Bitcoin was at the top of $ 23,000 per ticket on Thursday, after surpassing the $ 20,000 milestone for the first time on Wednesday. This is mainly due to a number of world-renowned investors, organizations putting their weight behind Bitcoin, experts say. In INR terms, players in India believe that the bitcoin price may go up ₹1 crore in the short term. “In the short term, for the year 202 the price range could be between ₹50 lakh- ₹1 crore because, the Bitcoin is halving and increasing global institutional demand, “said Sumit Gupta, CEO and co-founder of CoinDCX.
In the next year, with ever greater demand from retail, organizations will lead Bitcoin to be positioned as one of the underlying investment assets, Gupta believes. He added, “In light of the mainstream acceptance and recognition of Bitcoin, the price of 1 Bitcoin may be anywhere in the range of” one digit crore “in the next 5 to 10 years’.”
The largest cryptocurrency has increased 205% in the year so far. At a basic level, Bitcoin’s growth is largely due to the way it’s designed. “In May 2020, we saw a third halving, a supply shock event, in which the volume of Bitcoin mined daily is cut in half. In the previous two halves, Bitcoin and the overall crypto market cap have rise exponentially, and we are witnessing the start of a similar bull trend, “Gupta said.
Bitcoin earns institutional investment as well. Microstrategy has included Bitcoin in their company’s treasures. Many payment reels such as PayPal, Square integrate cryptocurrencies into their services due to the growing demand for cryptocurrencies from retail investors. Massmutual, an insurance giant, recently made its way into Bitcoin investments. In addition, billionaire hedge fund manager Alan Howard is among the supporters of a new institutional investment firm, called One River Asset Management, which is eyeing an allocation of as much as $ 1 billion to bitcoin.