Bitcoin (BTC) has come a long way since it was first created in 2009. While initially viewed as a niche investment, bitcoin has steadily gained mainstream attention and adoption. Today, there are millions of BTC hodlers around the world, and the cryptocurrency is now seen as a viable investment option by many businesses and individuals.
Interestingly, analysts have a wide range of views on the future value of bitcoin. While some are more conservative in their predictions, others are even more bullish, predicting that bitcoin will hit $1 million in value within the next decade. Forecasts from Cathy Woods Ark Invest and Galaxy Digital CEO Mike Novogratz have suggested that the price of bitcoin could trade between $500,000 and $1 million by 2030.
However, the predictions of some analysts about BTC are more specific as they suggest that the price could reach $100,000 much sooner than originally anticipated. While varying opinions on exactly when that will happen do exist, some experts are predicting that we could see BTC at $100k by the end of this year. In fact, @Crypto Rover, a knowledgeable educator in the space, recently said that BTC could reach $100,000 within 10 months.
From underground to mainstream: why bitcoin is set to take over the world of finance
Theres no doubt that bitcoin is the most widely used and prominent cryptocurrency on the market today. In the past two years alone, its value has spiked by more than 580%. With a market cap of $843 billion, BTC now accounts for almost 41% of the overall market capitalization of the cryptocurrency industry.
Most crypto experts believe that bitcoin will only continue to grow in prominence, eventually exceeding gold in market value and becoming the de facto standard store of value by 2030. Prices are expected to rise much further in the meantime, making bitcoin a very attractive investment.
In fact, investment firm VanEck, predicted in a report released last week that the apex cryptocurrency not only has double the upside of gold but it could also rise to a whopping $4.8 million in the event it ends up being the de facto global reserve asset.
Along the same lines, MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor told CNBC early last year that bitcoin will keep appreciating in value to the point where it becomes a “stabilizing influence” for the entire global financial system. He predicted, that bitcoins market value would be $100 trillion one day.
“There‘s a $500 trillion monetary planet and the outer layer is currency, then you’ve got stocks, bonds, real estate. There‘s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap,” Saylor said.
It should be noted that the verdict is still out on how factors, including the creation and implementation of central bank digital currencies (CBDCs), forthcoming halving events, and the involvement of institutional investors will play into the price of bitcoin and other cryptocurrencies. However, what is clear is that there are a number of potential catalysts that could affect prices in the months and years to come.
Price Action
BTC was last changing hands above $44,370, down more than 4% on the day.
