“It is already the best performing asset in all recorded history,” Pal wrote in a recent presentation. “It was born out of the financial crisis for exactly what is about to come in this crisis. This is literally what Bitcoin was invented for.”
I can not express how bullish I am on bitcoin. We are at risk of losing the entire system right now. I know they will find a way to save it but all trust is lost.
Jefferies LLC analyst Christopher Wood in his weekly “Greed & Fear” newsletter recommended investors -- including institutions -- buy Bitcoin ahead of the halving, citing the token’s prior price surges around the event.
“To invest in Bitcoin it is necessary to believe the system has integrity in the sense that the supply is truly limited,” he wrote. The digital token should be a source of diversification “precisely because of its truly decentralized nature,” he said.
Venture capitalist Tim Draper predicts Bitcoin could hit $250,000 by 2022 or the first quarter of 2023. “Bitcoin adoption will spread because Bitcoin is simply a better currency than any of the political currencies that are tied to governments and political whims,” he said, citing fiscal and monetary stimulus as possible accelerators for adoption.
To Antoni Trenchev, co-founder and managing director of crypto-lender Nexo, Bitcoin could reach $50,000 by the end of the year, implying a 470% surge from current levels. Though the halving may already be priced in, it will lead to huge appreciation over time, he said.
“Critics can disparage Bitcoin as much as they like, but it’s by far the best performing asset of the past decade,” he said. “We’re bullish about its future.”
Trenchev is seeing “huge” demand for his firm’s products ahead of the coin’s halving. “We’re not hiring because of the halving per se. We’re hiring because the halving has been lifting Bitcoin and will continue to do so,” he said.
Hiring Hike
A number of crypto exchanges have also embarked on hiring sprees. Kraken LLC and Binance Holdings Ltd. are expanding their workforces, as are OkEx and Coinbase Inc.
David Janczewski, the chief executive officer and founder of Cardiff, Wales-based Coincover, said any market event that impacts adoption is a positive for his business.