Yaёl Bizouati-Kennedy
·3 min read
Bitcoin passed its previous all-time high Nov. 2021 record of $69,044.77 last week and is now cruising past $70,000 — something many crypto-skeptics, such as JPMorgan’s Jamie Dimon — were not anticipating.
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Yet, as of March 12, Bitcoin was hovering around $72,000, up a whopping 224% in the past year, 63% year-to-date and 52% in the past month.
And to put this in perspective, it’s up an eye-popping 1,704% in the past five years, according to Google Finance data.
Bitcoin May Not Have Reached Its Ceiling Yet, Despite Growth
Now, Bitcoin prices predictions abound. Many experts argue thatthe asset will most likely continue on this upward trajectory for a few reasons. Chief among these reasons is the so-called halving set to take place in April — a process which happens every four years and has historically boosted prices. Increased interest and traction for Bitcoin has also emerged following the Securities and Exchange Commission’s (SEC) approval of Bitcoin spot exchange traded funds (ETFs) in January.
“Yes, Bitcoin is a good investment,” said Danny Baer, director of wealth and asset management at Meanwhile. He added that the key term here is “investment,” not “trade.”
As he noted, the basic supply-demand dynamics, with institutions really driving demand, shows that Bitcoin is a long-term store of value — as is the fundamental scarcity of the asset.
“Be prudent in your allocation to Bitcoin, as you would with any other investment. But over the longer term, Bitcoin will play an increasingly important role in any portfolio,” he added.
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Some Experts Suggest a $1 Million Price Target For Bitcoin
While at one more cautious end of the spectrum some experts say the asset will reach $90,000-$100,000 this year, others — such as ARK Invest’s CEO and crypto-bull Cathie Wood — see a $1 million price target for Bitcoin by 2030.
And on March 11, Bernstein analysts said they were now more convinced about bitcoin hitting $150,000 by mid-2025, Coindesk reported. Anthony Scaramucci, founder and CEO of SkyBridge Capital, said he predicts $170,000 by April 2025.
Meanwhile, Evander Smart, founder of Bitcoin University, argued that Bitcoin should end 2024 in the $150-190k range. He noted that Bitcoin produced 150%-plus gains last year, without Wall Street, so it should do even better with Wall Street onside, in conjunction with the halving event.
So, if you buy $1,000 in Bitcoin today, how much could it be worth?
Bitcoin One Year From Now
As Richard Gardner, CEO of Modulus, noted, the truth is that nobody can predict what $1,000 invested in Bitcoin today will be worth in 10 years.
“So many things could change that number, regulation being the most notable,” he added.
That said, Modulus’ projections indicate that in one year, Bitcoin may rise to $96,000.
“Were that projection to come to fruition, a $1,000 investment today could be worth approximately $1,333 in twelve months, though it could also become $750 if prices fall. Investors should only speculate with risk capital that they can afford to lose,” he added.
Bitcoin by 2030
If we go by Wood’s predictions of Bitcoin hitting $1 million in 2030, that would represent a 1,288% price increase from today’s price. In turn, $1,000 in Bitcoin bought today would produce a return of $12,880 return in six years.
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This article originally appeared on GOBankingRates.com: If You Invest $1,000 Today in Bitcoin, It Could Be Worth $13,000 in 6 Years
