Will Bitcoin hit 140, 000 US Dollars.
Let’s begin, Nobody can predict the future. Since that is true, any answer, regardless of how high or low prices might go, is just a ‘best guess.’ From that point you move forward.
Why should the price of Bitcoin go up? Does it have an industrial use, like gold, platinum, or silver, for example, where global demand for it could be expected to rise over time? Nope. How about at least a modicum of “intrinsic value?” Can you eat Bitcoin, Drink it, or build shelter with it? Nope, nope, and nope again.
So what will drive its price up? More new money flowing in. Like a Ponzi scheme where later arrivals pay the profits enjoyed by early adapters. Betting on Bitcoin is gambling that ‘greater fools’ will come along and willing pay more for it.
Could happen. Assuming that no other country besides China bans it, or regulates it, or taxes profits on it, and that hackers from Russia, North Korea, China, Iran, or god knows where don’t hack into wallets and steal money from depositors, and so on.
And as a “storehouse of value,” when inflation went up, Bitcoin tanked. Gold did better, and while you can’t eat gold it does at least have some industrial (as well as jewelry) uses - not that I’d recommend gold even on a bad day: stocks are far better at ‘insulating against inflation.’
Since no one can predict the future my immediate assumption is that anyone who is promoting Bitcoin or any crypto has a vested interest in seeing its price go up. Cryptos are on a par with sports gambling or NFTs. They’re speculative; only bet what you can afford to lose and don’t get wedded to an idea.
The present macroeconomic environment has an impact on the price of bitcoin. It's not conceivable that Bitcoin will cross the $100,000 threshold once interest rate rises are through, the war in Ukraine has concluded (or at least reduced), and cryptocurrencies continue to acquire widespread acceptance. However, if $69,000 was the top, it may be a long way back down. Bitcoin and other cryptocurrencies have a history of falling more than 80% during bull markets before rising again years later. If so, the upcoming year may provide some excellent purchasing opportunities.
Many people think that Bitcoin will eventually surpass gold as the most widely used store of value asset. Bitcoin would need to increase in value by more than 10 times its present price to match the market capitalization of gold, which is over $10 trillion. This would increase the value of each Bitcoin to over $500,000; while this may seem like a tall objective for 2023, it is undoubtedly feasible in the long run.
It's vital to look at the issues preventing Bitcoin's growth while deciding if it will go below this price once more. The war in Ukraine, impending interest rate increases, regulatory pressure from other countries, and Fed market policies in the United States are some of the major short-term influences that might cause the price of BTC to decline.
While there are no guarantees that Bitcoin will reach or exceed previous highs, some proponents of Bitcoin argue that it has a unique value proposition as a decentralized and secure digital asset that can potentially serve as a hedge against inflation and geopolitical risks.
It's important to keep in mind that cryptocurrency investments are subject to risks and can be highly volatile. Before investing in Bitcoin or any other cryptocurrency, it's important to do your own research and understand the potential risks and rewards. Additionally, it's always advisable to consult with a financial advisor before making any investment decisions.
Despite All,, ’m confident it will, but not this year, and maybe not even next year. Bitcoin is not an equity. Bitcoin is money. Hard money. The hardest money that has ever been devised by the human intellect. But people still treat it as though it were a tech stock, so it’s early days yet. It will eventually decouple when people start to understand it better, but for now it’s getting treated as a risk-on asset and suffering the fate of all risk-on assets during economic downturns.
People are losing faith in fiat currencies because of government induced inflation, and loss of faith is fatal for fiat currencies because faith is all that keeps them afloat. When that faith reaches criticality, everybody will start getting rid of their fiat. That’s when bitcoin will suddenly experience tremendous demand. The price of bitcoin will skyrocket, not because its purchasing power goes through the roof, but because the purchasing power of fiat currencies goes through the floor. It’s coming.
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