The price of Bitcoin has soared to over $50,000. Many investors and market watchers are curious about where the price of this giant cryptocurrency will be by the end of the year. A number of analysts, luminaries, proponents, and executives in the cryptocurrency space believe that this digital asset will continue to rise in value as the year progresses.
Over the most recent years, Bitcoin has gained mass appeal as the world’s leading crypto, and it has hit its all-time high in 2021. As of Wednesday the 17th of February 2021, Bitcoin is trading at $52,345, which is in the range of its all-time-high.
With BTC having hit the $50K mark, investors and speculators are beginning to make new Bitcoin price forecasts for 2021. Most people are of the opinion that the bull trend is not yet over and that investors should expect to rip more gains. Others who are skeptical of this digital asset believe it’s a market bubble with no value whatsoever.
What Industry Experts Are Saying
According to Mike Novogratz, who is the founder of Galaxy Digital, BTC might reach a six-figure digit by the end of the year. During a recent interview with Bloomberg after Tesla bought $1.5 billion worth of Bitcoin, Mike advised that if the wealthiest man in the corporate world is playing the BTC game, other CEOs and CFOs should follow suit. If other companies were to follow Tesla’s move, the price of Bitcoin is expected to hit $100,000 by the end of December 2021.
QCP Capital, a quantitative trading company, was recently discussing Bridgewater Associates and noted that according to Ray Dalio’s firm, 50 percent of the money in gold has moved to BTC and that this shift would result in a BTC price of about $85,000. Towards the end of January, Ray Dalio revealed in public that Bridgewater Associates investors were seeking an alternative store hold of wealth assets.
Another analyst from Etoro, a multi-asset investments platform, explained to investors on 11th February that BTC will close at $70,000 by the end of the year. “The world of digital assets is gradually entering into the realms of conventional finance but at a staggering pace. When a major player in the financial sector such as MasterCard announces that it would be supporting digital assets, it is a major milestone for cryptocurrencies,” Peter wrote.
When Bitcoin was approaching the $50,00 mark, Vijay Ayyar, who is Luno’s head of Asian Pacific, said that the price of BTC might surpass that psychological price zone while noting that Bitcoin has been slowly feeding on gold’s market capitalization.
The Dissenting Opinion
Despite what Ayyar and other crypto supporters believe, gold bug Peter Schiff posits that BTC is valueless. He disagrees with Vijay Ayyar’s opinion that Bitcoin is replacing gold’s market cap.
“Wall Street investment banks are in bed with the Fed,” Schiff wrote in a tweet. “They all love the fiat system and the accompanying government regulations that squash small competitors by inhibiting free markets. They are now in love with Bitcoin. Does anyone have an issue with Bitcoin being Wall Street’s new BFF?” Schiff to his Twitter followers.
When one of his followers commented saying that Bitcoin is a competitor to gold, the gold bug responded as follows:
“Not so, but wall street banks probably think it is. Since gold is spiteful to them, it absolutely makes sense that they are in love with Bitcoin. Your enemy’s enemy is definitely your friend. “
There are other skeptics who seem to agree with Peter’s opinion. Andy Kessler, a Wall Street Journal contributor and the author of Inside View, also believes Bitcoin is worthless. In one of his articles titled “Behind the Bitcoin Bubble: Manipulative Actors Have Been Known to Take Advantage of The Madness of Crowds, “Andy notes that,
“BTC is nothing but a vapor or a concept of a raw idea. Transactions done using the crypto are few and far between. BTC is not a store of value because anything that dives 30% in a single week cannot play such a role.”
Summary
Despite the fact that Bitcoin has its critics and skeptics, there are far more organizations and individuals who are optimistic. The price of BTC is expected to continue rising, and the majority believe that it will close at above $100,000 at the end of 2021.
