Welcome to the video, where we discuss the latest news in the world of cryptocurrency. In this episode, we will talk about the possibility of Bitcoin reaching new heights this year, with insiders predicting that it could reach a staggering $100,000.
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Bitcoin’s Performance in 2021 Bitcoin has had an impressive start to the year, rallying nearly 70%. Its performance has left industry insiders bullish about the cryptocurrency's future. Despite a fall of about 60% since hitting its all-time high of $68,990.90 in November 2021, the industry remains optimistic.
Insiders' Predictions Marshall Beard, the Chief Strategy Officer at US-based cryptocurrency exchange, Gemini, is one of those insiders who remain bullish about Bitcoin's future. Beard believes that $100,000 is a possibility for Bitcoin and predicts that it could reach this mark this year. He also says that the $100,000 price figure is an “interesting number”.
Paolo Ardoino, the Chief Technology Officer at stablecoin issuer, Tether, believes that Bitcoin could “retest” its all-time high near $69,000. The predictions of new record highs mark a more optimistic outlook than in January when industry executives told CNBC that they expected 2023 to be a year of caution.
Reasons for Optimism The positive view of the cryptocurrency industry towards Bitcoin stems from how well the asset has performed during the banking turmoil sparked by the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders, Silvergate Capital, and Signature Bank. Instead of crashing, Bitcoin rallied, providing evidence to supporters that it could offer an alternative to the traditional banking system as a place for people to keep their money safe.
Oliver Linch, the CEO of Bittrex Global, believes that the recent rally in Bitcoin is explicable by saying people have got freaked out by the banking system by the collapses.
Bitcoin as Digital Gold For many years, Bitcoin advocates have argued that it is a form of “digital gold” — a safe-haven asset that can provide investors a hedge against inflation and an investment in times of turmoil. Over the past few years, Bitcoin has traded in correlation with stocks, in particular, the tech-heavy Nasdaq. However, there are now signs of decoupling with Bitcoin massively outperforming the Nasdaq, many other risk-assets, and gold this year.
The $1 Million Bitcoin Bet Discussion of where the digital coin's price could go this year has been rife since Balaji Srinivasan, an investor and the former technology chief at Coinbase, wagered on Mar. 17 that Bitcoin would be worth $1 million or more in 90 days. He bet $2 million. The wager was in response to a Twitter user who said that they would bet $1 million that the U.S. does not enter hyperinflation.
Srinivasan argued that the “world redenominates on Bitcoin as digital gold” as hyperinflation kicks in, erodes the value of the U.S. dollar, and nations, individuals and companies begin to buy large amounts of Bitcoin. However, Marshall Beard from Gemini says, “I think for Bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don’t want.”
Conclusion That's all for this episode. Thanks for watching. Let us know in the comments section what you think about Bitcoin reaching $100,000 this year. Don't forget to subscribe to our channel for more updates on cryptocurrency news.