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The price of bitcoin has soared 350% since falling to recent lows of $15,000 in late 2022, and traders are setting a massive new bitcoin price target in recent weeks that could be reached sooner than you think.
Now, as China and Russia reveal they are ditching the US dollar for a bitcoin-inspired alternativeA Silicon Valley venture capitalist has declared that bitcoin is at an "inflection point" and could be about to open up Ethereum, XRP.
XRP
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The price of bitcoin has suddenly skyrocketed to over $70,000 per bitcoin.
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"We're going to reach a tipping point where everyone is really talking about this," said Chamath Palihapitiya, a venture capitalist, former Facebook (now Meta) executive and one of the early bitcoin investors who claims to have bought bitcoins for the first time in 2010. saying on the All In podcast alongside fellow investors Jason Calacanis, David Sacks and David Friedberg.
"I don't think we're there yet. I think we're just at the beginning, but when you see the inflows into these ETFs, it's a big deal because it allows every family individual to buy some to the point where they want to own it or they want to speculate." about him, whatever it is."
The fleet of new bitcoin spot ETFs has taken Wall Street by storm over the past two months, with BlackRock
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Other bitcoin and cryptocurrency market observers have made similar predictions.
"After $70,000 is broken, the next natural target is $100,000 and, if history rhymes, we could see Bitcoin testing the $200,000 to $300,000 range throughout 2025, when, as we have seen in the past, it will break. will trigger another correction that will lead to, hopefully, a higher price than the current one,” Samir Kerbage, chief investment officer at Hashdex, said in emailed comments.
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Bitcoin price has now fully recovered from its 2022 price crash, surpassing its previous level ... [+]
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The rush to buy spot bitcoin ETFs has fueled speculation that ethereum, XRP and other major cryptocurrencies could get their own ETFs in the coming months.
"I think it's been a very important year, and I think psychologically it's proven a lot of people wrong, and it's a preparation for something really constructive," Palihapitiya said.
"The other thing I will say is that it's not just about bitcoin, but about bitcoin, there are a handful of other things. People are now speculating that there will be an ethereum ETF that will also be approved because if you approve one, there are probably legitimate reasons to approve some others, so these things are becoming part of the financial fabric, and I think that should not be underestimated.
Last year, Palihapitiya declared that the bitcoin and cryptocurrency industry was "dead in the United States"-warning Regulators are coming for crypto companies like Coinbase.
