Bitcoin has stunned everyone with its outstanding store value, returns, and market cap. Before bitcoin, no virtual investment asset or a digital currency touched the market cap of $1 trillion. Bitcoin achieved a market cap of $1 trillion in just nine years.
Currently, bitcoin is trading at a store value of almost $50,000. Everyone considers bitcoin as a method to make money and to avail profitable results. Undeniably, you can make a tremendous amount of money from bitcoin, but bitcoin is not just an investment asset, as bitcoin is also a payment method.
Even the inventor of bitcoin was unfamiliar with the fact that people will use bitcoin units to make money in the future. The highest milestone bitcoin has ever touched in terms of store value is $65000. Satoshi Nakamoto only invented bitcoin to facilitate transactions without the support of government authorities and federal banks. The store value of bitcoin is very volatile and fragile, and several factors can determine the value of bitcoin.
Despite this, a Bloomberg analyst stated that bitcoin might touch the milestone of $100 K by the end of this user. Furthermore, there are websites like https://bitcointalkshow.com, which can help you get profitable results in your bitcoin expedition. Here is everything you should know about the latest statement of Mike McGlone and can bitcoin touch the milestone of $100 K, so without wasting any further ado, let’s have a glance.
Can Bitcoin Touch the Milestone of $100 K
Bitcoin is a speculative investment asset that has a very high store value. The current market cap of bitcoin is nearly $800 billion. Bitcoin as an investment asset has performed exceedingly well so far. The store value of bitcoin at the instance of the first-ever purchase using bitcoin was just $0.004. Many people wonder why bitcoin has value.
Satoshi Nakamoto, the inventor of bitcoin, created bitcoin as a currency, and a currency has a store value only if it has four characters of currency. These four characters are divisibility, scalability, scarcity, and utility. Bitcoin has all these four characters, and this is why bitcoin has a store value.
Considering the recent bounce back and market trend of bitcoin, several market analysts have speculated that bitcoin might touch the store value of $100000 by the end of this year. However, as per rich sources, bitcoin mining is getting challenging again, as Chinese miners settle in other countries.
Due to a surge in bitcoin mining difficulty, the supply of bitcoin is constantly declining. However, alongside a decrease in supply, bitcoin’s market adoption and institutional involvement are increasing, which signals a bullish trend in bitcoin market value.
Bitcoin 2021 trends are similar to Bitcoin in 2017
As per Bloomberg intelligence, bitcoin is experiencing similar trends as it experienced in 2017. You are familiar with the fact that bitcoin touched the milestone of $10000 for the first time in 2017. Undeniably, bitcoin has the potential of touching the milestone of $100000 by the end of 2021, but the store value of bitcoin is exceedingly volatile.
Several factors such as bad press, institutional involvement, supply and demand, and bitcoin mining expenses determine the store value of bitcoin. For example, suppose an institution or renowned organization passes a crucial statement regarding bitcoin payments; it can damage the market price and market cap of bitcoin to an exceeding extent.
Micro strategy invested a considerable amount in Bitcoin.
Micro strategy is the leading public investor of bitcoin as the company has invested a considerable amount in bitcoin. Following Micro strategy, tesla motors and square have also invested a considerable amount in bitcoin. Micro strategy held almost $2.4 billion in bitcoin, and after its recent investment, the current holding of Micro strategy in bitcoin is $5 billion.
Micro strategy is also considering bitcoin as a long-term investment. Because the supply of bitcoin will keep declining, and the demand for bitcoin will keep rising.
Tesla motors holds $1.4 billion in bitcoin units. Even after suspending bitcoin as a payment method, Tesla motors did not sell bitcoin units at all. Bitcoin is still exceedingly profitable to most multinational companies.
In a nutshell, according to Bloomberg analysts, bitcoin can touch the market value of $100000.