Bitcoin has become a reliable alternative for investors since 2020 when it crossed the psychological threshold of $30,000. With a finite supply and sought-after properties for institutional and retail investors alike, the flagship decentralized finance (DeFi) asset could be set for significant price appreciation over the next decade. In a survey conducted by the investment platform Finder, 32 financial technology and cryptocurrency specialists projected that the price of Bitcoin will grow and peak at $42,225 before ending 2023 at $35,459. The majority of the panelists recommended buying Bitcoin, while a small part suggested selling to take advantage of potential gains.

Despite this, some question the longevity and durability of Bitcoin's prominent position as a mainstream asset. John Hawkins, senior lecturer at the University of Canberra, argued that Bitcoin is a speculative bubble that is bound to burst. His opinion echoes the sentiment of 16% of Finder panelists who recommended selling the digital asset.

Although the panelists had some conflicting perspectives on what the future holds for Bitcoin, they were in agreement on the potential implications of President Joe Biden's 'wash trading' rule. Most of them thought that it would have a minimal to significant effect on the asset or the crypto market.

In any case, the sentiment in the broader cryptocurrency market will be key to determine the success of Bitcoin's forecasted trajectory in 2023. The general agreement among panelists is that Bitcoin could experience significant price appreciation. This could be bolstered by the increasing mainstream acceptance of the asset as a form of payment over the next decade, as well as a growing distrust in traditional banking. However, investors need to take into consideration the potential pitfalls that the asset carries and make their decisions with caution.



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