You may think that it sounds a little unbelievable for such a new asset to soar to such insane price predictions. However a lot of high up financial experts are predicting that bitcoin may do just that.
Bitcoin has a fixed supply cap of only 21 million and a large bulk of bitcoins supply is lost forever. Couple that with the increase money printing that world governments have been doing non stop through the 2020 pandemic. And you find yourself in a place where a 100k bitcoin doesn’t sound that farfetched.
I guess only time will tell what and how all of this unfolds, but right now things are looking up for this newly minted asset class. Check out the full article below.
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Bitcoin could surge to $100,000 by the end of 2021, according to the crypto investor Anthony Pompliano. The coin traded as high as $19,389 on Wednesday and is nearing its all-time high, reached in 2017.
Pompliano added that the macroeconomic environment right now was “rocket fuel” for Bitcoin. Low interest rates, money printing, and the Federal Reserve’s average inflation target of 2% have driven retail and institutional investors into Bitcoin, he said.
“I don’t think it’s that crazy to see a $100,000 bitcoin price by the end of 2021,” Pompliano said. “And if we continue to get bigger and bigger buyers … if this kind of tips over and all of the sudden it becomes kind of a consensus trade, it wouldn’t surprise me to see something even higher than $100,000.”
Bitcoin has surged by roughly 160% this year as more major investors and institutions acknowledge the cryptocurrency’s legitimacy as a store of value. The billionaire hedge-fund manager Stanley Druckenmiller told CNBC earlier this month that he owned a “tiny bit” of bitcoin as a hedge against inflationary pressure, while the venture capitalist Chamath Palihapitiya said in February that every citizen should hold 1% of their assets in bitcoin because it’s a “fantastic hedge.”
Source Market Insiders
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