Editor's Note: This article comes fromChain reference (ID: lianneican), Author: Internal Reference Jun, reprinted by Odaily with authorization.
Editor's Note: This article comes from
Chain reference (ID: lianneican)
Chain reference (ID: lianneican)
, Author: Internal Reference Jun, reprinted by Odaily with authorization.
Over the past few days, Bitcoin has been making history. Entering 2021, Bitcoin has risen for three consecutive days, breaking through the $34,700 mark in one fell swoop. From its lows in March 2020, the cryptocurrency has gained 740%. As Bilello noted using the high-return and low-return metrics, Bitcoin is currently up more than 370% since the start of 2020.
Coingecko quotes show that the current total global cryptocurrency market value exceeds 850.687 billion US dollars. The total market value of Bitcoin has exceeded 600 billion US dollars, accounting for about 70.9% of the total market value. Compared with the stock market value of well-known companies, the ranking has risen to 9th, surpassing TSMC and approaching the market value of Alibaba.
According to Charlie Bilello of Compound Capital Advisors, if someone had invested in Bitcoin in 2011, they would have seen a return of over 13,632,800%. In comparison, the Nasdaq, the second-largest asset class, returned just 512%, while gold returned just 24.3%.
Safe-haven assets have been particularly strong in 2020, with the U.S. dollar taking a hit and the global economy struggling to recover from the fallout from the global pandemic. But bitcoin has been particularly strong this year, establishing itself as an excellent investment opportunity to hedge against fiat currencies.
As BTC rises throughout the year, researchers at finder.com polled 47 cryptocurrency experts. Forecast for 2021.
The finder.com survey was also completed before BTC breached the $20,000 region, with a majority (58%) of participants saying the bull market will continue until at least the second half of 2021. According to the survey, participants predicted that the price of BTC will double by the end of 2021. Respondents to the finder.com survey also predicted an average price per bitcoin of $51,951 as well. This is despite the fact that 52% of participating experts expect Bitcoin (BTC) to decline sharply after peaking in 2021.
Billionaire investor and Galaxy Digital founder Mike Novogratz predicts that Bitcoin could hit $65,000 in 2021. Simon Dedic, one of the founders of crypto analytics firm Blockfyre, expects the BTC to hit $1.500 million.
Bloomberg analyst Mike McGlone also predicted the future price of Bitcoin (BTC), saying that by 2022, BTC could leverage $170,000. “The key to bitcoin this year is simple, it just adds one to the front of the number,” McGlone said. "Remember, it was about $7,000 at the end of last year. My concern is that -- if you look at past performance, which could be indicative of the future, next year or two could be adding a zero to the end of the number."
According to Citibank analyst Tom Fitzpatrick's forecast, BTC will trade at $318,000 by the end of 2021. Fitzpatrick said BTC prices could see "incredible heights" followed by painful corrections. The Citibank executive also said that Bitcoin is the new gold with fewer restrictions. Bitcoin is the new gold," Fitzpatrick insisted.
In an interview, Mark Yusko, CEO of capital management giant Morgan Creek, predicted that Bitcoin could easily reach $100,000 in 2021 or 2022. During the discussion, Yusko also insisted that the price of Bitcoin could also reach $4 million to $500,000. . Yusko said at the time: "If we talk about the equivalence of gold, which means that the market value of Bitcoin is equal to the market value of gold, I think it is completely logical, you can easily see a point, 400,000 to $500,000 price."
Teeka Tiwari, a renowned financial analyst, editor of Palm Beach Letter and author of New World Money, has become a name in the cryptocurrency industry. He is known in the market for his views and advice for his bullish predictions on Bitcoin and the alleged millions of dollars invested in the cryptocurrency.
Tiwari rose to fame in 2015 when he accurately predicted the bitcoin boom, urging investors to consider adding the cryptocurrency to their portfolios. With experience in hedge fund management, Tiwari has a wealth of insight into saving, investing, and portfolios designed to weather recessionary economies. With Bitcoin’s recent boom, Tiwari’s insight has once again proven beneficial to the market.
As the global pandemic unfolds, Bitcoin has enjoyed healthy growth in popularity and value around the world. With institutional investment stronger than ever, a falling dollar, and increased regulation, the crypto industry appears to be headed for a strong bull market — as predicted by Teeka Tiwari.
During a recent call with Legacy Research Group's Chris Lowe, Tiwari said he expects Bitcoin to reach $60,000 or $70,000 "much faster than most people realize." Given any time frame for growth, he suggests that the bitcoin industry will reach a multi-trillion-dollar ceiling, similar to high-yield stocks: You see trillion-dollar stocks like Amazon and Apple.”
He added that he thinks the current rally is just the beginning of a price surge: We may be in the second half of the first leg of a bull market. "
Tyler Winklevoss and Cameron Winklevoss, founders of Gemini exchange, believe that Bitcoin "is better gold than gold", which means that the price of Bitcoin will rise $500,000 is inevitable.
Scott Minerd, global head of investments at asset management giant Guggenheim Investments, said BTC should be worth $400,000. Minerd said his firm's analysis is based on "scarcity and relative valuations, such as gold as a percentage of GDP."
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In a new video, Minerd points to BTC’s total supply cap of 21 million coins, as well as the government’s policy choices, both of which he says lend credence to the theory. "If you target gold's market cap and use that as a relative valuation model, if bitcoin does eat into gold's market cap over the next 100 years, then I do think Scott Minard's $400,000 price target and I think there are a lot of other upcoming bitcoins that will offer -- that actually does make sense, especially when you factor in that store's value asset, which is far, far greater in gold."
