With the value of Bitcoin (BTC) reaching a new all-time high well above the former $ 20,000 mark, predictions about its future are back. While some analysts and industry figures are already raising the possibility of a 6-digit bitcoin, the CEO of DeVere Group has been more measured. The latter in fact predicted that the asset’s revenue would increase by 50% and its value could double next year.
A BTC at 46,000 dollars in 2021
Founder and CEO of the company DeVere Group based at Dubai, Nigel green gave his thoughts on the long-awaited event in the bitcoin bull cycle saga. This is through an article published in Newsmax that the business leader predicted that Bitcoin prices could increase by 50% or even double during the year 2021. Taking into account the value of the asset at the time of its declaration, this brings us to a bitcoin whose value would be between 34,500 and 46,000 dollars. Mr. Green specifies, however, that this growth cannot be sudden and without a period of decline in the market.
He nevertheless tried to describe the scenario likely to lead to such an event, based in particular on the influx of institutional investors into the market. This one should as well generate a wave of consumer interest, the set of two phenomena subsequently triggering the bull cycle. ” Some of the world’s largest institutions – including multinational payments companies and Wall Street giants – are increasingly crowding into crypto, bringing with them their enormous expertise and capital, which in turn, makes boost consumer interest »He explained.
Two main catalysts of the bitcoin bull cycle
DeVere Group in 2020 took a lot of interest in the bitcoin market, analyzing the size of investments and where they come from. It appears that two main factors served as catalysts for the observed bull cycle in this market and achieved a new ATH. The first is nothing other than the increase in institutional demand as other analysts have already mentioned.
The second factor is the fact that Bitcoin has become a hedge against inflation and macroeconomic uncertainty. This point was mentioned by Mr. Green in his article published in Newsmax. The CEO of DeVere Group y says that ” with governments continuing to support economies and increase spending due to the pandemic, investors will increasingly look to Bitcoin as a hedge against the legitimate concern of inflation “.
The optimism that reigns in the bitcoin community today is so overwhelming that almost everyone avoids talking about another important topic. While the current bull cycle still keeps BTC above $ 20,000, the specter of a similar end to 2017 still haunts some hodlers.