A pioneer of the digital currency Bitcoin has made a bold prediction about the currency’s future value: he believes it will reach the $100,000 mark before the halving of Bitcoin’s mining reward takes place in May. Even more surprising is the eye-watering sum of money this Bitcoin OG is willing to wager on his prediction.
1. Bitcoin OG Surprises Crypto World With Audacious Bet
Bitcoin OG has become the latest crypto behemoth to surprise the world with an extremely audacious bet this week. After months of speculation, the crypto giant has moved to launch ‘BTC Plus’ – an innovative new platform that will allow users to gain direct exposure to the cryptocurrency markets.
The platform, which is currently available for use by experienced traders, will offer access to litecoin, ether, Dogecoin, Ripple, Monero and several other digital currencies. These can be accessed through the company’s online platform and a range of high-end mobile apps. It appears that the platform will not require users to stake any additional funds – customers will only require an initial stake in Bitcoin in order to be able to access other digital assets.
The move is an extremely bold one, and one that could have implications for the rest of the sector. It is still early days and Bitcoin OG is a household name in the world of digital assets, however, it appears that the company is paving the way for the major players in the market:
- BTC Plus will allow users to access multiple digital assets through a single platform
- The platform doesn’t require users to stake additional capital
- The move could have major implications for the rest of the sector
2. Veteran Investor Bets Large Sum on Bitcoin Breaking $100K Before Halving
Veteran investor Mike Novogratz has recently made a large wager on Bitcoin passing the $100K mark before Bitcoin’s next halving event, scheduled for May. According to a press release issued by his company, Galaxy Digital, Novogratz has invested $60 million in various futures, options and BTC deposits.
The investor is “confidently predicting that the upcoming halvening will have a significant impact on the price of the coin”, an argument that has some experts divided. This is because expected supply deflation will increase scarcity of Bitcoin, which could lead to an appreciation in its value.
In particular, Novogratz is pointing to a prediction by analyst PlanB that if this halving does lead to Bitcoin “penetrating the wealth and asset class” market, then it could take Bitcoin to $100K. Novogratz has also argued that speculation stems from growth in institutional investors looking to increase their exposure to Bitcoin, which could bolster the asset’s demand.
- Novogratz has invested $60 million in various futures, options and BTC deposits
- Experts are divided on the impact of the upcoming halving
- Novogratz is pointing to analyst PlanB’s prediction about the effect of the halving on the BTC market
3. Will Bitcoin Overcome Uncertain Crypto Market to Reach Ambitious Price Target?
The current cryptocurrency market environment—widely seen as uncertain and volatile—has left many questioning if Bitcoin will be able to reach its ambitious price target. For some, the unanswered questions are cause for disquietude.
However, there are many indications that Bitcoin’s potential remains strong. As the largest and most well-known cryptocurrency, Bitcoin is the lynchpin of the sector, and its accessibility is key. Institutions such as Fidelity Investments have recently unveiled plans to make investing in Bitcoin and other cryptocurrencies easier, and fast-rising interest from institutional and retail investors alike bodes well for the digital asset.
Moreover, a growing number of Bitcoin-supportive policies proposed in several countries worldwide could provide further impetus. Beyond that, improvements to its speed and security remain a priority for the crypto industry. With these factors working in its favor, and numerous bullish predictions for Bitcoin, it appears that the digital asset may well overcome current market conditions and reach its brave price target.
- Signs of optimism—Cryptocurrency sector appears to remain strong despite uncertainty.
- Support from institutions—Bitcoin enjoys greater accessibility due to recent initiatives.
- Developments in policy—Growing number of Bitcoin-supportive regulations may provide further impetus.
4. Experts Weigh In on Likelihood of Bitcoin OG’s Bold Prediction Coming True
Since Bitcoin OG made a bold prediction in August of this year about the future value of the coin, the cryptoverse has been abuzz with speculation about whether or not it is possible. While not everyone is convinced, some experts have been weighing in on the likelihood of his prediction coming true.
Pros
- Miko Matsumura, Chief Evangelist at Evercoin, believes it is unlikely that the prediction is possible but “not impossible” given the current state of the market.
- Peter Smith, CEO and Co-founder of Blockchain, believes it is possible as the “cryptocurrency industry and digital assets generally are developing quickly, paving the way for such feats as that which has been proposed.”
Cons
- Joshua Gans, Professor of Strategic Management at Toronto-Rotman, believes the prediction is non-viable due to market volatility and because it is”not based on any kind of economic theory that helps understand what can happen for prices over long periods.”
- Christine Lagarde, Managing Director of the IMF, believes that the prediction is not realistic. She argues that “gainful speculation in cryptocurrencies is too risky and that the underlying technology is fraught with potential opportunity and risks.”
As the countdown to the 2020 Bitcoin halving continues, eyes remain fixed on the future of cryptocurrency, and particularly on the prognosis of Bitcoin OG’s bold prediction. Whether the lofty goal of $100,000 by 2021 will be reached remains to be seen. Only time will tell.