Bitcoin Bulls Continue to Double Down on $100,000 Prediction

Home » Bitcoin Bulls Continue to Double Down on $100,000 Prediction


Although the tip of 2021 recommended that there may nonetheless be some concern in regard to the volatility of the market, there is no such thing as a doubt that final yr was enormous for the cryptocurrency trade and one which was enormous on the whole.

Certainly, there have been plenty of various things to look out for together with issues equivalent to non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum (ETH-USD) and smaller cryptocurrencies, nonetheless it’s was additionally a yr that had loads of impression on Bitcoin.

The cryptocurrency, which had skilled plenty of fluctuations over the past 12 months, had managed to hit an all-time excessive of a value close to $69,000 in November, nonetheless it had been decreased to round $47,000 not too long ago, leaving its market capitalization to being its second lowest and round 40% in response to TradingView information.

Nonetheless, this has not stopped many bulls from predicting that Bitcoin will nonetheless be capable to attain the $100,000 value that many have hoped it could, with many standing robust of their prediction and seemingly having as a lot confidence in it occurring as earlier than.

Naturally, there are a variety of various elements that many people and consultants could look to level to when it comes right down to attempting to again their prediction, with the playing trade maybe one of many largest. Crypto playing is an exercise that’s loved by many holders of digital forex, with using a Bitcoin casino persevering with to extend because of the advantages that gamblers are in a position to get pleasure from when taking part in their favourite video games. Moreover, to additional assist the suggestion that Bitcoin has benefited from this explicit trade and can probably proceed to take action, a examine by Thomas Conlon and Richard McGee in 2020 has already proven that the crypto token had loved a rise in value as soon as earlier than due to the wagering trade.

CryptosRus George Tung instructed Yahoo Finance that while within the “short-term, there could also be some volatility,” he felt that within the “long-term, inflation goes to be a unbroken subject, and bitcoin is seen as the most effective hedge in opposition to inflation at this level.”

Blockstream’s chief technique officer Samson Mow additionally appeared to double down on the prediction that Bitcoin will probably be a six-figure value by suggesting that it may occur inside the following six months. He said: “We’ll see $100k inside the first half of the yr.”

How did it additionally reveal that Bitcoin will nonetheless be a moderately risk-sensitive asset over the short-term, with plenty of various factors at play, but in addition said: “on a protracted sufficient time horizon, [Bitcoin] does its personal factor.”

El Salvador President, Nayib Bukele, has not too long ago echoed the opinion that Bitcoin will even be capable to attain the $100,000 value in 2022, as he made plenty of robust predictions while taking to Twitter and posting a tweet to all of his followers.

One of many predictions that he made that would assist the digital asset to grow to be a six-figure coin was that he felt two extra international locations will undertake the token as authorized tender within the subsequent 12 months, thus becoming a member of the Latin American nation in turning into amongst the primary to simply accept it.

Mow highlighted that “[Bitcoin] mining on the nationwide utility stage is step one,” and plenty of international locations have seen the market resurface. Although China banned cryptocurrency mining in June 2021, international locations together with Canada, Iran, Germany, Malaysia, Russia and america have all seen a resurgence in market curiosity, in response to analysis compiled by the Cambridge Bitcoin Electrical energy Consumption Index (CBECI).

Some would counsel that Bukele’s and Mow’s ideas are shared, although, because of the curiosity that they’ve collectively after a partnership was introduced that may see them provide “volcano bonds”. Half of the billion-dollar sovereign debt could be going in direction of financing “Bitcoin Metropolis ” which might harvest close by geothermal vitality from a volcano to mine Bitcoin.

Mow said {that a} “zero tax on all the things” improvement zone would assist to remodel El Salvador into the “Singapore of Latin America,” nonetheless it must be famous that the bond just isn’t but out there, as Blockstream continues to work with plenty of brokers. The opposite half of the 10-year bond providing will probably be transformed into Bitcoin, with a coupon of 6.5% being carried over the following decade.



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