Crypto hedge company BlockTower Capital’s founder, Ari Paul, has a bullish outlook for the future of Bitcoin. He thinks that by 2024, the price of the well-known cryptocurrency might reach $100,000 per coin.
Paul explained the elements that caused the early 2000s dot-com bubble, acknowledging that this estimate seems optimistic.
In recent months and years, many investors have been buying cryptocurrencies, increasing Bitcoin’s demand and price.
A remarkable achievement in light of the current financial environment, Bitcoin has reached an all-time high of about USD 110,000.
Cryptocurrency Roughly Tripling
Some analysts think this target may be cautious due to the risk-on financial markets and the cryptocurrency roughly tripling since 2021.
Paul, a Wall Street analyst, thinks Bitcoin might hit its double-all-time high given these factors.
Reaching such a target will be difficult because investors need to be more apprehensive about investing in digital assets with variable pricing.
Before BTC is widely used, further research is needed to clarify its function in international banking and the economy.
Bitcoin has surmounted these challenges before, and if it continues its upward path in 2021, it might do so again.
Bitcoin’s popularity and value are rising due to institutional and individual investors’ acceptance and adoption.
People who want to protect their investments from inflationary currencies find it appealing because of its deflationary tendency.
Due to the COVID-19 pandemic’s economic instability, it offers an alternative investing choice to equities and bonds. Introducing fiat money into the crypto market could cause a dramatic shift in the industry.
Investors have long conjectured that this increase may have origins in established financial organizations like Grayscale’s GBTC trust.
The trust gives investors Bitcoin exposure without requiring them to hold it, making it a safer investment. This infusion of funds could boost crypto prices by bringing more capital into the market.
The implications are encouraging for investors trying to diversify their portfolios into cryptocurrencies and reap potential returns.
Famous investors agree that such organizations can boost liquidity and make cryptocurrencies more accessible to new investors. They also feel this might be a big stimulus for a crypto market bull run.
These investors are excited to see what happens when individuals use regular financial services to invest in cryptocurrencies.
Frigid Crypto Ice
For investors, the past several months have been quite the roller coaster in cryptocurrencies. Even the most popular digital asset, bitcoin, has seen price fluctuation.
One investor predicts Bitcoin will reach $60,000 by 2021, despite the news discouraging some investors.
Max Keiser, the host of the financial television show Keiser Report and a crypto proponent, made this wild prediction.
He thinks Bitcoin is a good long-term investment because of its scarcity and capacity to hedge against market unpredictability.
The market’s current state also seems conducive to a long-term increase in the coin’s value. If stock markets collapse by a third or more during a recession, there is another option to consider.
In this case, the investor admits that Bitcoin will fall below $12,000, contrary to his earlier prediction.
This might have serious financial repercussions for people who invested in Bitcoin and other cryptocurrencies now on the market.
Despite cryptocurrency market uncertainties, Ari Paul and BlockTower Capital are betting on Bitcoin’s (BTC) growth.
Paul recently stated that BTC would climb and remain a good long-term investment for him and the BlockTower fund. Since August 2022, BTC has not traded higher than it is doing right now when it is $23,400.
Paul thinks the present market turbulence will pass soon, and Bitcoin’s fundamentals are still solid. He said that institutional investors regard BTC as an alternative asset class with little or no correlation to stocks or bonds.
Paul thinks this market turbulence is a fantastic time for smart investors to buy BTC at low rates. You are citing increasing demand from both retail and institutional investors alike.
He also notes that more ordinary investors buy Bitcoin as a hedge against global central bank inflation.
China has permitted trading on select exchanges and created its digital currency, showing cryptocurrency’s rising popularity.