Keeping track of Bitcoin (BTC) amidst other digital currencies has always been a different form of engagement for different people. While some see this task as an occupation, others see it as a hobby and investment, while some see it as fun.
Engaging with Bitcoin today is a well thought out decision, especially by the institutional investors who are beginning to shore up their balance sheets with the assets. Price projections from experts have a far-reaching effect on some investors, and as such, many tend to scrutinize every prediction made for the first cryptocurrency.
Many factors are responsible for the price of Bitcoin, but predictions from influential figures and analysts can positively sway the price of Bitcoin. Price predictions have been closely tied to Bitcoin in the crypto space, and over the years, many have given their own projections as to what the price of Bitcoin will be at a particular point in time, as Bitcoin recently soared to a new all-time high, some of these earlier predictions are worth profiling for their merits.
Earlier Bitcoin Price Predictions
Amongst the more prominent analysts of today is Bloomberg’s Mike McGlone. As a commodity strategist, McGlone is always vocal about the price momentum of tradable assets and commodities, and he has often stated a positive opinion about Bitcoin’s growth.
One of the projections given by Mike is that Bitcoin is likely to surpass gold by valuation and adoption in today’s digital world. Mike also likely to top the price of Bitcoin to top $50,000 by the end of 2021, and $170,000 by 2022. His predictions seem to be accurate as Bitcoin exchanged hands at $47,000 in February, with many months left for the coin to meet the target set by McGlone.
The projections by JPMorgan analysts that Bitcoin is likely to top $146,000 in ten years’ time appears outrightly conservative, seeing the current performance of the asset. As an investment bank with responsibilities to institutional-grade clients, JPMorgan’s conservative forecast may not be faulted as Bitcoin has not proven itself resistant to the effects of agents of volatility.
On the more ambitious side, Morgan Creek’s Mark Yusko predicted the likelihood of Bitcoin topping $400,000 in a few years, backing his projections on the growing infrastructural development of the digital asset. Also, Gemini CEO Tyler Winklevoss is one of the prominent crypto activists today who believes in the power of the Bitcoin revolution.
Tyler has always likely to top for Bitcoin to hit $500,000, an ambitious price target that he believes can be attained owing to the negative impacts of the monetary policies from world Central Banks.
Should These Projections be Held as Yardstick?
For anyone who wants to pump liquidity into cryptocurrencies, a lot of dedicated research is advised before such investments are made. It should be understood that the crypto markets are largely globally unregulated, and projections from supposed experts should be seen as their personal opinion and not necessarily a yardstick.