$100k For A Bitcoin? According To Insiders, This Year, Bitcoin Could Reach New Highs.

One industry expert who talked to Trade Algo said that the world's largest cryptocurrency might hit new heights. Bitcoin has increased by about 70% so far this year.

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In November 2021, Bitcoin reached an all-time high of $68,990.90. It has decreased by around 60% since then.

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According to Marshall Beard, the chief strategy officer at the American branch of cryptocurrency exchange Gemini, bitcoin might reach a price of $100,000.

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The $100,000 price point is a "interesting number," Beard said, adding that "I think bitcoin certainly breaks all-time highs this year."

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It "doesn't take a lot more for it to lift up" to $100,000, according to Beard, if bitcoin reaches its previous record high of roughly $69,000.

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To reach $100,000, Bitcoin would have to increase by over 270%.

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The chief technology officer of stablecoin issuer Tether, Paolo Ardoino, said that bitcoin might "retest" its record high of over $69,000.

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These record high forecasts represent a more upbeat prognosis than in January, when business executives told Trade Algo they thought 2023 would be a year of caution.

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Is bitcoin now transforming into "digital gold"?

The fact that the market currently has a favorable outlook on bitcoin in part results from how the asset has fared amid the financial crisis brought on by the fall of Silicon Valley Bank as well as two symmetric encryption lenders Silvergate Capital and Signature Bank.

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Bitcoin rose in price as opposed to falling.

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This, according to proponents of bitcoin, shows that bitcoin may serve as a secure alternative to the conventional banking system.

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According to Oliver Linch, CEO of Bittrex Global, "I think the surge is intelligible by saying, people have been frightened out by the banking system by the failures," he told Trade Algo in an interview on Thursday at Paris Blockchain Week.

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Advocates of bitcoin have claimed for many years that it is a type of "digital gold"—a safe-haven commodity that can give investors a buffer against inflation and a place to invest during unrest. Yet, during the past three years, bitcoin has fluctuated in tandem with stocks, particularly the Nasdaq, which is heavily weighted toward technology.

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With bitcoin beating the Nasdaq, numerous other risk assets, including gold this year, there are now hints of decoupling.

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Yet, the belief that the banking crisis may lessen the U.S. Ability of Federal Reserve to raise interest rates aggressively, which would encourage risk commodities like cryptocurrencies.

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The $1,000,000 Bitcoin wager

Since investor and former technical director at Coinbase Balaji Srinivasan bet on March 17 that bitcoin will be worth $1 million or more in 90 days, speculation about where the price of the digital coin could go this year has been wild. He staked $2,000,000.

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The bet was placed in response to a Twitter user stating that they would stake $1 million to prevent hyperinflation in the United States.

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According to Srinivasan, once hyperinflation sets in, damages the value of the US dollar, and countries, people, and businesses start to purchase significant amounts of bitcoin, the "world redenominates on Cryptocurrency as digital gold." The rapid increase in prices in an economy is known as hyperinflation.

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The price of one bitcoin would climb by over 3,600% to $1 million from its existing level.

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The majority of people have dismissed this prognosis.

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Gemini's Bear predicted that bitcoin would reach a million dollars in the future, but not in 90 days as Srinivasan had bet.

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Beard added, "I think some weird things are taking place worldwide, which we don't want, for bitcoin to reach a million dollars in 90 days," adding that it might take 10 years to achieve even close to that amount.

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Tether’s Ardoino reiterated the notion that if bitcoin were to achieve $1 million in 90 days, it would certainly imply an exceptional economic event.

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In an interview with Trade Algo conducted at Paris Blockchain Week and broadcast on Thursday, Ardoino said, "I'm sort of doubtful about that because honestly, I wouldn't really hope for that."

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"Because the entire economy would collapse if the price of bitcoin reached such a high level. I'm not certain that's the kind of world we want to live in.