Bitcoin has rallied nearly 70% in 2023
Bitcoin has advanced nearly 70% this year, so the world’s largest cryptocurrency may reach a new high.
BTC previously reached its all-time high of $68,990.92 in November 2021. It has since retreated by about 60%.
The chief strategy officer of US-based crypto exchange Gemini said $100,000 could be a new opportunity for Bitcoin.
If Bitcoin repeats its previous record high of around $69,000, it doesn’t need much more to advance to $100,000.
Bitcoin would need a 270% increase to reach the $100,000 level.
The hope among industry professionals for Bitcoin is strong due to its resilience during the banking upheaval caused by the failures of Silicon Valley Bank, Silvergate Capital, and Signature Bank.
Instead of the expected collapse, Bitcoin advanced further
Supporters of Bitcoin argue that this serves as proof that Bitcoin is the only realistic alternative to the typical banking system as a place where individuals can keep their funds safely and with a degree of volatility.
For a long time, Bitcoin advocates have argued that Bitcoin is the equivalent of digital gold. This haven can protect investors completely and keep investments stable during times of turmoil. But of late, Bitcoin has been trading in line with stocks, namely the tech-heavy Nasdaq.
There is no evidence that Bitcoin has massively outperformed the Nasdaq and many other risky assets, and what is significant is the year of gold.
This year, speculation about how much the digital coin could become began after an investor and former Coinbase chief technology officer bet that Bitcoin would hit $1 million or more within 90 days.
The world will turn to Bitcoin as digital gold as global hyperinflation begins, the value of the US dollar is gradually destroyed, and companies begin to invest heavily in Bitcoin. Hyperinflation is a large-scale increase in prices in an economy.
A price of $1 million in Bitcoin is equivalent to a promotion of about 3,600% of the current price of the digital currency.
Some experts believe there may be a world where Bitcoin reaches a million dollars, but it doesn’t happen in 90 days.
