Top 5 Bitcoin Predictions of 2021
On 19th February 2021, Bitcoin hit a market capitalization of $1 trillion. A milestone that has earned the digital asset its place among the world’s trillion dollar assets.
Overtime, bitcoin has become an attractive investment tool for traders, institutions and individual investors across the world. Less than a year ago, bitcoin was trading below $10,000.
Presently, the coin has hit an all time high of over $60,000 and is currently trading at $55,600. The rally might have been influenced by institutional investors such as Tesla, which staked $1.5 billion on Bitcoin.
So far, more institutional investors have joined the bandwagon , these include MicroStrategy, Paul Tudor Jones and Ruffer Investment.
The prospect of such big institutional names investing in Bitcoin is going to accelerate further adoption and bring in more players into the industry.
And therefore subsequently increase the value of the coin. Let’s have a look at what the most popular and biggest bitcoin predictions have to say about BTC.
Bitcoin will hit $100,000
- Mike Novogratz – Mike Novogratz is the founder of Galaxy Digital ; a firm dedicated to deploying financial services across digital assets, the blockchain and cryptocurrencies. Novogratz told Bloomberg that he thinks Bitcoin will accelerate to $100,000 as a result of big companies staking their money on the coin. He said following Tesla’s move to invest in cryptocurrencies. The founder believes the leading digital currency will hit $100,000 by the end of 2021.
- Anthony Pompliano – Pompliano hoists The Pomp Podcast, a series which interviews prominent names in finance and blockchain. The podcast host predicted that Bitcoin is going to hit $100,000 by the end of 2021. He explained the fact Janet Yellen is currently holding the position of treasury secretary ; the federal reserve is targeting an estimated 2% inflation which therefore means Bitcoing going to $100,000 is realistic.
- Brian Estes – Brain is the founder and CEO of Off the Chain Capital. The CEO said in November 2020, that Bitcoin was going to surpass the $100,000 mark. He noted the coin has achieved higher percentage gains before and it’s no surprise if it hits above 100K. Furthermore, he noted Bitcoin was going to trade between $100,000 – $288,000 , according to the stock-to-flow model ; which forecasts the price of Bitcoin.
- JP Morgan – The financial firm JP Morgan established Bitcoin was going to hit $146, 000 in 2021. JPM said Bitcoin is an alternative currency , one which is more preferable than digital gold/traditional gold. As a result, the coin was going to attract even more attention, more investment and therefore an increase in value.
The $100K is not crazy given that Bitcoin is already trading half that amount and it’s only in the first quarter of the year. Well, another prediction is the $250,000 mark.
Bitcoin will hit $250,000 – $300,000 by end of 2021
- Tom Fitzpatrick – Fitzpatrick is the managing director of Citibank. He noted Bitcoin was going to undergo a defined ascending channel that will have it hit $318,000 by the end of 2021. The director backed up his explanation with the fact that Bitcoin is attracting lots of institutional investment.
- Tim Drapper – Draper is one of the earliest investors of Skype and Tesla. The often bullish investor said Bitcoin would hit $250,000 by the start of the 2022. His prediction was backed by the idea that Bitcoin’s halving event was going to reduce the supply of BTC; and therefore increase its value. Draper outlines his prediction back in 2018 and now after the third halving, BTC is already trading at $50,000. The target seems realistic enough.
Bitcoin will hit $300,000 – $500,000 by December 2021
- Dan Tapiero – Tapiero is known for being a co-founder of Gold Bullion International. While being interviewed on The Pomp Podcast, Tapiero said Bitcoin would hit between $300,000 – $500,000 by the end of 2021. He based his argument on the fact that that $15 trillion capital would be injectected into Bitcoin’s capitalization. The founder also noted BTC is the future hedge against the devaluation of fiat currency just like gold. But unlike gold, Bitcoin has its own network.
- Scott Minerd – Minerd is the CIO of Guggenheim Partners – an investment firm which manages an investment portfolio suprasing more than $250 billion. The CIO said Bitcoin is going to attain a price tag of $400,000. He outlined his prediction on the basis of BTC’s scarcity and its size in comparison to other assets. The chief investment office also noted the current inflation propagated by the Federal Reserve is another factor that might drive Bitcoin’s price.
Bitcoin will Hit $1 Million by 2022
This is perhaps one of the most bullish bitcoin predictions so far. The price target has been backed up by big names in finance such as a former hedge fund chief at Goldman Sachs and Coinfund. So what do they have to say?
- Seth Ginns – A managing partner at Coinfund, he said Bitcoin was going to attain $1 million by 2022. Ginns backed up his explanation with the increasing rate of institutional adoption. He also outlined a price range of $150,000 and $250,000 as his base case.
- Goldman Sachs – Raoul Pal, an ex chief manager at Goldman Sachs also predicted Bitcoin was going to hit $1 million within the next 5 years.
If the rate of institutionalization will continue, Bitcoin is going to hit more than $100K and continue upwards. However at the moment , the coin is trading around it’s all time high and the trend is neither bullish or bearish. Well, we can only wait and see.