Bitcoin surged through October as investors get excited about the new U.S. bitcoin futures exchange traded fund (ETF).
The bitcoin price has increased by around 40% over the last month. It reached an all-time high earlier this week of $67,000-$2,000 per Bitcoin, which is around 40% higher than its April peak.
A panel of 50 experts in bitcoin and cryptocurrency have predicted that the bitcoin price would continue to rise through 2021. It will reach highs of $80,000 before reaching $250,000 by 2025. Then, it will hit a new record of $5 million per bitcoin by 2030.
According to panelist Daniel Polotsky (founder of the bitcoin ATM network CoinFlip), bitcoin will become less growth stock and more like an age- and trust-based store of value as it matures. He believes that bitcoin will reach $80,000 by 2021. “Eventually, bitcoin will be the king of safe haven assets and I hope this change of guard occurs before the end of the decade.
The panel was assembled by personal finance comparison website Finder and asked for their predictions on the bitcoin price from late September to early February- prior to bitcoin’s most recent break out.
This group was made up of entrepreneurs, crypto analysts, and researchers. They predicted that bitcoin would reach $80,021 by 2021, before ending the year at $71,415. Panelists predict that bitcoin prices will rise to $249,578 per year and $5.2 million by 2030.
Gunnar Jaerv (First Digital Trust’s chief operational officer), said that the bull run was different this year. He has a $70,000 end-of-2021 prediction for bitcoin prices. “More innovation, more regulatory involvement (despite fear uncertainty and doubt, also known as FUD), and the ecosystem is falling into place quite nicely.
But not all panel members are optimistic about bitcoin’s prospects. John Hawkins, a senior lecturer at the University of Canberra, said that he believes it is time to sell bitcoin. He warned it is speculative and would eventually burst.
“A bitcoin price crash could be due to disillusionment about all private crypto (with possible exceptions of stablecoins that have genuine backing), as central bank digital currencies show they are the future e-currency. Or it could just be because ethereum, or if it ever launches Facebook’s diem, is considered the better crypto.
The market for crypto combined has seen a huge rise in value this year. Investors believe bitcoin will replace gold as a major store-of-value. Ethereum and other smart contract Blockchains will be a part of the foundation of a future digital economy. This will include their use in Decentralized Finance (DeFi) as well as non-fungible tokens.
After governments have flooded financial systems in cash to counter the economic effects coronavirus lockdowns on their economies, the crypto rally has sparked warnings from those within the crypto space.
The chief executive of Binance, a bitcoin and crypto exchange, warned crypto traders to be aware of’very high volatility’ earlier this week.
Changpeng Zhao (often referred to as CZ) said that he expects crypto volatility to rise in the coming months.