Bitcoin ‘To the Moon’: A moment of glory and death or a historic moment for a new generation of assets to be recognized?

Tram Ho

Bloomberg devoted words like “extreme excitement”, “unspeakable joy” or “uncontrollable jubilation” to describe the sentiment of Bitcoin investors at the moment. The world’s largest digital currency has just set an all-time high price: Approaching $67,000.

Bitcoin To the Moon: Phút huy hoàng rồi vụt tắt hay khoảnh khắc lịch sử của một loại tài sản thế hệ mới sắp được công nhận? - Ảnh 1.

This record was set thanks to the event that the first US-based Bitcoin Futures Exchange (Bitcoin ETF) – Proshares Bitcoin Strategy ETF (BITO) – began trading on Tuesday (Bitcoin ETF). 19/10). This is a sign of Bitcoin’s improvement towards a more attractive mainstream. The digital currency has grown 120% in 2021 and with a few people still putting their faith in Bitcoin, a price of 100,000 USD / 1 Bitcoin is entirely possible in the future.

Bitcoin To the Moon: Phút huy hoàng rồi vụt tắt hay khoảnh khắc lịch sử của một loại tài sản thế hệ mới sắp được công nhận? - Ảnh 2.

It is an obvious fact that the Bitcoin price has seen many ups and downs. And in this time, Bitcoin not only recovered, it also hit an all-time high. To Bitcoinists, “ATH” (short for All Time Highs) – to “torment” the skeptics.

Bitcoin has entered 2020 and is the best asset of the decade. The digital currency’s price surged 300% last year and continued to rise earlier this year before plummeting in the summer amid concerns in the US and Chinese markets. At one point, the Bitcoin price fell below $30,000.

After that, Bitcoin recovered somewhat as investors remained calm in the face of various bans and sanctions by the Chinese government. They are even more optimistic that it seems that the US authorities are regulating in a way that will not strangle the cryptocurrency market.

Now, with the strong demand for ETFs, more and more are predicting that Bitcoin will be more widely accepted, and the price of this digital currency is predicted to reach another record. In fact, for years, experts have argued that the approval of the listing of a Bitcoin ETF by the authorities will open up crypto-related investment opportunities for mainstream investors. To put it simply, a Bitcoin ETF can be seen as legal recognition for the nascent crypto industry.

“Right now, sentiment is very high throughout the industry. There’s so much momentum behind Bitcoin right now,” said Sadie Raney, co-founder of crypto consulting firm Makara.

Optimism has grown in every corner of Wall Street: Bank of Mellon, Goldman Sachs, and Morgan Stanley are all companies offering crypto-related services. Dawn Fitzpatrick, chief investment officer of Soros Fund Management, said that her company also holds a sizable amount of cryptocurrency. And yet, Lloyd Blankfein – Former CEO of Goldman Sachs is also one of the implicit supporters of this asset.

When asked about cryptocurrencies, Lloyd said: “There are a lot of things in this world that have done really well. A market that exceeds $2 trillion will face all sorts of regulatory storms. There are a lot of people. people really don’t like it and even enjoy it when it collapses.However, with cryptocurrencies, it may not be every day that thrives, but there hasn’t been a day lately that looks like it’s about to die. all gone”.

Based on average returns over the past 3 years across multiple asset classes including FAANG stocks like Facebook, Apple as well as gold. A recent study shows that Bitcoin could reach 5 trillion market value as early as 2024. This calculation is based on its 103.5% average annual growth rate.

Where Bitcoin can go in the future depends on the support of investors when it reaches a price above 65,000 USD. In the past, the digital currency has tended to sell off after peaks as investors sought to cash out. If it can still hold the high price, all the signals suggest that it will reach a higher price.

“If the upward momentum continues, it is not beyond the possibility that the price of Bitcoin can reach $80,000. I think $100,000 this year is quite optimistic but anything is possible.”

Bitcoin To the Moon: Phút huy hoàng rồi vụt tắt hay khoảnh khắc lịch sử của một loại tài sản thế hệ mới sắp được công nhận? - Ảnh 3.

Michael Saylor mocks people who don’t trust and sell Bitcoin.

Some other analysts even predict the Bitcoin price will reach above 100,000 USD. Expert Tom Lee says that BITO can suck $50 billion in cash flow in the first year. Bitcoin itself will reach a price of $168,000.

Among the boldest moves – Michael Saylor, famous Bitcoinist, CEO of Microstrategy promises to hold a big party for Bitcoin believers if the price of this digital currency reaches 100,000 USD .

However, as history has proven, Bitcoin can completely fall in price.

The digital currency has sold off after key moments in the past, including the listing of BTC futures on CME in December 2017 and the Coinbase Global IPO on Nasdaq in April of this year.

“However, even if Bitcoin does sell off, it probably won’t drop as sharply and for as long as before because we are in a market cycle,” said Noelle Acheson, President of Genesis Global Trading.

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Source : Genk