Hey ninja’s, how’s the trading going? Bitcoin has surged to trade above $10k for the first in 2020 a level that has not been seen since October 2019. Naturally, the developments spiked a lot of comments from Bitcoin experts.
The co-founder and partner at Morgan Creek, Anthony pompliano, took to twitter to speak on Bitcoin’s new market price. He also shared his belief that the BTC will still be able to trade as high as $100,000 by the end of December 2021 considering Bitcoin’s fixed supply and increasing demand.
Crypto analyst Willy Woo also commented on bitcoin’s market price explaining that “fundamental investment” is backing Bitcoin’s price. The CEO and co-founder of Bitmex Arthur Hayes also posted a tweet on BTC’s value and future value.
Bitcoin has always been compared to gold and has been often referred to as digital gold due to certain similarities it shares with the mineral, much like gold bitcoin can only be mined via digital means and also has a fixed supply.
Only 21 million Bitcoin can be mined and 18 million from that amount has already been extracted, the supply of Bitcoin is going to be reduced even more this year to a rate of around 1.7% per annum in the month of May.
After the surge of Bitcoin’s price in 2019 at the beginning of the U.S China trade war, a significant amount of people have looked to Bitcoin as a safe haven, turning their stocks, assets and fiat currency into Bitcoin with expectations that it in the near future it will be fully recognized as a medium of exchange.