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Introduction
Bitcoin has been making headlines for years, from its meteoric rise to nearly $69,000 in 2021 to its recent drop below $16,000 in 2022. Its price has remained volatile in 2023 and recently created a new high at 31K in April. With the increasing institutional adoption of Bitcoin, many investors now see greater potential for the price to hit $100K by 2024. Can Bitcoin break this record? We have examined this pressing question in this work to guide beginners eager to buy Bitcoin online due to its rising popularity.
What you need to know about Bitcoin
Bitcoin is a popular decentralized Cryptocurrency that operates without a central bank or authority. It is the first Cryptocurrency ever, created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. All Bitcoin transactions are verified by network nodes using cryptographic languages and transmitted to a public ledger called a blockchain.
Bitcoin has gained significant attention in recent years due to its rapid price fluctuations and its potential to disrupt traditional financial systems. Despite being a highly volatile digital asset, its market price is determined by demand and supply.
Often, Bitcoin has been compared to gold as a store of value and a hedge against inflation. However, it is not widely accepted as a medium of exchange and has limitations such as slow transaction times and high fees. To invest in Bitcoin, you will need to create a digital wallet and purchase it from a cryptocurrency exchange or a peer-to-peer platform.
Can Bitcoin Hit $100k By 2024?
Predicting the price of Bitcoin is one of the most difficult tasks for analysts today. The cryptocurrency market, as we know, is very volatile, and many factors can influence its price, from regulatory changes to technological advancements and so on. That being said, there are a few reasons why some analysts believe that Bitcoin could hit $100k by 2024.
First, Bitcoin has a limited supply. This means, there will only ever be 21 million Bitcoin in existence, and as more people buy and hold Bitcoin, the supply dwindles. This scarcity can drive up the price of Bitcoin, as investors compete to buy a finite resource.
Second, Bitcoin is becoming more widely adopted. Major companies like Tesla and PayPal had previously announced that they will accept Bitcoin as payment. Equally, many retail dealers are now beginning to accept cryptocurrency as well. Thus, as Bitcoin becomes more mainstream, its value could continue to rise.
Above all, Bitcoin has proven to be a good hedge against inflation. With governments around the world printing money to stimulate their economies, many investors are turning to Bitcoin as a way to protect their wealth from inflation. As inflation continues to rise, demand for Bitcoin could increase as well.
So, can Bitcoin hit $100k by 2024?
It's certainly possible, but it's far from guaranteed. For Bitcoin to reach this price point, it will need to continue to attract more buyers and investors, and it will need to overcome the many risks and uncertainties that come with investing in cryptocurrency. However, if Bitcoin can continue to demonstrate its value as a scarce, widely accepted, and inflation-resistant asset, there is certainly potential for its price to rise significantly in the coming years.
In all, while it's difficult to predict the future price of Bitcoin with certainty, there are reasons to believe that it could hit $100k by 2024. Its limited supply, growing adoption, and status as a hedge against inflation all contribute to its potential value. However, investors should also be aware of the risks and uncertainties associated with cryptocurrency investing, and should approach any investment in Bitcoin with caution.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.