Bitcoin Could Hit $ 500,000 According to Specialist

(MENAFN- Costa Rica News) By TCRN STAFF October 18, 2021 41 0 Share facebook twitter WhatsApp Linkedin Email

2021 has been one of the most turbulent years that bitcoin has experienced, starting with stable growth until the middle of the year when, in just a couple of weeks, it lost almost half of its value. Over the months the price would have increased again and, although it has not reached its historical maximum, it seems to be on the right track to achieve it.

Although it seems increasingly complicated that the price of Bitcoin can reach US$ 100,000 as had been predicted by different enthusiasts, the future of the cryptocurrency seems to be much“brighter” than expected. At least that is what the investor and billionaire Mike Novogratz believes.

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In a recent interview conducted by the US media CNN, the finance specialist and CEO of the cryptocurrency investment firm, Galaxy Investment Partners, stated that according to his estimates, Bitcoin could reach US$ 500,000 in the upcoming years, one of the higher prices provided by specialists.

When studying the historical price of Bitcoin we can find that the forecasts could not be exaggerated: in mid-2013 the cryptocurrency was worth just over US$ 100, just 4 years later it reached its first historical peak costing more than US$ 20,000 and, By April 2021, it was over US$ 60,000 for an instant.

Although after this peak it fell to US$ 30,000 per unit, in recent weeks it has managed to climb to very close to US$ 50,000, even overcoming news such as the total ban on cryptocurrencies in China.

The risks attached to Bitcoin, already known to much of the planet, would continue to be the main barrier for this cryptocurrency to reach the estimated price. The difficulties of its adoption, either due to lack of confidence or technological penetration, make its massification an almost impossible task.

Although the constant increase in the value of most cryptocurrencies makes the prediction look possible, the truth is that the bet on cryptocurrencies would also be a bet that a radical change takes place in global finance, something that it could take much more than a decade (if it even happens).

Exchange platforms (exchanges) are still the most used channel for these investments, since they allow the creation of free accounts in which it is possible to save Bitcoin through a purchase/sale process. Most exchanges not only allow trading Bitcoin, but also a wide range of virtual currencies.

We have also seen the creation of tools like investment bots, which rely on complex algorithms to automate investments. Through these, the investor does not have to do more than pay an amount of money to a virtual wallet for the bot to do the rest of the work.

Bitcoin Evolution is an example of this, developing a bot that studies the market in real time and makes predictions to determine which investments are best suited to generate income. Other cases may include Bitcoinfinland.com, which was born in the European country in response to growing demand.

It is a mystery if Bitcoin will actually reach a value of US$ 500,000. However, it is clear that the value of cryptocurrencies continues to grow with each passing year. Although it may not reach this peak in the near future, it is impossible to rule out that it will not be able to do so in the upcoming decades as the shift to fully digital finance take place.

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