Just like doing any other form of business, a wise man would want to invest his money in a market that can assure him the highest amount of risk to gain ratio. In the current year 2020, bitcoins hold a great possibility of such profitable outcomes.
Declared as the “21st century gold” by Tom Fitzpatrick, an analyst of Citibank also predicts that the price of bitcoins can rise to 318,000 USD by the end of 2021. Bloomberg strategist Mike McGlone says the price can go up to 170,000 USD also the Stock-to-Flow forecast model predicts the prices can get anywhere near 100,000 USD. The market analogy gives us a very good reason to believe in a new all-time high price to come very quickly within 2021. From 10,576 USD on 1 October 2020 to 19,226 USD bitcoins have gained more than 90% of its price in two months of recent year. The market capitalization has also reached a new height of $337 billion which has already exceeded its previous record of $328 billion from 2017. As the price of bitcoins is moving closer to $20,000 for the first time in three years, it can give traders a better and detailed bitcoin market projection to catch the best opportunity saying by bitcoindealers in Sydney.
The demand for bitcoins from institutional investors is also going up. “Bitcoin is here to stay,” says Rick Reider the Blackrock’s chief investment of fixed income in his interview with CNBC. He also highlighted that millennials are becoming more open to cryptocurrencies and accepting digital payments. Which, in a sense serves as a good reason for bitcoin adoption? Though they are in the market for a very short time comparing to the other currencies we know, bitcoin is ready for considerable upside. Bitcoin holds the potential to compete with gold as an alternative currency. If a modest number of sectors accept bitcoin as an alternative to the gold that would double or even triple the price of bitcoin over a very short time.
As the predictions from all the specialists are already going on, bitcoin is proving to be the future of alternate currencies. Moreover, different nations have already added digital payment as one of their medium of trade. In some countries, digital payment is widely in practice already. The more we are moving forward in time the more digital transactions we will seek for. Obviously, one of us has seen the future yet but, from analysis and prediction of current performance, the probability indicates bitcoins being the future of currency. It might happen very quickly or it can take some time. But there is no argument that the bitcoin market would continue to grow for at least another two or three decades or more. So, investing in the bitcoin market with proper knowledge and research will be much profitable today as well as in 2021. If you are interested in bitcoin mining, 2021 is a favorable time for you to do that.