Bitcoin breaks $ 19,000 for the first time in three years, with analysts predicting it could hit $ 300,000 in the next 12 months
The value of bitcoin topped $ 19,000 for the first time in nearly three years, with analysts predicting it could reach $ 300,000 (£ 221,000) over the next 12 months.
The controversial cryptocurrency, whose value has fluctuated wildly since its inception in 2009, has exploded in recent weeks.
It is now trading at $ 19,370 (£ 14,395), up 175% this year, approaching its high of $ 19,458 in December 2017.
Bitcoin, whose value has fluctuated wildly since its inception in 2009, has skyrocketed in recent weeks. It is now trading at $ 19,370 (£ 14,395), up 175% this year
But some believe the upward trajectory could exceed $ 100,000 in 2021. Brian Estes, US hedge fund Off the Chain Capital, said, “I’ve seen bitcoin rise 10, 20, 30 times in a year. So going up five times isn’t a big deal.
Last week, Citi analyst Tom Fitzpatrick predicted $ 318,000 by the end of next year.
Demand for digital currency, which is not backed by a physical asset like gold or a stock in a business, has increased since popular online payments company Paypal allowed customers to buy bitcoin in October.
Investors hope to make remarkable gains. But some commentators are warning investors against stacking up.
Toronto trader Kevin Muir said, “Any bitcoin hedge fund model is crap. You cannot model a mania.
He agreed that bitcoin could exceed $ 300,000. “But does anyone really have an idea?” Not a chance, ”he added.