Source: Business AM 08 February 2021 by Niels Saelens
Bitcoin seems to be gearing up for a new record price. The question is how strongly the price of the cryptocurrency can still rise. According to Scott Minerd, CIO of asset manager Guggenheim Partners, Bitcoin's value could be as high as $600,000.
It's hard to predict what the future holds for Bitcoin. After Bitcoin's boom came to an end early this year, it looks like the coin is once again on track to break a new record. At the time of writing, Bitcoin is worth $39,000, or $1,000 less than the previous all-time high.
The currency's volatility makes it very difficult to predict what will come next. Even certain top bankers do not seem to know what to expect from the cryptocurrency anymore. Some therefore seem to constantly adjust their predictions for the cryptocurrency. Minerd, a top banker who said in an interview with Bloomberg at the end of January that the institutional demand for Bitcoin was not great enough to keep the rate above $30,000.
That prediction came after he said in early January that the crypto coin could be worth $400,000 in the future. After temporarily lowering his expectations, the man now assumes that the price of Bitcoin can rise to 600,000 dollars. He said this in an interview with CNN this week.
Up to $1 million
"More and more attention is being paid to cryptocurrencies and they will become more and more important in the global economy," he argues. "The crypto market was not big enough to attract capital from institutional investors. However, now that is the case."
Minerd is not the only one who thinks that the future looks bright for Bitcoin. Trend watcher Tom Palmaerts and LiteBit CEO Olivier Van Duijn do not rule out that the value of the crypto coin could rise to 1 million dollars by 2025.
The other crypto coins are also doing very well. For example, Dogecoin has again broken a record. During the Chinese trading day, DOGE bounced over the price of $0.08 per unit. That is eight times what the coin was worth earlier this month.