Bitcoin has skyrocketed through October, increasing as hype surrounding the first U.S. bitcoin futures exchange-traded fund (ETF) and new inflation fears galvanize investors.
The price of bitcoin has added around 40% since this time last month, earlier this week hitting an all-time high of around $ 67,000, $ 2,000 per bitcoin higher than its April peak.
Now, a panel of 50 bitcoin and cryptocurrency experts has predicted the price of bitcoin It will continue to climb through 2021, reaching highs of around $ 80,000, before rising to $ 250,000 by 2025 and a staggering $ 5 million per bitcoin by 2030.
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The price of bitcoin has doubled since January and bull traders have predicted that it will continue ... [+]
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"As bitcoin continues to mature and increase in value, usability, age and trust, it will behave less like a growing stock and more like a store of value similar to gold," said the panelist and founder of the ATM network of bitcoin CoinFlip, Daniel Polotsky. , which believes that Bitcoin will end 2021 at $ 80,000. "Eventually, bitcoin will dethrone gold as the king of safe-haven assets and hopefully this changing of the guard will take place by the end of the decade."
The dashboard, put together by the personal finance comparison site Discoverer, they were asked for their predictions for the price of bitcoin from late September to early Februaryโbefore the last bitcoin breakout.
The group, made up of crypto analysts, researchers, and entrepreneurs, returned a prediction of the average bitcoin price of $ 80,021 in 2021 before ending the year at $ 71,415. By the end of 2025 and 2030, panelists expect the price of bitcoin to skyrocket to an average of $ 249,578 and $ 5.2 million, respectively.
"The bull run is different this year," said panelist Gunnar Jaerv, chief operating officer of First Digital Trust, who has a prediction for the price of bitcoin by the end of 2021 of $ 70,000. "More innovations, more regulatory involvement (despite fear, uncertainty and doubt, known as FUD) and the conundrums of the ecosystem and infrastructure are fitting together very well."
However, not all panel members are optimistic about the prospects for bitcoin. Canberra University Senior Lecturer John Hawkins said he believes it is time to sell bitcoins, warning that it is a speculative bubble and that it will eventually collapse.
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The price of bitcoin has risen in recent weeks after a sell-off over the summer.
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"A bitcoin price collapse could be the result of disillusionment with all private cryptocurrencies (with the possible exception of genuinely backed stablecoins), as central bank digital currencies prove they are the future of electronic currency , or it could be simply because ethereum (or if it ever does, Facebook's diem) is considered the best crypto. "
The combined cryptocurrency market has exploded this year, becoming a multi-trillion dollar market as investors bet that Bitcoin will eventually replace gold as a major store of value and the likes of Ethereum and other blockchains of contracts. Smartphones will help form the foundation of a future digital economy. โReferring to its use in decentralized finance (DeFi) and non-fungible tokens (NFT).
The fast-paced cryptocurrency rally, which comes after governments flooded financial systems with cash to ward off the economic effects of coronavirus lockdowns, has prompted warnings of a fix by some in the crypto space.
Earlier this week, the CEO of Binance, the bitcoin and cryptocurrency exchange, warned that cryptocurrency traders should beware of "very high volatility."
"Expect very high volatility in cryptocurrencies in the coming months," said Binance CEO Changpeng Zhao, often known simply as CZ, via Twitter.
