Over the past few weeks, bitcoin (BTC) has gained much attention regarding its price as it has spiked past the $5k mark. Currently, at the time of writing, it is standing around at $5,341 with a strong %1.11 rise in the past 24 hours. With this spike, everyone is now speculating where the asset will end up? As the crypto winter has officially ended, everyone is thinking about joining the crypto world for making investments and gaining large profits. People are trying to locate the perfect spot to buy bitcoin but according to trader Crypto Michaël, it doesn’t matter if you buy it at $3,000 or $5,000, it is going to spike up in the future. He said in a tweet:
I think $BTC will hit $500.000 in the next 5-10 years. So, whether you buy at $3.000 or $5.000 doesn’t really matter much apart from percentages. $BTC is a perfect hedge for yourself for the future.
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Some experts in the crypto game believe that the price of the digital asset, bitcoin, right now does not reflect the true potential that it carries. John McAfee, who is a world-renowned cybersecurity expert and a huge crypto bull, said while talking to the founder of Morgan Creek Digital, Anthony Pompliano, on his podcast “Off the Chain”:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020.
If these crypto proponents are to be believed, buying bitcoin might just prove to be the best return-on-investment in the coming time.
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Developments are being made in the bitcoin space at a very rapid pace. The technology lying underneath this space and legislation regarding it are being advanced with each passing day. Institutional investment is largely sitting on the sidelines right now due to the lack of regulations that is in this world. Manipulation and fraudulent activities make cryptos a thing of extreme uncertainty for the institutions with the volatile price being another important factor.
These expectations made by the experts rely heavily on the assumption that the asset will gain more and more adoption in the future. In order for this space to gain more mainstream adoption, the need of the hour is to remove the negative elements and illegal activities from this space. But once regulations are introduced and the negative elements are curbed out, it is expected that a huge amount of capital will flow into this world from institutions and the general adoption of the public. Once that happens, it is possible that the price of bitcoin might see gains it has never seen before. Anything can happen in this volatile space, it will be interesting to see how things turn out.