With 2022 approaching, some crypto investment experts question whether Bitcoin (BTC) has enough time to hit $ 100,000 by 2021.
After a massive collapse in the cryptocurrency market, Bitcoin is unlikely to break new records in the next three weeks to reach $ 100,000, according to Matt Hoogan, Chief Investment Officer of Bitwise.
“$ 100,000 by the end of the year is a tough expectation to achieve […] I think $ 100,000 could be the target by 2022, but I’m not sure this year,” Hogan said in an interview on Monday.
He noted that the potential growth of the cryptocurrency in 2022 will be largely due to the strengthening of institutional support. “I think when we look at 2022, we still have these major driving forces, the organizations that we communicate with on a daily basis on Bitwise,” Hogan said, adding that many organizations are still entering the market for the first time.
The CIO also predicted that 2022 will see an “explosion of activity based on Ethereum” and solutions from the first group, or solutions aimed at improving the most basic protocol to scale the system as a whole, rather than creating another one.
“Investors will be looking at Ethereum, Solana or Polygon. Investors are starting to realize that there are more cryptocurrencies besides bitcoins. If there is anything bigger in the coming year, it will be everything else: cryptocurrencies like DeFi and NFT, and Hogan predicted Web3 or the metaverse. ”
While Hogan noted the growing potential of altcoins – or coins other than bitcoin – some prominent figures in the crypto community still adhere to bitcoin.
Bobby Lee, founder and CEO of cryptocurrency hardware wallet Ballet, said on Monday that bitcoin is “more valuable” than altcoins because I am not backed by “any project or promise that could fail.”
The crypto community has been keeping a close eye on the price of Bitcoin this year, and well-known industry indicators predict BTC will hit $ 100,000 by the end of 2021, including the Standard Charter’s cryptocurrency research arm and creator of the PlanB stock model, Morgan Creek Digital Anthony Pompliano, co-founder of Asset Inc.. Anthony Scaramucci, CEO of SkyBridge Capital and others.
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Others in cryptography are more skeptical.
Bitcoin is trading at $ 51,290 at time of writing, especially after recovering from a dip below $ 47,000 on Saturday, according to data from CoinGecko. Starting at around $ 30,000 in 2021, Bitcoin hit an all-time high, surpassing $ 67,000 in mid-November.