British cryptographer Adam Back expects Bitcoin to reach a price of $ 100,000 by the end of the year. When comparing the primary cryptocurrency to gold, he praised the former as the better financial instrument.
In addition, Florian Grummes – precious metals and bitcoin analyst – shared a similar view. The USD value of the virtual asset would drop to $ 34 to $ 38,000, but in six months it would be at $ 100,000.
Interestingly, both predictions are in line with the popular stock-to-flow model that BTC is expected to tap $ 100,000 by Christmas 2021.
The road to $ 100,000
In a recent interview with Anthony Pompliano, the CEO of blockchain technology company Blockstream – Adam Back – stated that the global adoption and availability of Bitcoin has reached satisfactory levels. With that in mind, he believes the primary digital asset will trade at $ 100,000 by the end of 2021.
Back – the inventor of Hashcash (a proof-of-work system used in the Bitcoin mining process) – also talked about the correlation between the virtual currency and gold. He preferred Bitcoin and said that it outperforms the precious metal in many ways:
“The comparison I liked was the competitor to physical gold because Bitcoin is better physical gold in many ways.”
Adam Back, source: Bloomberg
Another similar point of view on the future valuation of Bitcoin came from Florian Grummes. During an interview for Kitco News, the financial analyst stated that the largest cryptocurrency by market capitalization is on track to hit $ 100,000 in six months.
However, the Germans warned investors that BTC could previously drop to around $ 35,000 in price before skyrocketing again:
“What we have experienced in the last five weeks is a nice, strong jump, that is [typical] in crypto after an initial sell-off [could extend] to $ 25,000. That is still possible, otherwise bitcoin flips over at $ 35,000 and goes back to $ 60,000 and the bull market continues. I think $ 100,000 is likely to happen in the next six months. “
Bitcoin S2F model agrees
The popular Bitcoin stock-to-flow model, which has drawn a fair share of supporters and doubters over the years, also sees a similar BTC result by the end of the year.
By describing inventory as the size of existing reserves (or stocks) and flow – the annual supply of bitcoins in the market – the creator – PlanB – determined that the price of BTC could soar into a six-digit range in the next few months .
Despite being more than $ 50,000 away from that point, PlanB previously released another promising update. He noted that the stock-to-flow model is still forecasting $ 100,000 per coin through Christmas. Expecting something, he described the next few months as the “key”.
#Bitcoin stock-to-flow model predicts $ 100,000 by Christmas, time model (declining returns, lengthening cycles) $ 30,000. The next few months will be crucial. Notice that the color overlay is an on-chain signal (no time to halve), indicating that we are between bottom (blue) and top (red) as per S2F. pic.twitter.com/OS0pAKduq4
– PlanB (@ $ 100 trillion) August 27, 2021
Who Else Is Part of the $ 100K Club?
Numerous prominent investors have also predicted that Bitcoin’s price would soon hit $ 100,000. Jordan Belfort – also known as the Wolf of Wall Street – is one of those people. The former stockbroker, who spent a short time in jail for being responsible for a massive attempt at fraud, made a complete U-turn.
While beating up Bitcoin and warning investors not to join the crypto train because “BTC is going away” in 2018, he changed his mind to “BTC at $ 100,000” in March of that year.
For his part, Peter Schiff – one of the biggest critics of digital assets – believes that the primary virtual asset could reach such a price level. While maintaining his negative stance on the issue, the economist admitted that it was a “grave mistake” not to buy BTC when he first heard about it in 2011:
“Of course I wish I had bought Bitcoin when I first heard about it – that was a serious mistake. If I could have put $ 100,000 in – yes, I could have. I mean, I’ve invested $ 100,000 in other things that went bad.
I could have been one of the Bitcoin billionaires now, obviously knowing about it early on. If I could turn back time, that would be one of the things I would do. “
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