Being the original cryptocurrency, Bitcoin has always been the yardstick for the entire crypto market, historically affecting the price movement of all other digital coins. However, this remains a market characterized by extreme volatility, opaqueness, and lack of regulatory oversight, which has impeded the mainstream adoption of cryptocurrencies. “Support from large institutional investors is critical for legitimizing Bitcoin and introducing some stability in this market,” says prominent forex broker Pablo Soria de Lachica.“In addition, the cryptocurrency ecosystem needs to inspire confidence in the buying public, which, in turn, would require regulation, transparency, enforcement, and, perhaps most importantly, the acceptance of cryptocurrencies as a viable medium of exchange. Little to no progress has been achieved in these areas since the launch of Bitcoin in 2009, and the price of the first digital coin has been on a rollercoaster for most of the past decade. New record highs have been followed by precipitous declines, making it virtually impossible for anyone to make accurate price predictions.”
Nevertheless, some recent developments suggest that Bitcoin could embark on a steadier path, increasing its chances of reaching $100,000 by early 2022, as predicted by the cryptocurrency research team of Standard Chartered. This bullish outlook comes despite the wild swings in value that Bitcoin has experienced since the start of 2021. Starting to gain momentum in late 2020, the cryptocurrency reached $41,800 in early January 2021, and by April, it had soared to an astonishing $64,863. However, the price halved within a month, then slowly built up to return above $50,000 in early September. Pablo Soria de Lachica explains, “The most recent rally is in part attributed to the growing interest of major financial institutions and top corporations, among them PayPal, Visa, JPMorgan, Goldman Sachs, Apple, and Tesla. One of the biggest value boosts was undoubtedly provided by the stock market listing of Coinbase, the largest cryptocurrency exchange in the United States.”
As more institutional money pours into Bitcoin and multiple crypto exchanges prepare to follow the example of Coinbase, there is reason to believe that the most popular cryptocurrency will continue to increase in value despite the occasional depreciation, says Pablo Soria de Lachica. One of the most high-profile Bitcoin bulls, venture capital billionaire Tim Draper, predicts that the cryptocurrency will hit $250,000 in late 2022 or early 2023. As Draper told CNBC,Bitcoin “is sort of like Microsoft [in] the software world or Amazon in the e-commerce world,” and the renowned investor believes that this digital asset “will be the center of all financial activity for the next two to three decades.” According to 42 cryptocurrency experts polled by Finder, the price of Bitcoin will rise to about $318,400 by December 2025 and keep climbing to reach $470,000 by the end of 2030.
Pablo Soria de Lachicais an international trading specialist who has gained a reputation as one of the world’s foremost forex experts. Besidesbeing dedicatedto maximizing investment returns for his clients, he shares his insights in educational content that he develops and disseminates through various digital channels, such as webinars, newsletters, and blog posts. Most recently, Pablo Soria de Lachicahas been associated with Kartoshka, a company introducing the latest technological solutions in sales, telemarketing, and customer support.
Pablo Soria de Lachica Examines Reasons Behind the Recent Spike in Bitcoin Prices: https://www.yahoo.com/now/pablo-soria-lachica-examines-reasons-074000847.html
Pablo Soria de Lachica on Bitcoin’s Price Response to the Growing Involvement of Large and Institutional Investors: https://www.yahoo.com/now/pablo-soria-lachica-bitcoins-price-100000462.html