How much can bitcoin go up to? Someone on Wall Street is calling out the sky high price: one million dollars!

Source: according to Wall Street analysts, bitcoin prices may reach $500000 by the end of 2030, and eventually reach $1 million. Bitcoin will become the global reserve currency with a market value far exceeding that of gold. Bitcoin just stood at $50000 this week when someone called out a one million day price target. Anthony pompliano, co-founder of Morgan Creek digital assets, predicted on Wednesday that bitcoin prices could reach $500000 by the end of 2030 and eventually reach $1 million, making it a global reserve currency with a market value far beyond gold. Pompliano believes that the scarcity of bitcoin (the supply limit of 21 million pieces) and its decentralized nature are two important factors in bitcoin’s popularity. The so-called decentralization means that users can transfer a lot of value to other network participants almost instantaneously without any central administrator to verify the transaction, with little management trouble. At the same time, the participation of institutions and large companies is further boosting the currency price. After Tesla announced that it would invest $1.5 billion to allocate bitcoin and plan to accept cryptocurrency as a payment method, bitcoin and other cryptocurrency assets seem to be on the fast track of being accepted by institutions. On Thursday, bny Mellon, the country’s oldest bank and major custodian, announced that it would hold, transfer and issue bitcoin and other cryptocurrencies for institutional clients later this year, with the ultimate plan to treat digital currencies equally with other assets such as treasury bonds and technology stocks. According to analysts, this is the first large custody bank to announce the road map to regard digital currency as the same status as other traditional assets. MasterCard, the global payment giant, also announced on Wednesday that it plans to support some digital currencies on its network later this year. In addition, asset management giant BlackRock and payment giants square and paypal have recently begun to support digital currencies. According to Nikolaos panigirtzoglou, JPMorgan global market strategist, CNBC quoted Nikolaos panigirtziglou, JPMorgan global market strategist, as saying bitcoin was competing with traditional gold as a form of digital gold. In a January report, panigirtzoglou set the “theoretical” long-term target price of bitcoin at $146000. According to its statistics, for investment purposes only, the value of gold held by the private sector is about $2.7 trillion. To reach this level, the corresponding currency price of bitcoin should be $146000. However, behind the sharp rise in currency prices, some institutions believe that the current rise in bitcoin is unsustainable, and the risks can not be ignored. JPMorgan recently warned about the high volatility of bitcoin, which said in a report on Wednesday that bitcoin’s real price volatility over three months was 87%, compared with 16% for gold – that is, bitcoin is five times more volatile than gold. JP Morgan believes that bitcoin’s current rally is still risky, although it is driven by institutional investors, but the participation of retail investors is also very high, and believes that there is not enough buying to maintain a high level of bitcoin. The biggest risk is that the liquidity impulse seen in the past few months has slowed down significantly from now on, according to panigirtzoglou. JPMorgan said the momentum to push bitcoin up to a record $50000 or more is unsustainable unless bitcoin price volatility eases quickly.

Leave a Reply

Your email address will not be published. Required fields are marked *