New Bitcoin Price Record
In the past couple of weeks, Bitcoin price started a steady increase in price with minor drops. Surprisingly, the price spiked to over $61,000 and traded according to the CoinMarketCap at an all-time high of $61,800.
Currently hovering around the $55,000 mark, Bitcoin according to most experts is expected to rise above $65,000 in a few months or weeks.
Why BTC Price is on the Rise
Dating back to the second half of 2020, the price of BTC caught the eyes of some big industry players like JPMorgan's CEO Jamie Dimon who at one time referred to this crypto as a sham and a means for illegal transactions.
Billionaire Stanley Druckenmiller who at one time also doubted the potential of Bitcoin became one of the very few people to mention that Bitcoin could, in fact, improve on Gold.
These stakeholders and a few others like Keith McCullough the CEO of HedgeEye Risk Management who like most others sold his Bitcoin after the price drop has repurchased this crypto. These stakeholders have undoubtedly contributed to the increase in the price of Bitcoin.
The increase of institutional investors seeking to hedge millions of dollars against market fluctuations has also been identified as one of the causes of the BTC price rise. There's an ongoing trend where a few publicly traded companies have turned raw cash into Bitcoin because they see it as a better store-of-value.
MicroStrategy happens to be one of the first companies to do this, buying as much as $425 million worth of BTC. Square, the American payment giant followed suit by buying BTC worth $50 million.
Recently, Tesla also bought $1.5 billion worth of BTC which according to the company will be hedged as part of the company’s financial strategy against extreme market fluctuations. Additionally, the Elon Musk-led company is making plans to begin accepting BTC as a means of payment for cars and accessories bought.
A global acceptance of Bitcoin as a means of payment for products bought and services rendered have also contributed to the increase in the price of this coin. The introduction of Bitcoin on the PayPal and Venmo platforms has lessened the burden, thus, making it incredibly easier for users to sell, shop, buy, and accept not only Bitcoin but other cryptocurrencies as a payment type.
Bitcoin Future Price Predictions
With Bitcoin having achieved several feats in the last couple of weeks, experts believe that this will continue to be a thing.
Without mincing words, most experts predict that the price of BTC may rise above the $70,000 mark and if things work as planned, we could see this coin hit and maybe even exceed the $100,000 mark.
Albeit mere predictions, the increasing rise in the price of this coin suggests this may happen sooner than envisaged.