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Major Institutions Predict 2021 Bitcoin Price | Bitcoin Price Predictions
It seems like 2021 will be a record breaking year for Bitcoin. Among the most important reasons are 2 factors: growing institutional demand and reduced selling pressure. These 2 factors along with 4 expert forecasts give confidence that Bitcoin is stronger than ever.
The first thing we are going to talk about is an increase in demand from institutional investors. In an interview with CNBC, Rieder pointed out how millennials are open to cryptocurrencies, a strong support for Bitcoin adoption. JP Morgan agrees, as its strategists write, “the adoption of bitcoin by institutional investors has only begun.” Additionally, Galaxy Digital CEO Mike Novogratz believes that the Bitcoin boom in 2020 is driven by institutional buy-in.
In October 2020, Paypal enabled its clients to sell and buy Bitcoin and other cryptocurrencies. Payment company Square gave Bitcoin a vote of confidence in October of 2020 as well, purchasing 4709 Bitcoins, approximately $50 million in value. The company said, “cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.” And earlier in August of 2020, Fidelity Investment opened a Bitcoin only fund. “Fidelity’s latest foray into the world of crypto is welcome news for fans who have long sought greater acceptance of digital currencies and blockchain by Wall Street mainstays.”
Another BTC price driver is that the selling pressure is going down. According to Arcane Research, Bitcoin balance on exchanges fell 21%, which indicates that Bitcoin liquidity is going downward. One explanation for this is that “people are looking at the cryptocurrency as a long-term investment rather than a short-term speculative trade.”
Billionaire investor Mike Novogratz expects Bitcoin to reach $65,000. In a twitter reply to Maise Williams asking whether she should invest in Bitcoin, Novogratz replied “YES, buy it.” Even more aggressive, the creator of a popular bitcoin prediction model Stock-to-Flow, predicts Bitcoin to reach $100,000 by December 2021. Mike McGlone from Bloomberg takes it a step further. He sets the level of $170,000 as the BTC price target for 2022. Based on past performance, McGlone said, “Remember, it was around $7,000 at the end of last year. What I’m worried about — if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.” Finally, the most bullish of predictions comes from Citibank analyst Tom Fitzpatrick. He sees Bitcoin reaching the $318,000 price. Fitzpatrick takes into account the exponential growth of the Bitcoin price in 2010 and 2011, likens it to the 1970s gold market and predicts a similar sort movement in 2021.
Obviously the predictions are all significantly different, ranging from 65K to 318K, but what is unanimous is the prospect of an increase in value of Bitcoin.
#bitcoinpricepredictions
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