As a seasoned investor with over three decades of experience under my belt, I find myself intrigued by the ongoing Bitcoin debate. Peter Schiff’s assertion that investing in Bitcoin in 2024 is “very late” might hold some weight for traditionalists, but it seems to be a recurring theme in the world of crypto – those who don’t get in early lament their missed opportunity.
According to the financial commentator Peter Schiff, if you’re considering purchasing Bitcoin in 2024, he would say you’re making your move rather “quite behind schedule.
Schiff notes that the growth in the market capitalization of gold has been five times greater than that of Bitcoin, just within this year.
The cryptocurrency is currently valued at $1.15 trillion, according to CoinGecko data.
Room for growth
This year so far, Bitcoin has risen by approximately 38.5%. However, certain financial experts predict it may even increase further.
Previously, Bitcoin experts Mark Yukso (hedge fund manager) and Tom Lee (of Fundstrat) had projected that the price of Bitcoin could potentially climb to $150,000 by the end of this year.
Mike Novogratz of Galaxy Digital also sees Bitcoin crossing the $100,000 threshold this year.
Sky-high price targets
When it comes to long-term price targets, there are some pie-in-the-sky Bitcoin price targets.
Ark Invest’s Cathie Wood envisions Bitcoin possibly soaring as high as $3.8 million in the long run. For this highly optimistic forecast to become reality, significant institutional investors might need to allocate around 5% of their total assets to the leading cryptocurrency, but she did not specify a particular timeframe for when this goal may be achieved.
More recently, Michael Saylor from MicroStrategy has speculated that Bitcoin could reach an astounding $13 million by the year 2024. During a recent interview on CNBC, he reinforced his prediction, suggesting that Bitcoin will account for approximately 7% of global capital.
Notably, this is only his use case. Meanwhile, his bull case is as high as $49 million.
According to U.Today’s latest report, Schiff has called out Saylor for a discussion on Bitcoin. In simpler terms, he’s inviting Saylor to engage in a conversation or debate about Bitcoin.
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2024-09-13 00:09