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The cryptocurrency could reach US $ 50,000 before March due to the high demand for bitcoins by institutional investors. However, there are detractors.
Bitcoin, the most widely used cryptocurrency, which has broken its all-time highs several times this week, to exceed US $ 40,000, could reach US $ 50,000 in the coming months and even US $ 400,000 in the long term, according to experts . (Read also: How to invest in Bitcoin in Colombia?)
Diego Morín, an analyst at IG, considers that the cryptocurrency could reach US $ 50,000 before March due to the high demand for bitcoins by institutional investors.
“The rise of the cryptocurrency is due to the decision of large investment funds to introduce bitcoins into their portfolios and the incorporation of cryptocurrency in payment platforms such as PayPal,” says Morín.
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Javier Castro-Acuña, Bitnovo’s head of business control, finds it difficult to anticipate the valuation of bitcoin in a certain time, although he explains that, according to recognized entities in the world of finance such as JP Morgan or Guggenheim Partners, the cryptocurrency could be worth between US $ 146,000 and US $ 400,000 in the future.
Ramón Ferraz, CEO of 2gether, assures that JP Morgan’s forecast that bitcoin could reach US $ 146,000 in the long term “is not an exaggeration.”
According to Ferraz, the digital currency will continue to rise in the future even if there is a temporary drop associated with the collection of profits by investors, since “the cryptocurrency is gaining strength as a safe haven to replace gold and as a reserve asset of organizations and who knows if of States ”.
However, other experts such as Marc Sansó, CEO and founder of Elsebits and a professor at EAE Business School, do not consider it possible to specify what the value of bitcoin will be in the future.
“We do not know and we would also dare to say that anyone who gives a figure is lying. We are in front of a book bubble, there has been an average volatility of 69% in the last month, which is amazing, “he says.
For Sansó, some of the reasons for the rise in bitcoin in recent weeks are the excessive liquidity of the market, the limited supply, the call effect generated by the media and the increase in the number of “traders” (operators) in the cryptocurrency market.
The EAE Business School professor believes that another cause of the rise in cryptocurrency is that investors are perceiving the digital currency as a hedge against inflation.
In recent weeks, other digital currencies such as ether, the cryptocurrency of the Ethereum technology network, have also increased in value in the cryptocurrency market.
Javier Castro Acuña is confident that its value will continue to grow, since the Ethereum network “is the“ blockchain ”on which more developers are working and it is the gateway to decentralized finance, a financial world that exploded last summer and which has an exponential growth potential ”.
Ramón Ferraz expresses himself in the same line, who believes that ether and bitcoin have a journey. “Ether, like bitcoin, enjoy network effects in the use cases they offer, which means that it is very difficult for any other cryptocurrency to compete with them,” he says.
In addition, Ferraz is confident that the launch of the Ethereum 2.0 network will make the cryptocurrency much more efficient, which will increase its use among investors.
