- Bitcoin has continued its impressive surge, rising by 10% to reach a new high of $27,800. This comes as digital currency is being viewed by some as a potential hedge against a global banking crisis.
- BitMEX Co-Founder and former CEO Arthur Hayes went even further, predicting that Bitcoin could eventually reach $1 million.
Bitcoin has continued its impressive surge, rising by 10% to reach a new high of $27,800. This comes as digital currency is being viewed by some as a potential hedge against a global banking crisis.
TradingView data shows surge of 10% in a day, with Bitcoin’s price up by 36.10% in the past seven days and 65.68% in the year-to-date period.
Binance Co-Founder and CEO “CZ” noted that those criticizing Bitcoin’s value as a store of value have been quiet in the past week, suggesting that the cryptocurrency is proving its worth.
Gemini Co-Founder and CEO Tyler Winklevoss even raised the possibility of BTC reaching $30,000 by the end of the weekend, while Messari Co-Founder and CEO Ryan Selkis believes that the price could reach $100,000 in the next 12 months.
BitMEX Co-Founder and former CEO Arthur Hayes went even further, predicting that BTC could eventually reach $1 million. Hayes’ prediction, however, has been met with skepticism by some market analysts.
Bitcoin’s recent surge has been driven by a range of factors, including rising institutional adoption, increasing interest from retail investors, and growing concerns about inflation and global economic instability. It has also been boosted by the recent Bitcoin ETF launch by ProShares, which has seen record-breaking demand from investors.
Despite its recent gains, Bitcoin’s volatile history means that it remains a risky investment. Some market analysts have warned that the cryptocurrency’s current rally could be a bubble, with prices set to come crashing down in the near future. However, many Bitcoin supporters remain bullish about the digital currency’s long-term prospects, pointing to its potential as a decentralized alternative to traditional fiat currencies.
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