Bitcoin Bulls Continue to Double on $100,000 Prediction
Despite the fact that late 2021 suggested that there might still be some concerns about market volatility, there is no doubt that last year was huge for the cryptocurrency industry and a year that was huge in general.
Indeed, there were a number of different things to watch out for, including things like non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum (ETH-USD) and smaller cryptocurrencies, but it was also a year of significant impact on Bitcoin. .
The cryptocurrency, which has seen a number of swings in the past 12 months, managed to hit a record price of nearly $69,000 in November, but it was recently slashed to around $47,000, bringing its market cap to its second lowest and around 40 percent. % according to TradingView data.
Nevertheless, this has not stopped many bulls from predicting that Bitcoin will still be able to hit the $100,000 price that many had hoped, with many standing strong in their prediction and seemingly as confident in it as they are. formerly.
Of course, there are a number of different factors that many individuals and experts can look to when it comes to backing up their prediction, with the gambling industry arguably being one of the largest. Crypto gambling is an activity that many virtual currency holders enjoy, using a Bitcoin casino continues to increase due to the benefits that gamblers can enjoy from playing their favorite games. To further support the suggestion that Bitcoin has benefited from this particular industry and is likely to continue to do so, a 2020 study by Thomas Conlon and Richard McGee showed that the crypto token had risen in price once before due to the gambling industry.
CryptosRussian George Tung told Yahoo Finance that while there may be some volatility in the “short term”, he believed that in the “long term inflation will be an ongoing problem, and bitcoin is seen as the best hedge against inflation at this point.” .”
Samson Mow, Blockstream’s chief strategy officer, also seemed to double down on the prediction that Bitcoin will be a six-figure price by suggesting it could happen within the next six months. He stated, “We will see $100k within the first half of the year.”
How has it also revealed that Bitcoin will still be a rather risk-sensitive asset in the near term, with a number of different factors at play, but also stated, “on a long enough time horizon, [Bitcoin] does its own thing.”
El Salvador’s President Nayib Bukele recently reiterated the view that Bitcoin will also be able to hit the $100,000 mark in 2022 as he made some strong predictions while taking to Twitter and posting a tweet to all of his followers.
Among the predictions he made that could see the digital asset become a six-digit coin was that he felt that two more countries will use the token as legal tender in the next 12 months, joining the Latin American country and one of the first to accept.
Mo stressed that “[Bitcoin] mining at the national utility level is the first step”, and a number of countries have seen the market resurface. Despite China banning cryptocurrency mining in June 2021, countries like Canada, Iran, Germany, Malaysia, Russia and the United States have all seen a rebound in market interest, according to research compiled by the Cambridge Bitcoin Electricity Consumption Index (CBECI). .
However, some would suggest that Bukele’s and Mow’s thoughts are shared, due to the interest they have together after a partnership was announced that would see them offer “volcano bonds.” Half of the billion-dollar national debt would go to fund “Bitcoin City,” which would harvest nearby geothermal energy from a volcano to mine Bitcoin.
Mow stated that a “zero tax on everything” development zone would help transform El Salvador into the “Singapore of Latin America”, but it should be noted that the bond is not yet available as Blockstream continues to work with a number of brokers. The other half of the 10-year bond issue will be converted to Bitcoin, with a 6.5% coupon over the next decade.