Can bitcoin reach $ 400,000?
Can bitcoin reach $ 400,000?

Following the $ 20,000 mark, bitcoin set a new record today, with the largest of the digital currencies surpassing the $ 23,000 barrier for the first time. Despite the impressive profits, analysts and market players predict room for even greater profits.

Over the week, bitcoin has risen more than 20%, currently managing to climb to $ 23,655 with gains of 10.5%. Since the beginning of the year, the value of the largest of the digital currencies has tripled, as has the value of the Bloomberg Galaxy Crypto Index.

The frantic rally of digital currencies is divisive in public opinion, as bitcoin has jumped to historic highs in the past, only to land sharply thereafter. Proponents see bitcoin as an alternative to gold in diversifying its investment portfolio, amid a slip of the dollar and potential inflationary pressures. Others warn of a speculative bubble that will inevitably burst, as it did three years ago.

Nevertheless, there are indications that long-term investors, such as asset managers, are turning their attention to bitcoin.

The fact that the limited circulation of bitcoins combined with the abundance of printed money from the US Federal Reserve strengthens the bets for an even bigger rise of bitcoin, possibly to $ 400,000, says Scott Minerd, head of investments at Guggenheim Investments.

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Nathan George

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