TMCnet Feature
July 22, 2020

Bitcoin is expected to reach a value of $300,000 In Five Years

The Bitcoin market is in full-fledged action and the new Supreme Court guidelines for the RBI has acted as a cherry on the cake. Even during such unprecedented times and uncertain economic scenarios, the Cryptocurrency market still seems to be holding its ground firmly and growing through all this thick and thin. 

With a 30% increase in Bitcoin prices, it will not be an overstatement to say that 2020 is the year of Bitcoin. Since, the beginning of the year, the prices of this Cryptocurrency never seem to have witnessed the downward curve which has acted as positive traction for the traders.

Though the prices are still far away from what it could be rich, the market trend expects a much higher rise in the same. Considering this, one of the most renowned Crypto pioneers Adam Back has expected the prices to reach an all-time high of $300,000 in the coming few years.

Now, the good part is that all of that is expected to come true even though there is little hope of this currency being institutionalized. That is what is keeping the investors using a bitcoin trading app or exchanges on their toes as they are willing to bet their chances on this prediction. 

The news holds credibility as a similar word has been going around for quite relevant reasons. For one- The current economic scenario is a big boost for investors to hold, retain, and hedge this Cryptocurrency with the expectation of price rise in the future. 

This is causing a significant price rise as super-famous investors and big names in the market like Paul Tudor Jones have shown big-time interest in the currency. He has not shied away from sharing his plans to hoard on this Currency as the other investment tools in the market have faced a tough fate. To beat and prepare against inflation in the future, this seems to be his shield to protect his finances. Plus, the record-breaking levels of money-printing by the Central bank is another reason to substantiate his intuition about the same.

In a recent statement he made, back put his points across saying, "It is causing people to think about the value of money and looking for ways to preserve money, "it’s a difficult environment to get any yield."

His inclination towards Bitcoin is not newfound, in fact, he has been showing a great deal of interest in the same since the last year. Some months earlier Back had another interesting perspective to share about Bitcoin which caused the market to get bullish immediately after his statement reached the masses. He said, "hyperbitcoinization" and "Modern Monetary Theory rationale for high inflation" if actually holds some potential and substance could mean a new fate for Bitcoin and one day, we might see it’s prices going as high as $10 million.

Now, that might seem like a distant scenario if we had judged it based on last year’s performance. However, now with the ever-rising curve of Bitcoin and its prices as high as what they are today, this does not seem so unlikely. 

To support his claim, back even took to Twitter (News - Alert) and commented on the state of the currency saying, "$100,000 bitcoin doesn't seem so far given we already crossed $10,000 threshold a few times when few expected even $1,000 some years back and $10,000 seemed crazy”.

Now, all this is happening while we see little progress in the long-awaited move of institutional adoption of Bitcoin. Though, that seems quite a faraway phenomenon the other positive news surrounding the market holds positive value. This could in fact be one reason and traction for Wall Street to come around Crypto and give it the credibility which it deserves.

 Not just Wall Street but there are many other players in the financial market who have found their way around the Crypto market. The ones who were described as "bitcoin's biggest enemy," like JP Morgan (News - Alert) have had their share of doubts about the validity of their own claims against the market. In a recent update by the media, it was said that JP Morgan chief executive Jamie Dimon apparently hosted a secret meeting with Coinbase, the biggest Crypto player. If anything, this means positive results for the Crypto market as investors get another reason to strengthen their hold on the same. 

In another such move, Goldman Sachs lifted their cloud of doubts from the Bitcoin and Cryptocurrency market and expected their hopes on The Wall Street to be likely to give in their approval to the market. This came as a surprise to everyone who has been ardently following Goldman Shacks updated on the same. 

Well, Back seems to be going in the right direction as one of his predictions came almost true when Donald Trump's administration considers an additional huge round of incentive actions for Bitcoin which could possibly add a further $1 trillion to its worth.

While this year has been a tough one for the entire world, the US especially has suffered a great deal during this pandemic. It has already signed off on $3.5 trillion in relief measures and has shown its inclination to be coming up with various other stimulus measures to support the financial markets. Amidst such a scenario, it seems like the market will be getting back on its feet soon after its historic crash in March.

Bitcoin has also gathered some strength and tried to regain its grounds but the all-time high still seems to be far away. Yet, the direction in which it is going is positive and it's expected to meet a good fate in years to come. 

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