As we saw the successful launch of the first ever Bitcoin (BTC) futures ETF, Bitcoin hit a new high!
On Wednesday, October 20th, the worlds largest cryptocurrency climbed all the way above $66,900 to set a new record. This is clearly exciting news for all of the new investors and long time HODLers.
The new question is, can bitcoin hit 100K? If so, when?
Some experts are saying that a $100,000 price point by the end of the year is realistic.
In a research report by Standard Chartered, Bitcoin is predicted to hit $100,000 “in late 2021 or early 2022,” along with a huge Ether (ETH) price spike. They also mention that BTC has a possible valuation of $175,000.
Standard Chartered also made these optimistic points about the future of cryptocurrency:
- ETH Market Cap will eventually catch up to BTC
- ETH future valuation ranging between $26,000-$35,000
- BTC may become the dominant payment method between peers (Cashless Society)
If you are invested in Cryptocurrency, this is exciting news for you.
Banks own Bitcoin
If this news wasn't encouraging enough, here are a list of banks that see Crypto and Blockchain as a must.
(Via Business Insider)
- Standerd Chartered
- BNY Mellon
- BNP Paribas
- Morgan Stanley
- JP Morgan Chase
- Goldman Sachs
Should You Invest in Bitcoin?
This is a tough question. While you can forecast futures of bitcoin, it is nearly impossible to time the market.
You have to do your own research on the asset and see how it fits into your lifestyle. Along with this, you have to form an opinion on whether or not you believe in its future.
Bitcoin is something that we have never seen before. It is tough to compare it to typical investing, such as the stock market, and there is plenty that we still have to learn.
Some people think BTC is the future, while others think it is a bubble waiting to burst. Like I said earlier; do your own research.
With that being said, Bitcoin has made significant progress since its birth, so If you're optimistic I definitely understand why.
If you do plan do purchase BTC, here are some things to consider.
Do You Have the Money to Invest?
You should only be investing money you can afford to lose. It is tempting to invest more many than you can actually afford, especially when you see the prices rising.
Figure out your budget and decide how much you can afford to invest. Make sure you take care of your living expenses before you invest.
You don't want to be in a position where you have to sell because of stupid money choices.
Are you Prepared for the Rollercoaster?
If you are new to the Crypto world, you must understand FAST that crypto can be very volatile. It is completely normal to see things swing 10% in just one day.
Yes, Crypto is a rollercoaster. Buckle Up.
If you are not mentally strong then Crypto probably is not for you.
Where Can You Buy Bitcoin?
There are a bunch of places you can buy BTC, but I recommend using Coinbits. The world's easiest way to invest in Bitcoin. Everyday purchases means more Bitcoin for you.
It is extremely easy to use and perfect for dollar cost averaging.