What will Bitcoin be worth in 2023? Here’s what the crypto experts think – The ₿log

the bitcoin, the original cryptocurrency, is made possible by blockchain technology, a method of generating and tracking digital assets. When bitcoin is doing well, other cryptocurrencies are likely to do well. When bitcoin does poorly, other cryptocurrencies are likely to suffer as well. No one, however, seems to agree on the price of bitcoin going forward.

Why 2021 has been a good year for bitcoin

During the year 2021, bitcoin has seen a sharp rise in its market value. At the start of the year, a single coin was valued at $32,000, and by April that figure had doubled. Traders were bullish and believed that the wider acceptance of bitcoin by merchants and major banks would support the price.

However, the promise exceeded the reality: there was still no way to use bitcoin for anything other than speculative and risky transactions. A decline in the stock market at the end of 2021, and a fall in highly valued growth stocks, dragged cryptocurrencies down. Bitcoin ended 2021 at around $47,300.

Risk-free trading

The bitcoin price continued to fall in early 2022, as did the stock market. Investors turned to performing assets amid a slowing economy, rising inflation and rising interest rates.

As cryptocurrencies are still widely considered risky and speculative assets, this “risky” transaction caused bitcoin to plummet to around $36,000 at the end of February 2022. This represents a loss of almost half of the value reached by the bitcoin peaked at $69,000 in November 2021, although it saw some recovery in late March 2022 to around $47,345.

Concerns about high electricity consumption related to bitcoin mining and China’s ban on cryptocurrency transactions also weighed on bitcoin’s value.

Good to know

Robert Breedlove, CEO of Parallax Digital, is perhaps the most bullish of all bitcoin analysts. Breedlove predicts a price of $12.5 million by 203, considering that the main driver of this surge is high inflation. With fiat currency losing value, investors may turn to what they perceive as a safer haven, digital currency.

Expand investment and use of payments

Nevertheless, as more businesses adopt bitcoin as a form of payment, its value should level off. Tesla, the first major company to accept bitcoin, was later joined by other companies including Microsoft, AT&T, Starbucks, PayPal and Amazon.

Also, as more and more platforms make space for bitcoin trading, the market is expected to expand among traders and individual investors. While Robinhood, Coinbase, and Kraken all allow the purchase of cryptocurrencies, major brokerage firms such as Schwab, Fidelity, and TD Ameritrade provide their clients with exposure to the cryptocurrency market. These companies offer trading in coin trusts and ETFs, exchange-traded mutual funds that hold crypto assets.

What is the future of bitcoin? whales dive

The future price of bitcoin depends on the ability of digital currencies to serve as useful financial assets. This concept did not receive much support from financial reporting executives in the early years, but some once skeptical major investors changed their minds.

Buffet and others are now believers

Warren Buffett, whose company Berkshire Hathaway has provided investors with exceptional returns for decades, once described cryptocurrencies as “squared rat poison” and swore he never would never touch it. But by buying NuBank, a digital “neobank” involved in the crypto space, Buffet gave bitcoin a second vote of confidence.

Lloyd Blankfein, former chairman of Goldman Sachs, has announced that he is “evolving” on bitcoin and other cryptocurrencies. Jack Dorsey, founder of Twitter, stepped down as that company’s CEO to lead Block, a payment processing leader now developing new digital currency apps.

Adoption by these business executives and others is expected to drive a bitcoin reversal and higher value by the end of 2022.

What will bitcoin be worth in 2023? Educated Guesses

Several experts in the Bitcoin space are optimistic about the future price development. In October 2021, Jurrien Timmer, director at Fidelity Investments, predicted a bitcoin price of $100,000 by 2023. Financial news service Bloomberg predicts a bitcoin price of $400,000, and megabank JP Morgan, which has developed its own cryptocurrency for its customers, values ​​bitcoin at $146,000 in the long term.

Ian Balina is the founder of Token Metrics, a cryptocurrency research company. Balina sees bitcoin in a bearish cycle due to general investor pessimism about risky assets, but he also sees an upside in the development of Web 3, a new blockchain-based internet.

More practical uses for bitcoin and cryptocurrencies are emerging. When trading is no longer the only thing you can do with them – except for some digital call options – the value of these new assets should increase.

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What will Bitcoin be worth in 2023? Here’s what the crypto experts think – The ₿log


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