Bitcoin began the year trading at $47, 531.75, more than double what it started 2021 with. In 2021, the world’s largest cryptocurrency hit an all-time high of $69,000 amid the turbulent fluctuations the cryptocurrency faced. There were many predictions about Bitcoin for the year 2021 but they were not met as a result of a number of factors.
The year started with quite a number of predictions for Bitcoin. While many of these predictions were on the positive side, many others had nothing good to say about Bitcoin. For example, University of Sussex’s Carol Alexander forecasts Bitcoin falling as low as $10,000 this year wiping out previous gains. Her prediction stands on the basis that Bitcoin has no value and has no backing. This completely reminds us of what Donald Trump said months ago, that Bitcoin is a scam as it is based on thin air.
“If I were an investor now I would think about coming out of Bitcoin soon because its price will probably crash next year”, the University of Sussex professor said.
According to the CEO of Swiss digital asset bank Seba, the price of Bitcoin could reach $75,000 on the basis that more institutional investors will give the cryptocurrency a warm embrace this year.
Guido Buehler, the CEO of Seba, said during the Crypto Finance Conference in St. Moritz, Switzerland that “We believe the price is going up. Our internal valuation models indicate a price right now between $50,000 and $75,000. I’m quite confident we are going to see that level. The question is always timing”. The CEO also added that even with his prediction, Bitcoin’s volatility will still remain high.
The CEO’s prediction is entirely based on institutional investors opening up to Bitcoin which will help boost Bitcoin’s price. “Institutional money will probably drive the price up. We are working as a fully regulated bank. We have asset pools that are looking for the right times to invest”, he said.
Pascal Gauthier, the CEO of crypto wallet Ledger begs to differ. While he agrees that the price of Bitcoin will see an upward trend this year, he says that there is currently a “retail trend” for Bitcoin and that if the price would go up, it would be people who’d push it up and not institutional investors. “They trust Bitcoin more and more and it’s really the people that will push the price up,” he said.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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