Gold Outlook: Gold price is at its lowest level in 6 weeks
Gold Price: 23rd September 2020 Gold price retreated in the European market on Tuesday to…
At the beginning of this year, expectations increased that Bitcoin would reach the level of $ 50,000 during 2021 when its price was above $ 30,000. At that time, some felt that reaching this level was too far away, and as usual, the Bitcoin currency changed all expectations and surprised many by breaking through $ 50,000, but it exceeded the price of 57,000 Dollars After less than a month of expectations, this is why the leading cryptocurrency is likely to go further in no time.
With Bitcoin reaching over $57000, questions are increasing: What awaits the currency? What is its future and price? We cannot expect the bursting of a bubble or the like, as it happened in 2017, because the situation is different from what it was, as companies and institutions continue to invest in them, and every day we witness more adoption amid optimistic expectations of digital gold.
The world’s largest cryptocurrency Bitcoin has reached a very important milestone today, with the price of the digital asset exceeding $ 57,000, with the coin’s total market value exceeding $ 1 trillion.
With a trillion dollars the digital currency has now joined the elite club with a trillion-dollar market value, the likes of Apple, Saudi Aramco, Microsoft, Amazon, and Alphabet A, however, the cryptocurrency is the sixth valuable asset in the world.
A large number of investors and institutions with huge fortunes have thrown their weight on the Bitcoin currency and some have called it Digital Gold.
The big-money AI company MicroStrategy has led the way for many other giants. CEO Michael Saylor has been very vocal and supportive of Bitcoin’s potential as an asset class. Since then, other companies have joined the rally including Tesla, PayPal and MassMutual, and Square
Experts expect bitcoin to still have a lot of room for growth, various analysts have set price targets in the range of $ 100,000 to $ 600,000.
In contrast, analysts at JPMorgan issued a warning that bitcoin should not be considered as a hedge against equities, as they see bitcoin’s insane rally as an economic sideways proposition that should not be used as a hedge against stocks, and is currently trading well above its fair value.
Moreover, the widespread adoption of cryptocurrency and the increase in institutional awareness that fuels the continuous rise, will only increase the link with cyclical assets that will ultimately lead to the need to invest in bitcoin as part of the diversification strategy.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
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