Bitcoin Bulls Continue to Double Down on $100,000 Prediction
January 26 2022 - 11:58PM
NEWSBTC
Despite the fact that the end of 2021 suggested that there could
still be some concern in regard to the volatility of the market,
there is no doubt that last year was huge for the cryptocurrency
industry and one that was huge in general. Indeed, there were a
number of different things to look out for including things such as
non-fungible tokens (NFTs) and decentralized finance (DeFi),
Ethereum (ETH-USD) and smaller cryptocurrencies, however it is was
also a year that had plenty of impact on Bitcoin. The
cryptocurrency, which had experienced a number of fluctuations over
the last 12 months, had managed to hit an all-time high of a price
near $69,000 in November, however it had been reduced to around
$47,000 recently, leaving its market capitalization to being its
second lowest and around 40% according to TradingView data.
Nonetheless, this has not stopped many bulls from predicting that
Bitcoin will still be able to reach the $100,000 price that many
have hoped it would, with many standing strong in their prediction
and seemingly having as much confidence in it happening as before.
Naturally, there are a number of different factors that many
individuals and experts may look to point to when it comes down to
trying to back their prediction, with the gambling industry perhaps
one of the biggest. Crypto gambling is an activity that is enjoyed
by many holders of virtual currency, with the use of a Bitcoin
casino continuing to increase due to the benefits that gamblers are
able to enjoy when playing their favorite games. Additionally, to
further support the suggestion that Bitcoin has benefited from this
particular industry and will likely continue to do so, a study by
Thomas Conlon and Richard McGee in 2020 has already shown that the
crypto token had enjoyed an increase in price once before because
of the wagering industry. CryptosRus George Tung told Yahoo Finance
that whilst in the “short-term, there may be some volatility,” he
felt that in the “long-term, inflation is going to be a continuing
issue, and bitcoin is seen as the best hedge against inflation at
this point.” Blockstream’s chief strategy officer Samson Mow also
appeared to double down on the prediction that Bitcoin will be a
six-figure price by suggesting that it could happen inside the next
six months. He stated: “We’ll see $100k within the first half of
the year.” How did it also reveal that Bitcoin will still be a
rather risk-sensitive asset over the short-term, with a number of
different factors at play, but also stated: “on a long enough time
horizon, [Bitcoin] does its own thing.” El Salvador President,
Nayib Bukele, has recently echoed the opinion that Bitcoin will
also be able to reach the $100,000 price in 2022, as he made a
number of strong predictions whilst taking to Twitter and posting a
tweet to all of his followers. One of the predictions that he made
that could help the digital asset to become a six-figure coin was
that he felt two more countries will adopt the token as legal
tender in the next 12 months, thus joining the Latin American
country in becoming amongst the first to accept it. Mow highlighted
that “[Bitcoin] mining at the national utility level is the first
step,” and a number of countries have seen the market resurface.
Despite the fact that China banned cryptocurrency mining in June
2021, countries including Canada, Iran, Germany, Malaysia, Russia
and the United States have all seen a resurgence in market
interest, according to research compiled by the Cambridge Bitcoin
Electricity Consumption Index (CBECI). Some would suggest that
Bukele’s and Mow’s thoughts are shared, though, due to the interest
that they have together after a partnership was announced that
would see them offer “volcano bonds”. Half of the billion-dollar
sovereign debt would be going towards financing “Bitcoin City ”
which would harvest nearby geothermal energy from a volcano to mine
Bitcoin. Mow stated that a “zero tax on everything” development
zone would help to transform El Salvador into the “Singapore of
Latin America,” however it should be noted that the bond is not yet
available, as Blockstream continues to work with a number of
brokers. The other half of the 10-year bond offering will be
converted into Bitcoin, with a coupon of 6.5% being carried over
the next decade.
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024