Recent statements from BlackRock, the $9 trillion asset management company, have drawn attention to Bitcoin’s role as a hedge against increasing global disorder and geopolitical uncertainty.
Describing Bitcoin as a “global monetary alternative,” BlackRock noted its ability to protect investors during times of financial instability. This statement has bolstered analysts’ predictions that Bitcoin’s price may continue to climb, particularly as faith in traditional systems weakens.
Higher Price Targets for Bitcoin
Following BlackRock’s remarks, industry experts have revised their price targets for Bitcoin, forecasting significant growth in the coming years. Michaël van de Poppe, Chief Investment Officer at MN Consultancy, suggests that Bitcoin could reach values between $300,000 and $600,000 within this market cycle.
This explains it all.
The current valuation of #Bitcoin is still super low.
I wouldn’t be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A
— Michaël van de Poppe (@CryptoMichNL) September 12, 2024
Particularly, the market veteran believes that Bitcoin’s current valuation remains significantly low compared to its potential.
It is important to recall that after the launch of BlackRock’s Bitcoin ETF, the crypto surged in price, hitting a new all-time high of $73,000 in March 2024. The rise of crypto-based ETFs, particularly those focused on Bitcoin and Ethereum, has also captured the finance sector’s attention.
Not an Isolated Prediction
Notably, this isn’t the first time Bitcoin price predictions have emerged from ETF issuers. VanEck, a prominent issuer of Bitcoin and Ethereum spot-based ETFs, has previously outlined price projections for Bitcoin by 2050.
VanEck estimated that Bitcoin could reach $2.91 million by 2050. According to the company, this would result in a total market capitalization of $61 trillion for the cryptocurrency. In their analysis, the investment firm believed growing interest in Bitcoin could be a primary factor pushing its price to these high levels.
Optimistic Forecasts Amid Political Tension
Elsewhere, notable investors in the crypto space, including Steve Lubka from Swan Bitcoin and James Davies from Crypto Valley Exchange, believe that Bitcoin will surpass $100,000 by 2025. They emphasize that the asset’s price is driven by fiscal and monetary policies across various regions, rather than the results of the US election.
Bitcoin’s approval for spot ETFs in the United States has raised its profile as an investment vehicle, enhancing its role in institutional portfolios. Despite short-term challenges for crypto startups, experts remain confident in Bitcoin’s ability to grow in the long term.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/13/bitcoin-valuation-still-super-low-market-veteran-eyes-300000-to-600000/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-valuation-still-super-low-market-veteran-eyes-300000-to-600000