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Bitcoin Forecast To Hit $5 Million As Price Soars Through 2021

Bitcoin Forecast To Hit $5 Million As Price Soars Through 2021
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Bitcoin has skyrocketed during the month of October, as it escalated with the hype surrounding the first US Bitcoin Exchange Traded Fund (ETF) and fresh inflation fears spurring investors.

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Bitcoin price has added about 40% since this time last month, and earlier this week it reached an all-time high of around $67,000-$2,000 per bitcoin above its April peak.

Now, a panel of 50 bitcoin and cryptocurrency experts has predicted that the price of bitcoin will continue to climb until 2021, hitting a high of about $80,000, before climbing to $250,000 by 2025 and $5 million per bitcoin by 2030. .

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Daniel Polotsky, a member of the committee and founder of the Bitcoin ATM network CoinFlip, said he believes that Bitcoin will expire in 2021 at $80,000. “Bitcoin will eventually shed gold as the king of a safe haven asset, and we hope that this change of protection will occur by the end of the decade.

The panel, which was compiled by the personal financial comparison site Finder, was asked to provide their forecast for the price of bitcoin through late September through early February — before the recent release of bitcoin.

The group, made up of crypto-analysts, researchers and entrepreneurs, restated its forecast for an average bitcoin price of $80,021 in 2021 before ending the year at $71,415. By the end of 2025 and 2030, the committee members expect the bitcoin price to rise to an average of $249,578 and $5.2 million, respectively.

“The bullish race is different this year,” said panel member Gunnar Gerf, chief operating officer of First Digital Trust, whose forecast for bitcoin prices at the end of 2021 is expected to be $70,000. “More innovations, more regulatory engagement (despite fear, uncertainty and doubt, otherwise known as FUD) and ecosystem and infrastructure conundrums are very well in place.”

However, not every panel is optimistic about Bitcoin’s prospects. John Hawkins, Senior Lecturer at the University of Canberra, said he believes it is time to sell bitcoin, warning that it is a speculative bubble and will eventually collapse.

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“The bitcoin price crash could be the result of disappointment with all private cryptocurrencies (with the possible exception of stablecoins with real support) as central bank cryptocurrencies show they are the future of crypto, or it could be just because Ethereum (or if it ever launches, Facebook diem) will be seen as the best cryptocurrency.”

The cumulative cryptocurrency market has surged this year, becoming a multibillion-dollar market as investors bet that Bitcoin will eventually replace gold as a major store of value, and the likes of Ethereum and other smart contract chains will help form the foundation of a future digital economy—indicating its use in decentralized finance. (DeFi) and non-fungible tokens (NFTs).

The cryptocurrency’s rally, which came after governments flooded financial systems with cash to stave off the economic effects of the coronavirus shutdowns, has sparked warnings of a correction by some in the crypto space.

Earlier this week, the CEO of the Bitcoin and cryptocurrency exchange warned cryptocurrency traders of “very high volatility.”

Changping Zhao, CEO of Binance, often known as CZ, said via Twitter.

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