The Bitcoin price skyrocketed in 2024 due to the launch of the Spot Bitcoin ETFs in the United States. More and more people see Bitcoin as an interesting savings tool due to its absolute scarcity of 21 million units. According to Zach Pandl of Grayscale, Bitcoin interest is only going to increase.
Analysts even see the Bitcoin price reaching $200,000 before the end of 2024.
Bitcoin price of $200,000
“We expect continued inflation and America’s unsustainable budget deficits to contribute to continued demand for store-of-value assets like Bitcoin,” Pandl told Cointelegraph.
As for the future value of Bitcoin, it is difficult to make definitive statements, according to Jupiter Zheng, a partner at Hashkey Capital.
There are numerous factors that influence the Bitcoin price, but according to Zheng it is possible for Bitcoin to reach a price of 200,000 dollars by the end of 2024.
“My lowest forecast is $100,000, the middle one is $140,000 and the highest price I see is $200,000 by the end of 2024,” Zheng told Cointelegraph.
Billionaire Tim Draper is positive
Billionaire Tim Draper, who invested in Bitcoin very early by purchasing thousands of Bitcoin from the US government in 2014, also expects a lot from the digital currency this year.
He is particularly positive because of the ETF inflows and the impact of the halving, which we should feel soon.
Tim Draper sees the Bitcoin price eventually rising to $250,000 and has been waiting for those kinds of prices since 2014. He previously also predicted Bitcoin prices of this caliber.
“I was too optimistic about Bitcoin,” he said in the conversation with Cointelegraph.
However, we should also not forget that there has been a lot of trouble in the markets in recent years with parties like FTX making fun of things. In that respect, it is not surprising that the development of the Bitcoin price was somewhat delayed as a result.
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Source: https://newsbit.nl/fondsbeheerder-hoge-inflatie-gaat-bitcoin-naar-200-000-brengen/
