While most markets were closed over the first weekend of 2021, an eye-popping rally for Bitcoin (BTC-USD) continued.
At the time of writing, Bitcoin is up 14.7% to $34,108.09, with more traders and institutional investors betting on the crypto becoming a mainstream payment method.
Putting it in perspective: Bitcoin tripled in value during 2020 and the latest leg higher added more than 50% to its value since crossing $20,000 just two weeks ago.
“The currency will be on the road to $50,000 probably in the first quarter of 2021,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, which bills itself as the world’s biggest crypto lender.
“It’s very likely that the asset will eventually pass $100,000 per coin,” added Sergey Nazarov, cofounder of Chainlink, a global blockchain project. “People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.”
Bolder forecasts? Bitcoin should eventually climb to about $400,000, Scott Minerd, chief investment officer of Guggenheim Investments, told Bloomberg in a Dec. 16 interview.