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Last week, bitcoin pioneer Max Keizer tweeted, “My 2021 Bitcoin goal is $ 220,000. He added,“ I’m raising my short-term goal to $ 65,000. “The reason for his bullish price prediction was due to several factors.
One of those reasons is the upcoming U.S. listed cryptocurrency exchange planned by Coinbase.
The bitcoin expert also suggested that the price hike is due to widening bitcoin supply gaps and the hashrate “heading towards 275 EH / s.”
The higher the hash rate, the more valuable each coin becomes.
Mr Keizer said that another element that could fuel Bitcoin’s bullish performance is the multitude of stimulus packages released by central banks around the world to offset the current economic problems of the coronavirus.
He tweeted that “the explosion in money printing and squeezing the price of gold” were major factors in the surge in the price of the world’s preeminent cryptocurrency.
Geoff Morphy, chairman of Bitfarms, one of the world’s largest public bitcoin mining operations, agreed that bitcoin offers an attractive alternative store of value to gold.
Speaking to Express.co.uk, Mr Morphy said: “Bitcoin is the latest evolution in value, thousands of years of changing representations of money have brought us to this point through barter, gold and beyond.
“Today, individuals and institutions are presented with highly sophisticated and technical options that present an alternative to traditional reserves of currency and investments that are more vulnerable than ever to inflation and devaluation.
READ: Bitcoin Prices Soar To Over $ 10,000 As Investors Ditch Other Cryptocurrencies
In 2017, Jamie Dimon, the CEO of JPMorgan, called bitcoin a “fraud” that would explode.
Announcing at a bankers conference the same year, he said, “If you’re stupid enough to buy it, you’ll pay the price someday.”
However, in early January of this year, a senior strategist at JP Morgan said: “A foreclosure of gold as an ‘alternative’ currency means a big advantage for bitcoin in the long run.
“However,” a convergence of volatilities between bitcoin and gold is unlikely to happen quickly and is in our minds a multi-year process.
“This implies that the above theoretical price target of $ 146,000 for Bitcoin should be viewed as a long-term target, and therefore an unsustainable price target for this year.”
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