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One industry expert who talked to CNBC said that the world’s largest cryptocurrency might hit new heights. Bitcoin has increased by about 70% so far this year.
According to Marshall Beard, chief strategy officer at the American branch of cryptocurrency exchange Gemini, bitcoin price usd might reach a price of $100,000.
The fact that bitcoin has performed well amid the banking turbulence caused by the failure of Silicon Valley Bank is actually one of the reasons why the industry currently has a favourable opinion of the asset.
bitcoin price usd
has gained about 70% so far this year, and experts who spoke with CNBC about the market remain confident, with one speculating that the largest cryptocurrency in the world might reach new heights.
In November 2021, Bitcoin reached an all-time high of $68,990.90. It has decreased by around 60% since then.
According to Marshall Beard, chief strategy officer at the American branch of cryptocurrency exchange Gemini, bitcoin might reach a price of $100,000.
Beard stated, “I think bitcoin price usd probably breaks all-time highs this year,” calling the $100,000 price point a “interesting number.”
If bitcoin reaches its previous record high of roughly $69,000, according to Beard, “it doesn’t take much more for it to lift up” to $100,000.
To reach $100,000, Bitcoin would need to increase by over 270%.
Has ‘digital gold’ truly arrived with bitcoin price usd ?
The fact that the market currently has a favourable outlook on bitcoin in part results from how the asset has fared amid the financial crisis brought on by the fall of Silicon Valley Bank as well as two crypto-friendly lenders Silvergate Capital and Signature Bank.
Bitcoin rose in price as opposed to falling.
This, according to proponents of bitcoin price usd, shows that bitcoin may serve as a secure alternative to the conventional banking system.
According to Oliver Linch, CEO of Bittrex Global, “I think the rally is explicable by saying, people have got freaked out by the banking system by the collapses,” he told CNBC in an interview on Thursday at Paris Blockchain Week.
Advocates of bitcoin have claimed for many years that it is a type of “digital gold”—a safe-haven asset that can give investors a buffer against inflation and a place to invest during unrest. However, during the past few years, bitcoin has fluctuated in tandem with stocks, particularly the Nasdaq, which is heavily weighted towards technology.
With bitcoin beating the Nasdaq, numerous other risk assets, including gold this year, there are now hints of decoupling.
However, there was also optimism that the financial crisis may limit the U.S. Federal Reserve’s capacity to raise interest rates as aggressively, which would be positive for risky assets like cryptocurrencies.
The $1,000,000 bitcoin price usd wager
Since investor and former technical director at Coinbase Balaji Srinivasan bet on March 17 that bitcoin will be worth $1 million or more in 90 days, speculation about where the price of the digital coin could go this year has been wild. He staked $2,000,000.
The bet was made in response to a Twitter user who said they would stake $1 million to prevent hyperinflation in the United States.
According to Srinivasan, once hyperinflation sets in, damages the value of the US dollar, and countries, people, and businesses start to purchase significant amounts of bitcoin, the “world redenominates on Bitcoin as digital gold.” The rapid increase in prices in an economy is known as hyperinflation.
The price of one bitcoin would climb by over 3,600% to $1 million from its existing level.
The majority of people have dismissed this prognosis.
Gemini’s Beard predicted that bitcoin would reach a million dollars in the future, but not in 90 days as Srinivasan had bet.
Tether’s Ardoino repeated the idea that an unexpected economic event would probably occur if bitcoin reached $1 million in the next 90 days.
I’m not sure about that because, to be quite honest, I wouldn’t even hope for that.