The fusion of finite supply and many traders adopting cryptocurrency may have Bitcoin heading for $65,000 as reported by Mike Novogratz. He advised Maisie William, the Game of Thrones actress to invest in cryptocurrency without worry after she asked her fans for advice on Twitter about investing in BTC. Almost 47% of 750,000 her fans supported the idea of investing in the popular crypto. The trending tweet soon dazzled famous Twitter users such as Tesla CEO Elon Musk.
BTC/USD had surged to $16,700 when William published her poll. It is still unknown what made her interested in Bitcoin. Novogratz said that he had acquired $15, 800 BTC the previous night that may surge to 2017’s BTC’s ATH at $20k with the possibility of shooting up to a massive $65k. From 16th November, bitcoin has risen by 5.77% according to Cryptocompare reports. Today 08.52 UTC BTC/USD had surged by 3% making it to $16,712 in 24 hours.
Booming Factors of BTC
Crypto investors have a reason to celebrate with the surge in bitcoin prices, considering the sluggish performance over the past two years; but not anymore. The value of bitcoin continues to rise amid Covid-19 and unprecedented stimulus from the international government and central banks.
Dating from mid-October cryptocurrency has steadily increased in worth as compared to last year. The total value rose over 18.5 million coins in circulation now $243 billion. Crypto investors continue to grow with numerous productive headlines. Despite Britain’s intention to discontinue the trade of cryptocurrency bitcoin is thriving.
Recently PayPal introduced cryptos to US customers but are soon expanding worldwide. This move by the giant platform has boosted investor’s confidence.
Long Term Investment
Companies that previously doubted the validity of Bitcoin now coming around to the idea of a future in Bitcoin as it gains popularity. Citibank has shown interest this week predicting a possible shot to $318,000 by the third quarter of next year. The analysts said cryptocurrencies find value from the store of wealth and their utility as a payment option. If more investors accept in the future, their utility and value will rise.
To investors, Bitcoin is a speculative asset to gain profits for investors. Still, crypto enthusiasts are looking forward to the possibility of it being used as a payment method in the future.