Recent statements from $9 trillion asset management firm BlackRock have drawn attention to Bitcoin's role as a hedge against growing global turmoil and geopolitical uncertainty.
Description Bitcoin BlackRock has positioned Bitcoin as a “global currency alternative” and noted its ability to protect investors during times of financial uncertainty. The comments support analysts' predictions that Bitcoin prices could continue to rise, especially as trust in the traditional system weakens.
Bitcoin price target rises
Following BlackRock's comments, industry experts have revised their price targets for Bitcoin and are predicting significant growth over the next few years, with MN Consultancy Chief Investment Officer Michaël van de Poppe suggesting that Bitcoin could reach a value of $300,000 to $600,000 within this market cycle.
This explains everything.
Current valuation #Bitcoin It's still super low.
I wouldn't be surprised to see $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A
— Michaël van de Poppe (@CryptoMichNL) September 12, 2024
Notably, market veterans believe that Bitcoin’s current valuation is still significantly lower than its potential.
It is important to recall that following the launch of BlackRock's Bitcoin ETF, the price of the cryptocurrency skyrocketed, reaching an all-time high of $73,000 in March 2024. The rise of cryptocurrency-based ETFs, especially those focused on Bitcoin and Ethereum, has also caught the attention of the financial industry.
Not an isolated prediction
Notably, this is not the first time a Bitcoin price prediction has been released by an ETF issuer. VanEck, the leading issuer of Bitcoin and Ethereum spot-based ETFs, said: As previously outlined Bitcoin price prediction to 2050.
VanEck predicts that Bitcoin could reach $2.91 million by 2050. This would bring the cryptocurrency's total market capitalization to $61 trillion, according to the firm. In its analysis, the investment firm believes that growing interest in Bitcoin could be the main factor driving the price to this point.
Optimistic forecasts amid political tensions
Other prominent crypto investors, including Steve Lubka of Swan Bitcoin and James Davis of Crypto Valley Exchange, also spoke about the investment. believe They predict that Bitcoin will surpass $100,000 by 2025. They emphasize that the price of the asset will not be driven by the outcome of the US election, but by the fiscal and monetary policies of different regions.
The approval of a Bitcoin spot ETF in the United States has raised its profile as an investment vehicle and strengthened its role in institutional investors' portfolios. Despite short-term challenges for crypto startups, experts remain confident in Bitcoin's ability to grow in the long term.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
