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Bitcoin May Rise to $175,000 by the End of 2021 – Diginex

By the end of the year, the price of one bitcoin will grow to at least $175,000. This prediction was made by the head of the blockchain company Diginex Richard Byworth in an interview with Bloomberg.

According to him, the influx of institutions has already begun to be reflected in the price of the cryptocurrency. Byworth said:

We are projecting a Bitcoin price of about $175,000 by the end of this year. We think we will clearly see institutional acceptance at this level.

The current price activity of Bitcoin, according to the head of Diginex, is driven by two factors: massive monetary incentives and bitcoin’s status as a hedge against inflation.

Bitcoin only at the beginning of the rally

According to Byworth, the buy-up of 40% of the annual supply of Bitcoin by companies like MicroStrategy, Tesla, and Square is just the beginning of the rally. Combined with last year’s Bitcoin halving, a supply crisis is unfolding in the market. “This is only the first stage of the rally…” It will be much hotter further, ” Byworth emphasizes.

When asked what could prevent the cryptocurrency rally, Byworth referred to the change in the inflationary policy of the US Federal Reserve System.

However, even in this case, growth will only “slow down a little.” In his opinion, the Fed will not risk deflation under any circumstances.

However, Glassnode has a different opinion. In their opinion, the dynamics of selling Bitcoin by long-term hodlers more and more resembles the maximum of the 2017 rally. It is possible that the cryptocurrency has already found its top, although there are key differences between the rallies.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

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