Bitcoin (BTC): This Huge $10 Trillion Cryptocurrency Price Prediction!

Bitcoin has been swinging wildly this week as traders brace for a “crush” from the Federal Reserve that could trigger a “worse than 2008” crash.

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The price of bitcoin fell back below $20,000 after trying to breach the psychological threshold earlier this month, pushed lower by a surprise warning from the Biden administration.

Today, Michael Saylor, president and co-founder of software company MicroStrategy, has become a bitcoin acquisition vehicle.
predicted that the value of bitcoin will exceed that of gold within ten years, which could give bitcoin a price of $500,000 and a market capitalization of $10 trillion (although a Wall Street CEO called him “dangerous”).

The price of bitcoin has crashed over the past year, but some bitcoin investors remain optimistic.

“The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset,” Saylor told MarketWatch this week, adding that gold is a $10 trillion asset. “Bitcoin is digital gold, it is 100 times better than gold and if bitcoin reaches the value of gold, it goes to $500,000 per bitcoin. »

Without giving a specific date, Saylor said he expects this to happen within the next ten years, predicting that bitcoin will “become institutionalized,” initially regaining its asset position of 1 trillion dollars before exploding to 10 trillion dollars.

In recent months, the world’s largest asset manager, Blackrock, has “opened the floodgates of bitcoin access for institutions”, and investment giant Fidelity is reportedly considering offering bitcoin trading services to its 34.4 million retail investors.

However, Saylor cautioned that he does not have a short-term price prediction, saying he has no idea what the price of bitcoin will be 12 months from now, but noting the extreme volatility in prices of all asset classes due to the Federal Reserve’s monetary tightening policy.

The price of bitcoin “touched [20 000 dollars par bitcoin] a few times. I think it’s stable,” Saylor said, pointing to bitcoin’s four-year moving average price as a potential floor.

The price of bitcoin has crashed over the past year, from nearly $70,000 per bitcoin to less than… [+] $20,000.

However, traders who focus on bitcoin’s short-term price outlook fear that the Fed’s historic interest rate hike program could cause further pain for bitcoin and the cryptocurrency market.

“There is more pain for investors in the short term as markets will have to navigate their way through this new outlook,” said Anto Paroian, managing director of cryptocurrency hedge fund ARK36, in comments sent. by email.

“Long term, there doesn’t appear to be much reason for optimism either, as the Fed expects to continue its hikes through 2023 and not start cutting rates until 2024. . »

Last month, Saylor, who first used MicroStrategy money to buy bitcoin just over two years ago, quit as the company’s chief executive to focus on buying bitcoins.

After purchasing an additional 300 bitcoins this week, MicroStrategy now holds approximately 130,000 bitcoins, purchased at an average price of just over $30,000 per bitcoin and spending nearly $4 billion.

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Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
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