love the fiduciary monetary system and they love government regulations that inhibit free markets and crush their smaller competitors. Now they also love Bitcoin. Is bitcoin being Wall Street’s newest best friend a problem for anyone? ”Schiff asked his 355,000 followers on Twitter.
When someone responded and said that BTC was a gold competitor, Schiff again disagreed.
The gold bug answered:
Not really, but perhaps Wall Street banks think so. Since they hate gold, it might make sense that they love bitcoin. Your enemy’s enemy is your friend.
Other skeptics fully agree with Schiff’s opinion, as Inside View author and Wall Street Journal contributor Andy Kessler thinks BTC is worthless. In Kessler’s opinionated article dubbed “Behind the Bitcoin bubble: manipulative actors are known to take advantage of the madness of the crowds”.
In the article, Kessler states:
Bitcoin is nothing, it is steam, a concept of idea. Transactions using bitcoin are few and far between. It is not a store of value – anything that falls 30% in a week cannot play that role.
Just a guess, but I think #Bitcoin explodes $ 50k on the first try.
– Vinny Lingham (@VinnyLingham) February 11, 2021
Although bitcoin (BTC) has its skeptics and critics, there seem to be many individuals and organizations that are much more optimistic. Last week, investment director at Guggenheim Partners, Scott Minerd, increased his estimate of the main crypto asset. “We did a lot of fundamental research,” explained Minerd.
“If you consider the bitcoin supply in relation to the gold supply in the world and what is the total value of gold, if bitcoin were for that type of number, we would be talking about $ 400,000 to $ 600,000 per bitcoin. Now, I am not saying that we will finally get there, but that is an indication of what a fair value can be, ”added Minerd of Guggenheim.
However, nobody’s forecast is set in stone and only time will tell what will happen with regard to the future price of BTC.
What do you think of all 2021 bitcoin price predictions? Let us know what you think about this in the comments section below.
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