Bitcoin to hit new all-time high on boost to institutional investor access
I believe Bitcoin will hit a new record high of $70,000 in 2022 as institutional investment increases.
This comes at a time when a major U.S.-based asset manager has joined forces with a crypto exchange to boost access to cryptocurrencies amongst institutional investors.
As I said to Forbes, Nasdaq, Advisorpedia and Zawya, amongst other media, interest in Bitcoin and crypto from institutional investors has soared over the past few months and is only set to grow further.
These investors recognise the intrinsic value of digital, borderless, global, tamper-proof, unconfiscatable currencies as our world becomes ever-more technology driven.
They acknowledge that the key characteristics of Bitcoin and other digital currencies are designed for this century and, as such, their appeal is growing.
In addition, as regulatory scrutiny of digital assets is heightened across the world and prices are relatively low at the moment, cryptocurrencies can seem undervalued in the market, albeit temporarily.
As a result, we’re seeing more and more institutional investors coming off the sidelines. They are taking important steps to boosting their crypto exposure at lower entry points, using the so-called ‘buy the dip’ mantra.
Consequently, institutional investors bring massive amounts of capital, expertise and reputational-pull to the market, which will in turn boost retail investor confidence. Then as institutional and retail inflows gain pace, I think we’ll see Bitcoin hit new all-time highs by the end of this year.
It wouldn’t surprise me if the price of the world’s largest cryptocurrency hits $70,000, exceeding the previous record high of $68,000 in November last year.
We’ll likely see a gradual price momentum build between now and the end of 2022 as institutional interest increases due to more access. As a result, savvy retail investors will be aware of this and topping up their own crypto portfolios.