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Bitcoin’s price could reach $175k by year end, says Diginex CEO
Richard Byworth, chief executive officer of Diginex Ltd, believes that Bitcoin’s current rally could last till the end of the year, and its price could reach $175,000. This is a bullish outlook for the leading cryptocurrency as it would see its price add $115,000 to its latest all-time high.
Bitcoin’s rally could last till the end of the year
The CEO of Nasdaq-listed Diginex Ltd is optimistic that Bitcoin’s rally will continue till the end of the year. In his interview with Bloomberg yesterday, Byworth said he foresees the current bull market to last till the end of the year.During that period, Byworth sees the leading cryptocurrency’s price tripling from its current all-time high of $61,000. He estimated that Bitcoin would be trading around $175,000 by the end of 2021.
He told Bloomberg, “We are modeling out about $175,000 for the price of bitcoin by the end of this year.” The CEO said the bull cycle is still in its early stage, and things are going to get more interesting from here.
Bitcoin hit an all-time high above $61,000 over the weekend. However, the cryptocurrency is undergoing corrections today as it is currently down by more than 6% over the past 24 hours. Bitcoin prices are up by roughly 100% since the start of the year.
Institutional adoption is just starting
Byworth believes the Federal Reserve’s massive money printing program and the US Dollar devaluation are convincing more people to invest in Bitcoin. The mining reward halving event last year makes it harder to mine Bitcoin, making the cryptocurrency more attractive to institutional and retail investors.Institutional adoption of Bitcoin is just starting, Byworth noted. MicroStrategy, Tesla, Square, and Metu’s recent purchases saw them consume 40% of bitcoin’s annual supply within a few months. It wouldn’t take long for more companies to venture into the cryptocurrency market.
Bitcoin is already becoming scarce. Of the 21 million bitcoins (BTC) to be mined, 18.6 million have already been mined. This means less than 2.4 million bitcoins are left to be mined before the 21 million caps are attained.
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