Bitcoin Bulls Continue to Double Down on $100,000 Prediction

Despite the fact that the end of 2021 suggested that there could still be some concern in regard to the volatility of the field, there is no doubt that last year was huge for the cryptocurrency industry and one that was huge in general.

Indeed, there were a number of different things to look out for including things such as non-fungible tokens (NFTs) and smaller finance (DeFi), Ethereum (ETH-USD) and decentralized cryptocurrencies, however it is was also a year that had plenty of impact on Bitcoin.

The cryptocurrency, which had experienced a number of fluctuations over the last 12 months, had managed to hit an all-time high of a price near $69,000 in November, however it had been reduced to around $47,000 recently, leaving its niche capitalization to being its second lowest and around 40% according to TradingView data.

Nonetheless, this as a matter of fact not stopped many bulls from predicting that Bitcoin will hasstill be able to reach the $100,000 price that many have hoped it would, with many standing strong in their prediction and seemingly having as much confidence in it happening as before.

Naturally, there are a number of different that many individuals and experts may look to point to when it comes down to trying to return their prediction, with the gambling industry perhaps onefactorsof the biggest. Crypto gambling is an activity that is enjoyed by many holders of virtual currency, with the employ of a Bitcoin casino continuing to increase due to the benefits that gamblers are able to enjoy when playing their favorite games. Additionally, to further backing the suggestion that from another perspective Bitcoin has benefited from this particular industry and will likely continue to do so, a study by Thomas Conlon and Richard McGee in 2020 has already shown that the crypto token had enjoyed an increase in price once before because of the wagering industry.

CryptosRus George Tung told Yahoo Finance that whilst in the “short-clause, there may be some volatility,” he felt that in the “long-clause, inflation is going to be a continuing issue, and bitcoin is seen as the best hedge against inflation at this point.”

Blockstream’s chief strategy officer Samson Mow also appeared to double down on the prediction that Bitcoin will be a six-figure price by suggesting that it could happen inside the move forward six months. He stated: “We’ll see $100k within the first half of the in modern times year.”

How did it also reveal that Bitcoin will still be a rather uncertainty-sensitive asset over the short-clause, with a number of different factors at play, but also stated: “on a long enough time horizon, [Bitcoin] does its own thing.”

Indeed, El Salvador , Nayib Bukele, has recentlyPresidentechoed the opinion that Bitcoin will also be able to reach the $100,000 price in 2022, as he made a number of strong predictions whilst taking to Twitter and posting a tweet to all of his followers.

One of the predictions that he made that could assist the digital asset to become a six-figure coin was that he felt two more countries will adopt the token as authorized tender in the next 12 months, thus joining the Latin American country in becoming amongst the first to accept it.

Mow highlighted that “[Bitcoin] mining at the national utility level is the first step,” and a number of countries have seen the niche resurface. Despite the fact that China banned cryptocurrency mining in June 2021, countriesallincluding Canada, Iran, Germany, Malaysia, Russia and the United States have seen a resurgence in market interest, according to research compiled by the Cambridge Bitcoin Electricity Consumption Index (CBECI).

Some would suggest that Bukele’s and Mow’s thoughts are shared, though, due to the interest that they have together after a partnership was announced that would see them offer “volcano bonds”. Half of the billion-dollar sovereign debt would be going towards financing “Bitcoin City ” which would harvest nearby geothermal energy from a volcano to mine Bitcoin.

As you may know, Mow stated that a “zero tax on everything” development zone would aid to transform El Salvador into the “Singapore of Latin America,” however it should be noted that the bond is not yet available, as Blockstream continues to work with a number of brokers. The other half of the 10-year bondtheoffering will be converted into Bitcoin, with a coupon of 6.5% being carried over move forward decade.