Bitcoin is the largest cryptocurrency in the world in terms of market cap. It was first introduced by an anonymous creator called Satoshi Nakamoto. To this day, it is not clear whether the Bitcoin creator is an individual or a group of people. When virtual currency was first introduced in the investment world, it was not met with a lot of enthusiasm.
Only people related to the IT industry took some interest in the flagship cryptocurrency. However, after remaining in the first position for 12 years, the Bitcoin market cap has now reached some of the biggest enterprises in the world. This year, Bitcoin managed to get an all-time high price point of 64,800 for the first time in history. However, it went into a three months stagnation period after that ATH in April. Only recently, signs of recovery have started to become visible for the network.
Some Analysts Believe Bitcoin will Reach Six-Figure Value
There are countless theories regarding the price movement and predictions for Bitcoin. There are a good number of investors who believe that the flagship cryptocurrency is going to get a price point of $100,000 before the end of 2021. Whereas, some believe that Bitcoin needs at least 5-6 more years to get a six-figure per unit evaluation.
Some investors say that Bitcoin price can only go as far as $50K before retracing down to $18K. Bitcoin is currently trading at $49,170, as noted by crypto exchange platform Kraken. The climb arrived when the Director at Fidelity Investments, Jurrien Timmer, mentioned Bitcoin in a tweet. He claimed that Bitcoin showed remarkable stamina during the 55% crash period.
The relationship between Bitcoin and Gold Mogul Peter Schiff is best described as ice and fire. Schiff has been a vocal critic of Bitcoin and blockchain currencies since the beginning of the crypto market. He has also criticized known Bitcoin maximalists like Michael Saylor for wanting to invest more of his company’s capital into investing in the flagship cryptocurrency.
However, he admitted recently that it would have been a great idea to consider investing in Bitcoin ten years ago. Bitcoin market managed to stay afloat above $30K during a strong bear pull correction. Now, the flagship cryptocurrency is on its way back to gain more traction and make a fat share of capital gains for its investors. However, Schiff is not a Bitcoin convert as he recently added that those who are not selling BTC now are idiots.