Wall Street Experts Are Lining Up to Predict Bitcoin Will Hit $100,000

BThe price of itcoin is still impossible to predict – but a spike to $100,000 per coin has become a very popular prediction.

Goldman Sachs analyst Zach Pandl wrote in a research note to clients on Tuesday that as digital assets become so widespread, the original and most popular cryptocurrency will take market share from gold.

Bandel writes that Bitcoin currently holds approximately 20% of the “store of value” market share. The ‘store of value’ here refers to how much gold is held by investors for investment purposes in addition to how much Bitcoin is held by investors. Hypothetically, Pandl added, if Bitcoin’s share in this market rises to 50% over the next five years, its price will rise to just over $100,000.

The price of the original and most popular cryptocurrency yo-yos is at an amazing pace, and all cryptocurrencies are still very risky and speculative investments. Bitcoin lost 50% of its value between April and July of 2021, before rising to an all-time high above $68,000 in November. He then finished 2021 at around $47,000 per coin.

Towards the end of December, Bitcoin is up 69% for the year – which is impressive, but not as high as other trendy investments like Ether (over 400%) and GameStop (over 700%).

Crypto experts have long speculated where the bitcoin price will go next, and some say $100,000 could happen sooner rather than later.

Bitcoin at $100,000: Predictions

Matt Hogan, chief investment officer at Bitwise Asset Management, told Bloomberg TV in December that Bitcoin could reach $100,000 in 2022. In February of 2021, Anthony Scaramucci, president of SkyBridge Capital investment advisor and former director of communications for the White House, said in February of 2021. Bitcoin could reach $100,000 in 12 months, Yahoo Finance. In September, the cryptocurrency research team at UK-based Standard Chartered predicted that the value of bitcoin would double by early this year, and could reach $175,000 in the long run. Global Macro Director Jurrien Timmer at Fidelity said that bitcoin could reach $100,000 by 2023.

Just this week, the founder of cryptocurrency lender Nexo told CNBC’s “Street Signs Asia” that Bitcoin could rise to $100,000 by mid-2022.

Of course, not everyone beats Bitcoin – or cryptocurrencies in general.

Robert Johnson, Professor of Finance at Creighton University’s Hyder School of Business, previously stated to Malle that 2022 will be the year when the crypto bubble begins to deflate.

“It’s contemporary tulip mania,” Johnson added, referring to a time when Dutch society became frantic about exotic tulip bulbs and spent tons of money buying them in hopes of selling them afterwards. Mad tulips are often used to describe speculative origins. David Booth, co-founder of Dimensional Fund Advisors, also compared bitcoin to tulip mania in an interview with Money last year.

John Paulson, the billionaire investor who bet on the housing market before it crashed, told Bloomberg TV last year that cryptocurrencies are a bubble and will eventually prove worthless. Jamie Dimon, CEO and Chairman of JPMorgan Chase, also said he believes Bitcoin is “worthless” during an IIF event, CNBC reported in October.

The jury may still be unsure of the value of Bitcoin, but one thing is certain: No one can stop talking about where Bitcoin is headed next.

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