Why Some Money Experts Believe In Bitcoin While Others Don’t
The cryptocurrency market has been abuzz with virtual currencies, also known as crypto or cryptocurrency. The most well-known cryptocurrency is Bitcoin. However, other cryptos like it don’t have any physical existence. They exist only in a digital world.
You can trade cryptocurrency on the stock exchange, just like the dollar, the yen, and the franc. It has been volatile, however, with Bitcoin’s value rising to $20,000 in the latter part of 2017, before plummeting dramatically. Some financial experts believe cryptocurrency has great potential, while others see it as a highly inflated asset, similar to previous bubbles.
What are the views of financial experts on Bitcoin? Here are the opinions and tips of several experts on Bitcoin and cryptocurrency.
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1. Ian Balina
Point of view: Bitcoin investor and founder, crypto research and media company Token Metrics
Prediction: Bitcoin could reach $100,000 to $150,000, but the timeline remains unclear
Why: While Bitcoin is currently in a bearish mood cycle, the overall cryptocurrency market and all other crypto asset classes remain positive. Although Bitcoin was the first cryptocurrency to be created, others have now surpassed it in innovation for what experts refer to as “Web 3”, or the new blockchain-based internet. Bitcoin will rebound eventually due to the hype surrounding the metaverse and the release of altcoins.
2. Matthew Hyland
Point of view: Technical analysis and analyst of blockchain data
Prediction: Bitcoin could reach $100,000 by 2022
Why: The price of Bitcoin is nearly equal to January 2021’s price, but there’s still a demand for altcoins. Hyland stated in a tweet that there is a continuing trend in Bitcoin supply leaving major cryptocurrency exchange websites (presumably to be stored offline crypto wallets). He also tweeted recently that a drop below $40,000 could cause a “free fall into a Bitcoin bearish market”.
Remember: Kucoin is the largest crypto exchange platform, which allows buying, and selling a wide variety of cryptocurrencies. You can access it via a web interface or by downloading the popular mobile cryptocurrency app. Kucoin native token, KCS (or KuCoin), can be purchased to lower fees and earn rewards.
3. Robert Breedlove
Point of view: CEO and founder of digital assets marketing and consulting company Parallax Digital
Prediction: $307,000 in October 2021 (now past), and $12.5 Million by 2031
Why: Inflationary pressures following COVID-19 will drive cryptocurrency interest, Breedlove stated in an interview earlier in the year. Breedlove is a crypto enthusiast’s philosopher. He often speaks about the wider social implications of crypto as a decentralized, transparent currency. However, his predictions for the BTC price have not been accurate.
4. Jake Mann – InsiderMonkey
I am a fee-only financial advisor and have the fiduciary obligation to my clients to recommend only investments that fit their investment plan and risk profile. My clients have a wide range of risk tolerances. Bitcoin is difficult to recommend because of its volatility and low intrinsic value. One could argue for investing in currencies due to their diversification benefits, but a Bitcoin purchase would be pure speculation. It would be similar to penny stocks.
5. Rob Ze – Bitni
Rob Zel, the founder of bitni.com, stated that Bitcoin is without a doubt the best investment of the past decade. It has outperformed the stock market, real estate, and precious metals. It may even be the best investment of the century. It will be a matter of how mainstream Bitcoin adoption continues. Bitcoin must be used to continue to have value. PayPal’s recent adoption of Bitcoin is a significant step forward. This allows millions of sellers to accept cryptocurrency. This announcement likely played a role in the recent BTC price rise. As these trends continue, we can expect the Bitcoin price to rise as well.
6. Dan Roseman – Coinality
Bitcoin is a currency that can be seen through rose-tinted eyes. It is a currency without central bank control and is decentralized. It has also proven to be a store of value for those who have lost faith in their national currency (Greece). The supply of any currency is controlled by a function. In the case of Bitcoin, it is the “mining” process.
Bitcoin mining, which is essentially the only way to bring a new currency into the cryptocurrency market, is done by “miners,” who use costly software to solve math problems and exchange the currency for it. Although the difficulty of mining ensures that Bitcoin users will never experience a shortage, there is one problem with the process. It encourages miners to accumulate the currency after they receive it.
7. Braden Perry – Kennyhertz Perry
Imagine a world in which there are no borders that bar all entry to the currency. It is also not controlled by any government. We are seeing how power can be misused, and I believe the world is ready to have a currency that is decentralized. It is controlled by the people. Bitcoin has much to go.