Written by Rob the Watergod | 2/16/2021
Firstly, Bitcoin broke past the $50,000 level on Tuesday morning as the cryptocurrency continues its stunning rally. The cryptocurrency traded as high as $50,645 on Tuesday, before slipping back below $50,000. Surprisingly, Bitcoin has surged more than 71% since the beginning of the year. In fact, it took only 3 months to get from $20k to $50k. Antoni Trenchev, Co-Founder and CEO of major crypto lender Nexo, said in an emailed comment.”In the institutional space, I expect this milestone and the recent Tesla investment to break the mold for many corporate copycats. A psychological barrier remains for the retail despite Bitcoin’s divisibility. But I reckon this will soon be dispelled too as cryptocurrencies edge closer to mass adoption”.
According to Mike McGlone, a commodity strategist at Bloomberg Intelligence, BTC volatility is likely to continue rising in the near term and remain elevated until it settles in around its next plateau. The strategist told Bloomberg that USD 100,000 per BTC “may be a longer term target”.
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Peter Schiff Admits He Was Wrong About Bitcoin (But Doubts It Again)
For example, in 2019, Schiff got into a Twitter argument with Thomas Lee (the chief analyst at Fundstrat Global Advisors). Therefore, Lee had commented on an article where Schiff made a gold prediction about gold in 2021. Back then, he said that the precious metal would hit $5K in two years. Fast forward 9-years later, this hasn’t even come close to being true. Defending himself, Schiff attacked Lee for his failed 2018 BTC prediction. Outlying that “gold will eventually hit 5K and Bitcoin will never hit 50k.” Right now the economist admitted that he was wrong. He said “ok I got that one wrong.
Now let’s see how long it stays above 50k or how many are smart enough to sell it up here.” Of course, it wouldn’t entirely be Peter Schiff if he didn’t take time to remind everyone that Bitcoin is a bubble.
Will Bitcoin Hit 60k?
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Although, Bitcoin is likely to hit $60,000 in 2021 amid the growing mainstream adoption. According to an analyst at major financial publication Investing.com. Jesse Cohen, a senior financial analyst at Investing.com, predicted that Bitcoin will likely reach $60,000.“After a record-breaking year in 2020 that saw it jump more than 300%, Bitcoin looks to stay strong in 2021 as more retail and big-name institutional buyers enter the market For those already in, the strategy in place remains to HODL First-time novice investors have found their way into many risk-perceived assets, including Bitcoin.” Cohen said. Cohen is particularly concerned about the impact of the new United States presidential administration. “The path forward may not necessarily be as smooth afterwards however. I’m expecting a retracement,” Cohen added.
According to the survey, the majority of British respondents identify new regulatory restrictions as the biggest threat to Bitcoin in 2021.
Cohen’s prediction is by no means the highest for Bitcoin this year. Pantera Capital CEO Dan Morehead is confident that Bicoin will hit 155,000 by August 2021. In early January, Binance.US CEO Catherine Coley predicted that Bitcoin could hit $100,000 by the end of the year. The creator of the stock-to-flow model, also forecasts that Bitcoin should be somewhere between $100,000 and $288,000 by December 2021.
Bitcoin’s Growth Over The Years
It’s been about 12 years since Satoshi Nakamoto created bitcoin. “Satoshi Nakamoto” is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. Bitcoin is the most popular cryptocurrency in the world right now. There are more than 7,000 other coins so there are a lot of cryptocurrencies that can explode just like Bitcoin. Bitcoin first started with as little as $00.8 per bitcoin, now it is at $48,620.00 Here’s the 4-year cycle chart of Bitcoin
2010 9,900%
2011 1,473%
2012 186%
2013 5,481% (Bull)
2014 -57%
2015 34%
2016 123%
2017 1,368% (Bull)
2018 -73%
2019 92%
2020 121%
2021 94.16%+…. (Bull)
Bitcoin was doing so well that they even decided to make bitcoin ATMs. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine. Although, there are two main types of Bitcoin machines: unidirectional (one-way) and bidirectional (two-way). Only about 30% of all crypto ATMs worldwide are bidirectional, and less than 23% in the U.S. Both types are connected to the Internet, allowing for cash purchase and/or sale of Bitcoin. Some machines use a paper receipt and others move money to a public key on the blockchain. Bitcoin cash kiosks look like traditional ATMs, but do not connect to a bank account and instead connect the user directly to a Bitcoin wallet or exchange. Here is a picture of a Bitcoin ATM
Conclusion
In conclusion, Bitcoin is a great stock to invest in right now. There are also other cryptocurrencies that can explode just like Bitcoin. With this, there is a high risk of trading these cryptocurrencies. If you want Rob the Watergod to build your portfolio email us at info@Thompsonempire.com
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