Can Bitcoin Breach the $1 Million Mark: Here Are What Some Experts Say
When technological change happens in society, it happens so quickly and in a more pronounced manner. Precisely one decade ago, the market cap of Apple and Exxon Mobile’s market cap was almost identical.
However, ten years down the line, Apple’s market cap has reached almost $2.4 trillion. In comparison, the market cap of Exxon Mobile has gone down by $100 billion. Experts believe that due to the market trends, this gap will keep on increasing.
Today, the same thing can be said of Bitcoin. Despite high volatility, the Bitcoin market is killing the investment market. After its launch in 2009, a decade has passed. It has established itself as one of the top digital assets.
If you want to become a part of the new digital financial economy by investing in Bitcoin, the bitcoin circuit can offer you a secure platform to do so.
Why Bitcoin Prices On The Rise?
The Cryptocurrency Market has continued to witness boons despite the global pandemic. Many crypto-based startups have emerged in the space during the pandemic to cater to the ever-changing demand of the Cryptocurrency market.
The cryptocurrency market, fueled by the constant growth of Bitcoin, recently crossed $ 2 trillion. Out of which Bitcoin alone holds almost 65% of the total market value.
Similarly, many other Cryptocurrencies have also experienced a price hike. Investors are wondering, why? Here are a few reasons why the price of Cryptocurrency is constantly rising.
- Institutional adoption.
- Acceptance from the center.
- PayPal allows users to transact and pay in Cryptocurrencies.
- Scarcity drove Bitcoin halving.
- Easy Accessibility to the public.
Can Bitcoin Breach The $1 Million Mark?
After the second successful rally by Bitcoin, several investors and traders have become optimistic about Bitcoin hitting the $1 million mark in the future. Well, we are talking about Bitcoin; who knows, it can even go far beyond the $1 billion mark.
Bitcoin has been the only asset that has appreciated at a price from $0 to $63,000 within just a small span of twelve years. If Bitcoin can maintain the same rate of appreciation, then the value of a single Bitcoin will be uncountable.
While running thorough research to look for answers where we can find clues to how Bitcoin can reach the $1 million market, we came across several financial leaders predicting the same.
Here is what these financial leaders have to say on Bitcoin reaching the $1 million mark.
Mike Venuto
Mike is the co-portfolio manager of Amplify Transformational Data Sharing. When asked about which asset he will choose to invest all his fortune with only two options at his disposal: Gold and Bitcoin. He picked Bitcoin and then goes on to say that he would prefer them both.
According to him, both Gold and Bitcoin will be good investments to act as a hedge against inflation, and he would use them both as diversified portfolios.
Daniel Ives
Daniel Ives is the director at Wedbush Security. He is quite pleased with how Bitcoin has performed in the last couple of years. He believes that Bitcoin holds the potential to become the mainstream currency. If everything goes how it is going, it is only a matter of a few years when we will use Cryptocurrency alongside fiat currencies.
JP Morgan
JP Morgan considers Bitcoin equivalent to Gold. He said that the private sector holds the value of Gold for the sake of investment. For Bitcoin’s market cap to reach equal, the price of the Bitcoin needs to be at least $150,000.
According to him, the volatility of Bitcoin is not the problem as it can easily be solved by institutional investors adopting Bitcoin. The faster these institutions adopt Bitcoin; the quicker will be the convergence in volatility.
Final Thoughts
As the interest of the investors’ spikes in Bitcoin, the price of Bitcoin could breach the $1 million mark. However, when that time comes is a big question mark. Experts believe that the next Bitcoin Halving will play a significant role in deciding the $1-million-road for Bitcoin.
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