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When we consider all of the things that it has going for it, it comes as no surprise that Bitcoin is the top crypto on the planet. First, there is the progress it has seen in the world of investments. Earlier this year, it secured approval for a spot ETF and closed out the 2010s as the top-performing asset, even beating out the likes of gold.
Over the years, Bitcoin has retained its popularity among consumers, thanks to its plethora of use cases. The number of merchants who accept Bitcoin seems to increase every year and as Michael Shaw notes, the popularity of the token has turned the online world of Bitcoin casinos upside down.
During periods of market growth, customers flock to these casinos to multiply their Bitcoin earnings and this demand only benefits the price of the token further. All this is on top of the Bitcoin halving which is due to take place next month. The halving has typically coincided with a spike in the Bitcoin price due to the artificial scarcity it creates and this upcoming one seems to be no different.
New Price Highs Ahead?
Considering that Bitcoin hit a new all-time price high just a few weeks ago, investors are planning for new price milestones. One of these is Morgan Creek Capital Management CEO and chief investment officer Mark Yusko. In an interview with CNBC, Yusko predicted that Bitcoin will reach the $150,000 price point this year. This would be more than double the current all-time price high of $73,737.
Yusko cited the incoming Bitcoin halving as a factor that should trigger this price spike.
“It starts to become more … parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market,” he said.
He also predicted the Bitcoin price would rise by ten times over the next decade, which is especially ambitious. At the same time, Bitcoin has continuously shocked investors with how high it can go in terms of price. At one point, a few thousand dollars seemed like the price ceiling for the token and even $50,000 was a pipe dream as far as some were concerned. Now, that $73,000 has proven possible, $100,000 no longer seems far-fetched.
The Future of the Industry?
If Bitcoin does cross $100,000, $150,000 or $20,000 might be the next price point the industry is eyeing. While ten times Bitcoin’s price is around $700,000 and seems very ambitious in 2024, the industry could very well rack up smaller milestones over the years and soon enough, it will seem more realistic.
Yusko also appeared bullish about crypto exchange Coinbase, saying that big things are ahead for the company. Historically, the success of Bitcoin has trickled down to the exchanges that deal in it, including Coinbase, so this prediction does not seem far off. And if it comes true, the whole industry will stand to benefit.
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.