Bitcoin to $100K? Why not?
I'm not here to make predictions, but...
Bitcoin is on a run right now.
I know, I know. It’s been on a run. Bitcoin’s rise to over $60,000 a coin is one of the biggest financial stories of 2021. Anyone who discounted the asset back in 2012, 2016, or even 2019 has been forced to admit that the digital currency is a major heavyweight.
This includes me.
Full disclosure—I made fun of Bitcoin and “the blockchain” for about a decade before I wised up and invested. For the longest time, I just couldn’t wrap my head about the ideas of purely digital money. Not me—I grew up thinking the best money was the kind you could hold in your hand. “Magic internet money” had to be a joke, right?
We all make mistakes.
Right now Bitcoin’s current rising price has people asking—how high can it really go? You hear this conversation in bars, at parties, and on TV shows. Log onto Twitter, Tik Tok, or Facebook, and you’ll see it there too.
It’s a frenzy.
As I recently told a friend who lives in London, Americans have simply gone Bitcoina and crypto crazy. People who aren’t in want to be in, and people who are in—well…
“This is America,” I told her via text. “Making money is in our DNA.”
But we’re not alone in our love. The rest of the world is right there with us, pushing Bitcoin alone to a stunning market cap of over 1.2 trillion.
Trillion.
(By the way, market cap = circulating supply x current price.)
So, can Bitcoin head to $100K?
I think it’s not just possible, but probable. As I have mentioned in other newsletters, Bitcoin has a finite supply, and it gets harder to mine with each passing year. Obtaining one bitcoin today is infinitely more complicated than it was in 2009. That alone drives the price up, to say nothing of the adoption and demand.
Which means yes, a $100,000 Bitcoin is likely to happen.
When? No one can say.
We don’t have a crystal ball for the future, but I wouldn’t be surprised if Bitcoin achieves this milestone by late 2022. That might strike you as a bullish forecast, but plenty of other voices who have been tracking this asset longer than me are even more bullish on price. Coin Price Forecast, a site that tracks stock and cryptocurrency forecasting, predicts that Bitcoin will reach $100,000 a coin by early 2022.
And Plan B, the pseudo-anonymous Bitcoin analyst who created the stock-to-flow model treating Bitcoin as a commodity, predicts Bitcoin will get there sooner, even going so far as to say his model points to a $100,000 Bitcoin by the end of 2021.
Either way, it’s coming. It’s a matter of time.
As for my British friend, my most recent text to her asked this question:
“Did you get into Bitcoin yet?”
$100K, here we come. Let’s go…
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.