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The past year has been a good year for cryptocurrencies. However, it doesn’t seem to have ended well for Bitcoin as it has continued to trade in the red for the past few days. The leading digital asset has dropped 2.8% over the past week and inched slightly below $47,500 at press time.
Even if the bears are pushing, the bullish outlook for some BTC enthusiasts looks set to continue into the coming year. Take for example former US presidential candidate Brock Pierce, who said in a statement that $200,000 territory is within Bitcoin’s reach next year, provided optimal conditions continue to play out.
The crypto enthusiast, who also co-founded Block.One, noted in a recent interview with Fox Business that current and expected inflation due to excessive fiat money printing will be the main driver. causing the price of digital assets to skyrocket.
“I wouldn’t be surprised if we see a bitcoin price above $100,000. It is even conceivable that it could break $200,000 in an instant. ”
Pierce’s prediction may gain some weight from the fact that inflation in the US hit a 39-year high last month at 6.8% after the Fed conducted a tough money-printing year to provide stimulus for the economy affected by the coronavirus.
The entrepreneur also pointed out that Bitcoin cannot really provide a hedge against traditional assets due to its volatility and sketchy regulation. However, it continues to be an attractive investment thanks to its high yields relative to gold and real estate.
According to Pierce, the removal of Bitcoin’s regulatory barrier could also be a positive step towards adoption and price growth. He said, criticizing Senator Elizabeth Warren’s recent criticisms:
“I encourage her to stay informed. I’m glad she took the time to learn. I’m glad she took the time to comment, but make sure you’ve got the right information before doing so.”
A similar prediction was made by Pierce late last year when he, like many others, announced Bitcoin’s inevitable path to $100,000 by the end of 2021. Well, the end is almost there. here and the cryptocurrency is closing, closer to half that value.
On a more macro note, however, the cryptocurrency has gained 72.8% in value over the past year. It has outstripped many investment properties that were once considered lucrative.
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