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For a number of years now Bitcoiners have predicted that the Bitcoin price will surpass its all-time high of $20K per BTC from 2017, and many believe it will rise to the $100k or six-digit price range.
This week cryptocurrency enthusiasts discussed the possibility of the crypto asset reaching $100k at great length.
In mid-December 2017, the price of bitcoin (BTC) touched an all-time high (ATH) of $19,600 per coin. Today, BTC is 45.81% lower than the 2017 ATH but a number of Bitcoiners believe that the crypto asset will surpass that price range.
For instance, at the 2020 Virtual Blockchain Week event, the well known venture capitalist Tim Draper said he believes the price of BTC will touch $250k by 2022 or early 2023.
Mark Yusko the CEO of Morgan Creek said he thinks BTC will reach $100k.
Other influencers who believe $100k per BTC is attainable include Blockfyre’s Simon Dedic, Cardano’s Charles Hoskinson, and Morgan Creek’s Anthony (Pomp) Pompliano.
This week a great number of average folks leveraging the Reddit forum also discussed the possibility of BTC reaching $100k.
The Reddit post called “How many people here think 100k is happening at any point?” was a topical discussion on Sunday and hundreds of people commented.
A deep scan into the thread shows that a great majority of bitcoiners think that $100k is destined to happen. Although, there were a fraction of individuals who did not think BTC could reach the six-digit zone.
A few people compared BTC to the likes of gold and said that the crypto asset will mimic the precious metal’s store of value benefits.
“Just look at the market cap for gold in the trillions, around $9 trillion,” the individual stressed. “If BTC hit the same market cap that would mean about $485k per currently circulating bitcoin. That’s just using this year’s numbers. and not counting for lost BTC.”
The subreddit r/bitcoin is not the only place on the web where individuals are discussing BTC hitting the six-digit range.
On Twitter, the $100k per BTC conversation is also very prominent. On September 25, the creator of the stock-to-flow (S2F) bitcoin model, Planb, held a poll about the six-digit price range which received over 24,000 votes.
While 34% said BTC will stay below $55k, over 26% said the crypto asset would be $100k and 19.5% voted for $288k per coin.
On Friday, Crypto Capital Venture told his 19,000 Twitter followers that $100k will happen but the crypto asset would probably slide back down to $30k. “Bitcoin to $100k isn’t a final destination,” he tweeted.
“It’s a pit stop; a service area where the rest of the world will finally have a chance to say ‘Ok, let me get on board please.’ … And then it’ll retrace to $30k.”
In other breaking Bitcoin News today:
More Than 32,000 Bitcoin or About $335M Has Been Withdrawn From BitMEX After The US Government Charges Its Owners
In the aftermath of criminal charges against BitMEX, the crypto community is debating whether the decentralized finance sector is also set to face the wrath of regulators.
On Oct 1, the U.S. Commodity Futures Trading Commission announced charges against three BitMEX executives for violating the Bank Secrecy Act (BSA) due to the exchange’s allegedly weak anti-money laundering and know-your-customer (KYC) policies.
DeFi protocols, including Decentralized Exchanges (DEXs) have made a virtue of having minimal AML and KYC procedures.
However many now wonder if DEXs are also obliged to comply with the BSA, even though most projects seek to decentralize ownership and governance throughout their communities.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.