Bitcoin Bulls Continue to Double Down on $100,000 Prediction

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Despite the fact that the end of 2021 suggested that there could still be some concern about the volatility of the market, there is no doubt that last year was huge for the cryptocurrency industry and one that was huge in general.

Indeed, there were a few different things to look out for including things like non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum (ETH-USD) and smaller cryptocurrencies, however it was also a year that had. much impact on Bitcoin.

The cryptocurrency, which has experienced a number of fluctuations over the past 12 months, managed to reach an all-time high near $ 69,000 in November, however it has been reduced to around $ 47,000 recently, leaving its market capitalization to be its own. second lowest and about 40% according to TradingView data.

However, this did not stop many bulls from predicting that Bitcoin will still be able to reach the price of $ 100,000, which many hoped many would stand strong in their prediction and apparently have as much confidence in it as it does before.

Of course, there are a number of different factors that many individuals and experts may look at when it comes to trying to support their prediction, with the gaming industry perhaps one of the biggest. Crypto gambling is an activity that many virtual currency holders enjoy, with the use of Bitcoin casino continues to increase due to the benefits that gamblers can enjoy when they play their favorite games. Additionally, to further support the suggestion that Bitcoin has benefited from this particular industry and is likely to continue to do so, a study by Thomas Conlon and Richard McGee in 2020 has already shown that the cryptocurrency has enjoyed a price increase once before due to the betting industry.

CryptosRus George Tung told Yahoo Finance that while “in the short term, it can be a bit volatile,” he felt that “in the long run, inflation will be an ongoing problem, and bitcoin is seen as the best hedge against inflation at this point.”

Blockstream CEO Samson Mow also seemed to double the prediction that Bitcoin will be a six-digit price suggesting it could happen within the next six months. He said: “We’ll see $ 100k in the first half of the year.”

As it also revealed that Bitcoin will still be a pretty risk sensitive asset soon, with a few different factors at stake, but also stated: “in a fairly long time horizon, [Bitcoin] do their own thing. ”

Salvadoran President Nayib Bukele recently reiterated the view that Bitcoin will also be able to reach the price of $ 100,000 in 2022, as he made some strong predictions as he came to Twitter and posted a tweet to all his followers.

One of the predictions he made that could help the digital currency become a six-digit currency was that he felt that two more countries would adopt the token as a legal tender in the next 12 months, thus joining Latin America. country to become among the. first accept it.

Mow highlighted this “[Bitcoin] mining at the national utility level is the first step, ”and some countries have seen the market resurface. Despite China banning cryptocurrency mining in June 2021, countries including Canada, Iran, Germany, Malaysia, Russia and the United States have all seen a resurgence in market interest, according to research compiled by the Cambridge Bitcoin Electricity Consumption Index (CBECI).

Some would suggest that Bukele and Mow’s thoughts are shared, however, because of the interest they have together after a partnership has been announced, which would see them offer “volcanic bonds”. Half of the billion-dollar sovereign debt will go to financing Bitcoin City, which would harvest nearby geothermal energy from a volcano to mine Bitcoin.

Mow stated that a “zero tax on all” development zone would help transform El Salvador into the “Singapore of Latin America”, however 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 proposal will be converted into Bitcoin, with a 6.5% bond carried over the next decade.

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