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In 2020 the price of Bitcoin has risen by 175 percent. This is a result of a number of factors which include an important fact that international payment companies like PayPal and Square made the decision to allow its users to buy and sell the cryptocurrency.
In addition, many key financial institutions have started to view cryptocurrencies more favourably. This is because investors are now considering Bitcoin as a safe haven amid the economic uncertainty caused by the current pandemic.
Bitcoin’s rapid rise in value means that it still remains one of the most popular ways for people to invest.
In times of financial crisis caused by the COVID-19 pandemic, we see an impressive increase of bitcoin’s price, which gives many crypto experts the reason to believe that Bitcoin could reach the $100,000 mark by the end of 2021.
In 2020, the trend of high-profile asset managers buying into digital assets picked up pace dramatically. Institutional investors are opening long term positions and adding cryptocurrency to their portfolios, here are some telling signs and evidence to support the next wave of money that’s expected to flow into the cryptocurrency markets.
A recent survey of institutional investors by Evertas has found that a quarter believe that bitcoin will rise “dramatically” in the next five years, with a further two-thirds agreeing that there will be some rise.
BTC accounts for about two-thirds of the cryptocurrency market value, which is now beyond 1$ trillion
“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal,” said Brian Estes, chief investment officer at hedge fund Off the Chain Capital. He predicts the cryptocurrency could hit between $100,000 and $288,000 by the end of 2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold.
A technical analyst at US based financial giant Citibank Tom Fitzpatrick added that Bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders and opaque ownership.
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