Bitcoin Future Value Prediction by the end of 2021
Positivity around the approval of United States Bitcoin ETF products by the SEC has propelled the value of vitcoin beyond $60,000 for the first time since March 2021. The U.S ETF industry is enormous – the industry is worth an astounding $6.7 trillion and we may see the approval of not one but up to four products, including a ProShares product later in October.
The culmination of eight years of anticipation may be a watershed moment for the crypto industry. Proposals from ProShares and Invesco are for futures-based Bitcoin ETFs, filed under The Investment Company Act of 1940 – this will allow more protection for investors.
There are several other factors that have led to the current bullish sentiment around the value of bitcoin, including El Salvador's goodwill gesture with regards to The Bitcoin Trust, India's emergence as the world's largest crypto user base, the US's emergence as the world's leading Bitcoin mining hub and the disappointment of China's definitive crypto ban being put behind the public.
Can the Value of Bitcoin reach $80,000 in 2021?
Realistically, the answer is no. While US Bitcoin ETF approval is around the corner, you never know when a setback to growth may appear. Yes, the value of bitcoin will surpass its all-time high and perhaps even cross $72,500 but it is difficult to see the prized crypto asset crossing the $80,000 mark even if the current bullish trend continues into November. That said, bitcoin could very much reach $100,000 in 2022.
The whole industry is likely to benefit from current value of bitcoin positivity and it is only a matter of time before altcoins like Ether and Cardano pick up (rapid) pace as well. 2022 is likely to be one of the most important years in recent crypto history, as CBDCs are poised to play a prominent role in global finance.
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Author: Surajdeep Singh
Surajdeep Singh is the marketing director at NFT Contemporary and has been working as an IT and blockchain journalist since 2018. He is a contributor to publications including IT Business Edge, Enterprise Networking Planet, eSecurity Planet & Moni Talks and works as a consultant at Drofa Communications Agency.