There have been a lot of Bitcoin price predictions in the past, but when the CEO of a major cryptocurrency exchange like Binance says the coin may reach $100k by the end of the year it doesn’t sound crazy.
It’s not such an outlandish claim when Bitcoin has broken barriers like it’s on steroids in the past few months, passing the $20k mark in mid-December and recently breaking $30k to start off 2021.
So what is causing Bitcoin’s rise that doesn’t seem to be stopping? Catherine Coley, the CEO of Binance US tries to explain it in layman’s terms in an interview with a local LA TV station.
Coley’s main reasons for Bitcoin’s surge are:
- More crypto applications and platforms create better access to buy Bitcoin.
- New investors (retail and corporate) are becoming interested in Bitcoin and blockchain technology.
- It’s becoming easier for newcomers to buy small amounts of Bitcoin.
- The Bitcoin halving in May, historically (like the one in 2016 causing 2017’s bull run) shows an eventual rise in the Bitcoin price.
Because of these factors, Coley says, “Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion,” said Coley. “I think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”
This is actually a modest estimate with other corporate and crypto analysts weighing in with even high numbers. For example, Citibank’s leaked price prediction of $318,000. Also, Kraken’s growth lead, Dan Held saying for the past year to expect a price surge in 2021 that will put BTC at $1M.
All of these predictions are based on public and business adoption. And they very well might be right.
The headline on today’s Financial Times may be a premonition of mass awareness and eventual usage of Bitcoin to make these price predictions a reality very soon.
— Financial Times (@FinancialTimes) January 3, 2021