The money of Libertarians and Anarchists alike just spiked a massive 16% in less than an hour, popping at over $5000 before correcting back to the $4700 which is still a massive 13% up on a 24 hour time frame.
This has come as a surprise for many as volatility in Bitcoin has been at its lowest levels for years, in fact over the past few weeks, many of the major mainstream economist media outlets have been reporting on this low volatility.
Well, its fair to say that low volatility is over, well for today at least!
The Cryptocurrency has been in a Bear market along with the thousands of other cryptocurrencies since 2018 following Bitcoins all-time-high of $20k. The space has seen many crypto-startups die off and much of the weaker parts of the industry fizzle out – which is a positive thing. Could Crypt-winter now be over, or is this just a blip before heading lower?
Venture capitalist Tim Draper said earlier this month that he believes Bitcoin can hit $4 million one day. According to Draper, cryptocurrencies could replace fiat currencies. “So we’re looking at about a thousand times on what we’ve got now.” , which would equate to 1 Bitcoin = $4 Million
Finally Galaxy Digital CEO Michael Novogratz believes that Bitcoin could 100x over the next few years, in reference to Bitcoin taking much of the Gold market which is an $8 Trillion market ….. “And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily.” Novogratz said.
The truth is, nobody really knows where Bitcoin will be a year from now or even a month from now, the market is still relatively small when compared with just about any other major market and so it can make some insanely high gains and some devastating losses in very short amounts of time. But at its current levels it’s definitely one to watch over the next few months and years.