If you’ve been keeping an eye on the Bitcoin market, you’ll notice that the panel’s predictions are softer than they were earlier this year. The vast majority of panel members feel that this is a good time to buy and hold Bitcoin, with only nine percent predicting that this is a bad time to sell. This may indicate that the market has already peaked and prices have fallen significantly.
If there is one thing that has the potential to drive the Bitcoin price down, it’s the rise of government regulation. Bitcoin is currently operating in a legal grey area, and governments could pass laws restricting its use. While it’s unlikely that the government will pass laws restricting the currency’s usage, it’s possible that the value of a single coin could be capped by the end of the year.
Some prominent figures are predicting that Bitcoin will hit a new high around the end of the year. Winklevoss twins, creators of the popular cryptocurrency, predict that the price of Bitcoin will hit $500,000 by 2030, which would put it on par with gold’s market cap of $9 trillion. Other Bitcoin personalities, such as Anthony Pompliano, have made Bitcoin predictions for months. He is the founder of Morgan Creek Digital, a crypto-friendly asset management company. The founder holds 50% of his personal net worth in Bitcoin.
Despite the recent government stimulus checks and policies, there’s a strong chance that Bitcoin will break its all-time high of $67,000 in late December and January. The value has already risen nearly 224% since April’s peak. Unlike stocks, Bitcoin’s price will continue to increase through the end of 2021, and a panel of 50 bitcoin experts believes that the digital currency will reach $80,000 by 2021. By 2025, it will reach $250,000 and reach $5 million by 2030.