Will Bitcoin reach $50,000 by end of March?
The price of Bitcoin may likely reach $50,000 before the end of March due to mounting geopolitical tensions and growing institutional investments.
Over the past 24 hours we’ve seen the world’s largest cryptocurrency surge by over $6,000 to surpass the $44,000 mark – the steepest daily rise since February last year.
As such, I can’t see any reason why the price momentum should weaken, so I believe Bitcoin will hit $50,000 by the end of March.
Of course, it’s still too soon to say if it will go on to reach the record highs of $68,000 from last November, but the jump from $50,000 to $68,000 isn’t massive, particularly considering the rate at which the crypto market has been moving recently. Indeed, it most certainly isn’t impossible.
As I was quoted by Investors King, Bitcoin Insider, IT Wire and CryptoVoize, amongst other media, the key factors driving the price upwards are the Ukraine/Russia crisis which is causing substantial financial unrest, leading people, businesses and government agencies – not just in the region but around the world – to seek alternatives to traditional systems.
With banks closing, ATMs with no money, threats of personal savings being used for war and the weaponization of the SWIFT international payments system, as well as other factors, the case for a borderless, decentralised, unconfiscatable monetary system is highlighted even more.
In addition, with alternatives such as cryptocurrencies proving to be credible and workable, the dollar’s Reserve Status could, eventually, be in danger.
Shrewd investors will be aware of this and as a result will be increasing their exposure to crypto before prices go up more.
The appeal of digital currencies in our increasingly tech-driven world is, naturally, not passing institutional investors by, including credit unions, banks, large funds such as a mutual or hedge fund, venture capital funds, insurance companies, and pension funds.
Indeed, according to some reports, institutions are now the leading crypto traders. So as more institutional investors take control of the sector, credibility is enhanced, trading volumes rise and volatility falls.
Bitcoin’s key characteristics have come to the fore once again thanks to the recent geopolitical developments, such as it being borderless, permissionless, censorship-resistant and unconfiscatable. And these fundamental traits have huge value. Which is why Bitcoin is now the 14th most valuable currency in the world, and I believe it will advance further up the rankings over the next few months.