April 25, 2024

Mass Adoption in Crypto Set to Boost Bitcoin Price Up to Ten Times

It has been said once again that the price of the world-leading crypto asset, Bitcoin, is set to hit the roofs, and maybe soon. This is according to reports from the latest set of predictions. The Crypto market is currently doing great as most of the top tokens are increasing in price.

At the time of putting this piece together, Bitcoin was trading comfortably in the green zones at an exciting $41,802 on the day. Investors have been more optimistic in recent days than they have been since January.

Professional Analysis for Clarity

With the current turn of events, the Chief Executive Officer of a leading crypto-centric hedge fund has said that the mass adoption of digital assets has the potential of driving the price of Bitcoin much higher, up to $400,000. According to him, this could become an unbelievable reality in just about three years.

The Chief Executive Officer of Pantera Capital, Dan Morehead, elucidated in a recent interview he had with Bloomberg Television that the appreciation seen in the price of Bitcoin is purely based on simple “Demand and Supply of Econs 101.”

He said that ten times more people begin to use cryptocurrencies every two years than they had done in previous times, and that trend has been going on for about a decade. He affirmed that the price of crypto assets goes up to ten times more every two years as the number of users increases ten times more every two years. 

In his continuation, he said that in his own thoughts, within the next five to ten years, everyone who has a smartphone will be using one cryptocurrency or the other, and if that happens to become true, then their price will increase rapidly.

What Could Trigger the Price of Bitcoin

Morehead equally went ahead to address factors that he considers could be effective in sending the price of Bitcoin to as high as $400,000 by the year 2025.

He said he thinks that it could be some sort of number. Considering all the available use cases that have been rolling around and what people have been using. Since the space is beginning to attract institutional investors and large investments, they are taking it about 10 to 20 basis points in ten years when it will account for up to 8% of their investment portfolios. 

He equally added that though he has a bullish stance on Bitcoin, he also thinks that a lot of innovations are coming to the crypto space generally.  

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