Cryptocurrencies have been growing in popularity in recent years, thanks to the presence of Bitcoin leading the way. Recent reports from Standard Chartered suggests that Bitcoin could reach a staggering $100,000 by 2021’s end. This would mark an increase of 270% from its present level of $27,000 according to data from CoinMarketCap. It is possible this prediction is becoming more tangible due to the Federal Reserve ceasing aggressive rate hikes and recent profitability of crypto mining operations. In addition, there is a more optimistic outlook on cryptocurrencies and other risk assets as central banks finish tightening their monetary policies.

Many sky-high predictions have been proposed in the crypto sector, such as Venture Capitalist Tim Draper theorizing that Bitcoin could reach $250,000 in the current year. Bitcoin has been showing signs of progress this year, appearing above the $30,000 mark for the first time in ten months. Subsequently, the cryptocurrency market is expected to continue its journey to retrieval following its trillion dollar deficit in 2022.

Various arguments have been made to convince the general public of Bitcoin’s ability to surge yet many remain unconvinced. While some are uncertain of the upcoming era, we can certainly say there is a need for caution and that the future of Bitcoin and cryptocurrencies always remains a mystery.



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