Alternative Investments/Digital Assets: Bitcoin Scales New All Time High; Draws New 5- and 6-Figure Targets

Bitcoin reached a new all-time high (ATH), selling for $19,864.15 on Monday

Bitcoin momentously broke its 2017 high on Monday, recording a new one at $19,864.15. This had all the crypto evangelists out in full force, insisting the bull market in the leading crypto was now well and truly in place.

As expected, more lofty targets were trotted out – one at $50,000, the other at $500,000.

BTIG goes for $50K

In a colorful statement, analysts at global financial services firm BTIG said cryptocurrencies “had come of age,” and that bitcoin could scale $50,000 by the end of next year.

According to CNBC, BTIG commenced coverage of digital assets last week.

In its view, BTIG drew a line of difference between bitcoin’s previous high in 2017, and the one on Monday. The 2017 boom (and bust) was fuelled by retail speculators who pushed bitcoin to a bullish extreme – a “blow-off” top.

The current market in digital assets, however, has participation from corporates, major investors, and institutions. Platforms such as PayPal (NASDAQ: PYPL), Square’s (NYSE: SQ) Cash App and Revolut have made it easy for investors to buy and sell bitcoin.

Meanwhile, because bitcoin suffers from a fixed, maximum supply of 21 million, there could be a demand-supply imbalance in the making.

The Winklevoss twins: $500,000

Tyler and Cameron Winklevoss said Monday that Bitcoin could potentially reach $500,000 within the next 10 years and overtake gold as a store of value.

According to the Daily Mail, Cameron tweeted:

“#Bitcoin is an emergent store of value that defends against inflation and has the potential to unseat gold. This means it could appreciate 25x in value from $19K. No other liquid asset in the universe can credibly offer this magnitude of asymmetric payoff in the next decade.”

Meanwhile, Tyler said to CNBC on Monday:

“Our thesis is that Bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9 trillion, so we think it could price one day at $500,000.”

Related Story: Tyler Winklevoss Predicts Investment “Tsunami” In Bitcoin

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…