Bitcoin passed its previous all-time high Nov. 2021 record of $69,044.77 last week and is now cruising past $70,000 — something many crypto-skeptics, such as JPMorgan’s Jamie Dimon — were not anticipating.
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Yet, as of March 12, Bitcoin was hovering around $72,000, up a whopping 224% in the past year, 63% year-to-date and 52% in the past month.
And to put this in perspective, it’s up an eye-popping 1,704% in the past five years, according to Google Finance data.
Bitcoin May Not Have Reached Its Ceiling Yet, Despite Growth
Now, Bitcoin prices predictions abound. Many experts argue that the asset will most likely continue on this upward trajectory for a few reasons. Chief among these reasons is the so-called halving set to take place in April — a process which happens every four years and has historically boosted prices. Increased interest and traction for Bitcoin has also emerged following the Securities and Exchange Commission’s (SEC) approval of Bitcoin spot exchange traded funds (ETFs) in January.
“Yes, Bitcoin is a good investment,” said Danny Baer, director of wealth and asset management at Meanwhile. He added that the key term here is “investment,” not “trade.”
As he noted, the basic supply-demand dynamics, with institutions really driving demand, shows that Bitcoin is a long-term store of value — as is the fundamental scarcity of the asset.
“Be prudent in your allocation to Bitcoin, as you would with any other investment. But over the longer term, Bitcoin will play an increasingly important role in any portfolio,” he added.
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Some Experts Suggest a $1 Million Price Target For Bitcoin
While at one more cautious end of the spectrum some experts say the asset will reach $90,000-$100,000 this year, others — such as ARK Invest’s CEO and crypto-bull Cathie Wood — see a $1 million price target for Bitcoin by 2030.
And on March 11, Bernstein analysts said they were now more convinced about bitcoin hitting $150,000 by mid-2025, Coindesk reported. Anthony Scaramucci, founder and CEO of SkyBridge Capital, said he predicts $170,000 by April 2025.
Meanwhile, Evander…
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