Bitcoin is the first decentralized Cryptocurrency and is a creation of an anonymous programmer called Satoshi Nakamoto. Currently, it is the most traded and the most valuable in the crypto space. In 2009, Bitcoin was selling below a dollar. It has made an all time high of $66,974 and ranks among the most profitable assets to own. It has a market cap of $1.15 billion and a maximum supply of 21 million Bitcoins. Coin Market cap has ranked it as the most valuable, most owned, and the most held Cryptocurrency. Trading at a high of $66,974, will Bitcoin end the year at a higher market valuation?
Bitcoin Prices to Rise Due To Bitcoin-Based ETFs
MIke McGlone, a Bloomberg Intelligence Commodity Strategist, said that the prices of Bitcoin might finish the year bullish due to the adoption of the first Bitcoin-linked Efts in the American Crypto markets. On October 19, Proshares released its Bitcoin ETF ( NYSE: BITO) into its trading space. Bitcoin is annotated as BITO in the ETF. Proshares said that this ETF would attract more investors and traders to buy the Bitcoin ETF conveniently. This would be through any brokerage account that has listed the Bitcoin ETF. Since Bitcoin would be bought and sold as commodities and stocks, it will have more capital exposure and investment.
The CEO of ProShares, Michael L. Sapir, said during the Bitcoin ETF launch,
“BITO will increase Bitcoin exposure to a large segment of investors who use brokerage accounts and would comfortably buy EFTs and stocks but don’t want to go through the pain and learning curve of opening another account with a crypto provider and owning a bitcoin wallet.”
After the launch of the EFT, the prices had a bullish rally to reach a new high time of $66 974 on 20th Oct. More investments and capital translate to bullishness in prices, Since Bitcoin has a capital boost, we would expect elevated prices by the end of the year.
Experts’ predictions Bitcoin to End The Year Bullish
In 2020 December, experts predicted that bitcoin would trade at US$51,951 by the end of 2021. Bitcoin has already broken this price ceiling. A panel of 35 Crypto experts analyzed the Bitcoin price movements and have predicted that by the end of the year, Bitcoin will be trading between $94 967 and $107 484.
Samantha Yap, one of the panelists and the boss of YAP Global, said that the prices would be moving higher as the year ends due to institutional funding. Martin Frohler, the Morpher CEO, believes that the prices might go to $250 000 by the end of the year. He states that Bitcoin will have the ultimate store value by the end of the year.
Most of the panelists predict the prices to trade between $360,179 and $500,000 by the end of 2025, and a few predict the prices might hit a new all- time high of $1 million.
Tim Draper and Bloomberg predict Bitcoin Prices to Soar
Bloomberg prediction also predicts a bullish rally of the Bitcoin prices. Bloomberg suggests that the prices will range around $100000 by the end of the year.
Also, venture capitalist and billionaire Tim Draper said that Bitcoin will trade at around $250000 by the end of 2022. Draper’s past predictions have proved to be accurate. His 2018 prediction stated that Bitcoin will trade at about $8000 and that more industries will begin taking Bitcoin payments.
What is Our Prediction?
New York Stock Exchange has a daily average trading volume of $169 billion and an annual volume of more than $2billion. As of October, Proshares launched Bitcoin ETFs. Now, Bitcoin has access to all capital volume and investments from the traditional trading platforms. So, we expect the Bitcoin price to break its all time high of $66 974 and set a new high before the year ends.