Capital.com analyst, Mikhail Karkhalev predicts Bitcoin will reach $170,000 by the end of 2022 or early 2023.
The analyst said, “Bitcoin’s prospects in the medium to long-term are promising“. He predicted Bitcoin to rise to $80,000-$85,000 by the end of 2021. But he’s not the only one who thinks Bitcoin will surge past 6-figures.
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If you thought it was too late to get into Bitcoin, you’re not alone. I was in the same boat before I put my first $100 in the cryptocurrency. Now, $100 is not much to invest in but I was testing the crypto market to see whether it be something I could invest in long term.
So, I decided to purchase my first fractions of Bitcoin using the exchange known as Kraken. I bought in when BTC was around $60K per coin and then it plummeted to about $29K. Good thing I only put $100.
But here’s what happened next. I did a little more research and stumbled across the information that Bitcoin’s demand can easily send it to 6-figures per coin. I was sold and have put 4-figures in this vehicle around $32K. BTC has now risen close to $50K. Once BTC reaches $64K, I would have doubled my money.
Bitcoin Price Prediction: Forbes
According to Forbes, an expert panel has predicted that Bitcoin price will climb to well over $100,000 in 2021. A third of the panelist surveyed believe Bitcoin price could soar higher, reaching beyond $120,000 this year.
But get this, the panel average says Bitcoin price will skyrocket to a whopping $107,484 at some point during 2021.
Experts are extremely bullish on Bitcoin. It’s a matter of supply and demand, similar to what we’re seeing with AMC Entertainment stock.
Bitcoin is a different monster though, with all respect.
Why Is Bitcoin Going Up?
Bitcoin price is going up mainly due to supply and demand in the markets. Institutions and retail investors alike continue to buy the limited cryptocurrency.
CNBC asked Chamath, an early Facebook investor and venture capitalist, how high he thinks Bitcoin will continue to soar earlier this year.
Listen to Chamath’s response below.
“Where is it going? It’s probably going to 100, then 150, then 200 thousand”. Chamath was one of the first people to invest in Bitcoin a decade ago.
He’s worth more than $1 billion today and is the founder and CEO of Social Capital, an organization of investors focused on creating more opportunity globally.
How Much Was Bitcoin Worth When It First Started?
Bitcoin price started trading at approximately $0.08 per coin back in July of 2010 but was worth even less during inception.
Here’s how much money you would have today if you invested in Bitcoin when it first started:
- $100 in BTC would = $61 Million today
- $500 in BTC would = $308 Million today
- $1,000 in BTC would = $617 Million today
But don’t beat yourself up for it. The important thing that matters today is that now you know just how much further Bitcoin price can reach.
It’s what you do today that matters.
Is Bitcoin Overvalued?
Most experts don’t think so. In a panel by Finder, 76% of respondants thought Bitcoin was not overvalued with only 24% saying it was.
I think most people are intrigued with what’s happening with Bitcoin today. FOMO (fear of missing out) is causing new investors to buy Bitcoin.
Because Bitcoin is limited, the cryptocurrency has a high demand. And it’s especially attractive when you compare gains from parking money in Bitcoin then the gains from a money market account.
Bitcoin could be a great vehicle to put some money in while its value continues to surge. One thing is certain and that is your bank will never give you these returns.
What Are The Top Companies Holding Bitcoin?
- MicroStrategy | 105,085 BTC
- Tesla | 42,902 BTC
- Galaxy Digital Holdings | 16,400 BTC
- Voyager Digital LTD | 12,260 BTC
- Square Inc. | 8,207 BTC
- Marathon Digital Holdings Inc. | 5,784 BTC
- Coinbase Global, Inc. | 4,482 BTC
- Bitcoin Group SE | 3,947 BTC
- Hut 8 Mining Corp | 3,522 BTC
- Riot Blockchain, Inc. | 2,243 BTC
Multiply the number of BTC each company holds by Bitcoin’s current price and you’ll be astonished by the amount of money that translates to.
The price of Bitcoin as of this publication is around $49.8K per coin. We’re so close to reaching $50K.
Should You Buy Bitcoin?
There’s no question about it. Bitcoin is correcting itself back to $60K per coin and with analysts prediction bitcoin to $100,000 and beyond, why wouldn’t you?
At first, I was hesitant about Bitcoin. I thought it was too late to buy it, I didn’t know you could buy fractions of it, and to be honest I didn’t even know how to buy it.
But if you’re interested in diversifying your portfolio now and want to put multiply your money with this cryptocurrency, read this article on how to buy Bitcoin with Kraken exchange.
Are you invested in other cryptocurrency?
Are you invested in other cryptocurrency besides Bitcoin? If so, let me know in the comment section below what that crypto is. Or, is this your first time getting into Bitcoin? I’d love to know.