Bitcoin Could Reach $500k – But When? Here Are The Latest Predictions | CryptoGazette
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Bitcoin could reach $500k soon, and below, you can find out the details involving what needs to happen for this to become a reality.
SkyBridge Capital founder Anthony Scaramucci is optimistic that Bitcoin (BTC) will ultimately be worth $500,000 despite its recent downtrend.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $37,995.
In a new interview on Kitco News, Scaramucci says he cannot address the exact reason for the sell-off but says BTC is closely following the performance of some stocks listed in the Nasdaq.
“Honestly, I don’t know the reason [for the sell-off]. It’s probably a myriad of factors, but I think the most interesting thing is that Bitcoin is now very tightly correlated with the higher growth, higher risk Nasdaq stocks.”
He also explained that long-term investors of Bitcoin will get their reward just like those who held onto Amazon during the early days.
“Bitcoin has had at least 50% decline 10 times since 2012. In the last year, we’ve had two 50% declines, obviously the most recent one but also one in May of 2021, so if you’re long Bitcoin, you have to subject yourself to this type of volatility move.”
He also explained that the adoption curve in crypto has something to do with the anticipated surge in Bitcoin’s value four to five years from now.
“There’s a lot of research on that, and people say how can you value Bitcoin? Fundamentally, you can value Bitcoin related to the network.”
Bitcoin’s fundamentals are getting stronger
It seems that the fundamentals of Bitcoin are getting stronger with each passing day. Check out the latest reports below.
There are all kinds of bullish predictions out there about the price of Bitcoin. This is happening despite the massive volatility that the crypto market is seeing.
Will Clemente says that Bitcoin’s fundamentals are getting stronger these days, and you should check out the tweet he dropped.
Stay tuned for more news.
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