US-based Binance CEO Catherine Coley believes that Bitcoin could witness a price tag of $100,000 USD following the rapid surge to $30,000 USD.
She explained to the media outlet KLTA that the sudden rally Bitcoin faced to rise from $19,000 to over $34,000 on the cryptocurrency exchange could be an indicator that the cryptocurrency is headed for $100,000 USD by the end of the year. She suggested that the rally, most likely driven by a recent surge in institutional investors and a number of new Bitcoin whales flooding the market, could continue to skyrocket Bitcoin. She offered:
“Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion. I think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”
Bullish predictions for Bitcoin
Coley isn’t the only individual in the cryptocurrency exchange community pushing a bullish prediction for the price of Bitcoin. Tyler and Cameron believe there is a case for Bitcoin hitting a price of $500,000. Looking at data across the past years of Bitcoin trading and the overall financial market and lack of strength in the economy, the Gemini twins have stated that they think Bitcoin will overtake gold as the hedged asset against the dollar:
“If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”
At the end of last year, Kraken growth lead Dan Held noted that he sees Bitcoin entering into a supercycle in 2021. According to Held, this could send the price of Bitcoin up to a whopping $1,000,000, a more than 100 X increase. Held believes that the sudden spike in adoption – as well as the massive price hike – will lead to Bitcoin becoming a much more valued asset causing demand to skyrocket.
Bitcoin attention increasing
In addition to institutional investment increasing, with firms like MicroStrategy and Grayscale adding to their cryptocurrency portfolios, the attention towards Bitcoin has surged. As more and more individuals – both large-scale and smaller retailers – invest in Bitcoin, the price rises, which garners more attention to the market. Recently, Bitcoin made the front page of the Financial Times, which indicates another massive step for possible additional investor attention.
— Financial Times (@FinancialTimes) January 3, 2021