CEO of financial services firm deVere Group Nigel Green is predicting that Bitcoin (BTC) will soon hit six figures.
In a new video update, Green says that Bitcoin could hit $100,000 before the end of 2024, a more than 52% gain from the current value, due to increasing demand.
“Right now, Bitcoin is tipped to be perhaps the best-performing asset between now and the end of the year. Right now, Bitcoin is $60,000… They say it’s going to be over $100,000 by the end of the year. Is that logical? Well, it is possible. Why? Well, there’s a limited number of Bitcoin. There’s only 21 million Bitcoin.
So in other words, as demand goes up, and it is, then, of course, the price goes up as well. It’s not like something like the US dollar which they can just print more, or even shares where potentially people’s attitudes towards them change and profits are sometimes expected to be higher and come in lower than expected.”
He also says other potential bullish Bitcoin catalysts include the possible election in November of Donald Trump as the US president. The former US president and current Republican presidential nominee has spoken in favor of Bitcoin and other digital assets.
“Bitcoin is like a digital currency. Many people think, including Donald Trump, that it’s similar to gold… Donald Trump said himself he wants to make sure that America is the center of the crypto industry.”
Other reasons he believes the top digital asset by market cap “could do extremely well” include the demand from spot Bitcoin exchange-traded funds (ETFs) and global uncertainty.
“You’ve got ETFs. BlackRock for example, has bought $1 billion worth of Bitcoin for its ETF… Will [Bitcoin] go up in value? Well, it’s certainly expected to do so. Global uncertainty, which, of course, who knows what happens in the future, but we do live in an uncertain world, again, it tends to make more people invest in Bitcoin.”
Bitcoin is trading for $65,754 at time of writing, up 3.5% in the last 24 hours.
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