Sumit Gupta, CEO and co-founder of CoinDCX said, “Bitcoin breaking above $20,000 is a milestone in a year which saw numerous ups and downs in the global economy. This is mainly due to numerous global renowned investors, institutions putting their weight behind Bitcoin. The earlier skepticism has now been replaced by wide-spread acceptance and acknowledgment of Bitcoin as a strong investment option.
Bitcoin has performed %200 year to date(YTD), with other top cryptocurrencies like Ethereum performing well. On fundamental level, Bitcoin’s growth is largely attributed to how it is designed and in May 2020, we witnessed third halving , a supply shock event, where the number of daily mined Bitcoin’s gets cut in half. In the previous 2 halvings, Bitcoin’s and overall crypto market cap has risen exponentially, and we are witnessing a start of similar bull trend.
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More importantly, this time around,we are witnessing Bitcoin’s demand not only from retail but more from global institutional investors . Microstrategy has included Bitcoin in their company’s treasuries. Many payment rails like PayPal, Square are integrating cryptocurrencies in their services due to rising demand for cryptocurrencies from retail investors. Recently, Massmutual, an insurance giant, made its way into Bitcoin investments. Additionally, Alan Howard, billionaire hedger fund manager, is among the backers of a new institutional-focused investment firm, called One River Asset Management, that’s eyeing an as much as $1 billion allocation to bitcoin
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He added, ‘In short term (for the year 2021) the price range could be between Rs 50 lakh- Rs 1 crore owing to, the Bitcoin’s halving and growing global institutional demand, as mentioned earlier.
In the next year, with even greater demand from retail, institutions will lead Bitcoin to be positioned as one of the primary investment assets. In the light of mainstream acceptance and recognition of Bitcoin, the price of 1 Bitcoin can be anywhere in the range of “single digit crore” in the next 5 to 10 years’
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