Experts estimate Bitcoin to hit $ 100,000

According to the projections made at the beginning of the year, by experts in the cryptographic market, bitcoin could exceed the barrier of 100,000 dollars during 2021. Specialists from JP Morgan indicated that the trend could break this barrier and places at 146 thousand dollars, equivalent to 125,357 euros.

The price of bitcoin is currently $ 42,139.19, equivalent to 36,273.57 euros, a figure that is far from the $ 100,000 that they projected at the beginning of the year, being impacted by the prohibition that China made on the transactions with cryptocurrencies and the position that the president of the Securities and Exchange Commission (SEC) of the United States has expressed on the low viability of crypto in the long term.

However, and despite the ups and downs of the market, some experts remain optimistic and believe that bitcoin will increase in price in the last quarter of the year. This is how Raoul Pal, former manager of Goldman Sachs, predicts “a great last quarter” for this crypto. Additionally, Mike McGlone, a commodity expert at Bloomberg Intelligence, considers the possibility “that bitcoin will hit $ 100,000.”

While Adrian Zduńczyk has the same opinion, but points out “that after reaching the magic figure, there will be a 90 % drop in bitcoin.” This was also predicted by the Standard Chartered research team, at the beginning of September 2021, when the price of bitcoin was 39,740.06 euros.

Institutional investments in crypto

Some factors can directly affect the value of cryptocurrencies in the market. One of them is the “SEC’s approval of bitcoin ETFs,” something that experts say is very close to happening. The other factor that incentivizes the price is the institutional adoption of crypto in general, and bitcoin in particular, by institutional investors.

A study by Nickel Digital Asset Management (Nickel) with institutional investors and wealth managers from the United States, United Kingdom, France, Germany and the United Arab Emirates, who collectively have no current exposure to cryptocurrencies, found that “62 % of them expect  to invest in digital assets for the first time in 2022″.

Another 47 % believe that there are long-term growth prospects for cryptocurrencies, while 44 % said the decision is due to other corporations and fund managers already investing in digital currencies. Meanwhile, 41 % argued that it was due to the fact that the regulation of cryptocurrencies is improving and 34 % said it provides a good hedge against inflation.

M. Rodríguez

Source: businessinsider.es