Bitcoin will reach all-time highs again in 2021
Bitcoin will return to its previous all-time highs by the end of this year, driven up by the recent comments on cryptocurrencies from Elon Musk, Jack Dorsey and Cathie Wood at the The B Word Conference earlier this week.
Tesla and Space X founder Elon Musk, Twitter founder Jack Dorsey, and Ark Investment’s Cathie Wood all talked about the massive future potential of Bitcoin – the world’s largest cryptocurrency – at this virtual event.
In fact, following their comments, Bitcoin rose as much as 10%.
However, what is particularly significant is that their tone was much less sensationalist than past comments. Each one offered fact-based points explaining why they’re so bullish about the future of Bitcoin and crypto overall.
And this will not have been overlooked by investors.
As such, I believe that with such influential people taking this position and different tone, the price of Bitcoin will hit, maybe even surpass, the all-time high of $65,000 from the middle of April by the end of 2021.
Demand will skyrocket because of Musk, Dorsey and Wood’s comments, I believe, for two main reasons.
First, institutional and retail investors received a considerable crypto confidence boost by the panellists’ statements regarding their own multinational businesses.
Elon Musk – one of the world’s most successful and wealthiest entrepreneurs – confirmed that his Tesla and Space X companies, as well as he personally, owned Bitcoin. He also claimed that neither he nor his businesses would sell the cryptocurrency.
Moreover, he said Tesla would soon once again accept Bitcoin as a method of payment.
Similarly, Jack Dorsey suggested Twitter would soon permit advertisers to pay for advertising on the platform using cryptocurrency. He also stated Bitcoin could operate as the internet’s ‘native currency’, which would help all businesses far more quickly.
Second, Dorsey and Wood – including Musk to a lesser degree – talked about the effect of Bitcoin mining on the environment, something which has greatly impacted the crypto’s price over the past few months.
In addition, Cathie Wood discussed how Bitcoin is in line with the environmental, social, and governance (ESG) investing growth trend, reinforcing how the cryptocurrency “will be much more environmentally friendly—certainly than traditional gold mining or the traditional financial services sector. In many ways, it already is.”
Wood added that Bitcoin has much to offer in the ‘social’ bracket “by providing financially underserved people with access to payment technology… everywhere around the world without friction,” and the ‘governance’ bracket by offering transparency “unlike the opaqueness of financial systems and the toll-takers in the traditional financial world.”
All of these points will help drive Bitcoin prices skywards, which will have a knock-on effect in the wider cryptocurrency market.
Indeed, the crypto message given by Elon Musk, Jack Dorsey and Cathie Wood was crystal clear: crypto is the indisputable future.