Bitcoin
Cryptocurrency

Bitcoin Price Resurgence Could See It Hit $100,000 By December

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Bitcoin price has been on a resurgence in the last few weeks. After a long period of dormancy, the price is rising due to increasing demand.

Bitcoin has been around for over a decade now. It is known as the father of cryptocurrencies because it was the first such financial asset.

Bitcoin

Introduced by an anonymous individual by the name of Satoshi Nakamoto, it has risen to dominate the crypto market with its total market cap exceeding 1 trillion dollars.

What is Bitcoin

Bitcoin is a peer-to-peer transactional cryptocurrency. It was created as an alternative to the traditional fiat currency.  It is decentralized meaning no one has absolute control over the coin.

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Decentralization is a key component of cryptocurrencies as it ensures no single authority can control them. This is one of the reasons they have become so popular.

As the market grows, bitcoin is getting closer to $100,000 per coin price. This will be a big milestone and some analysts predict this could happen soon based on some of the below reasons.

Low supply

Only about 21 million bitcoins can exist. A cap set at inception. Currently, over 19 million are in circulation leaving only about 2 million coins to mine.

This is an extremely low supply in comparison to its peers whose supply is huge. With the ever-growing demand for the coin, the price has no other alternative but to keep going up.

As more traders join the crypto market, the demand will likely keep pushing the price higher due to the limitation in supply.

The argument is that if the price is already high with less than one percent of the global population trading in cryptocurrencies, what happens if this grows to 10%.

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High Inflation Levels

Inflation levels are pushing investors to consider cryptocurrencies as better hedging alternatives. They are slowly replacing the traditional options such as gold.

This trend has come at a good time for Bitcoin. As the leading cryptocurrency, it is the first option for investors. As more institutional and retail investors come on board, there are expectations the price will keep rising towards the $100,000 mark and maybe beyond.

The general lack of trust in fiat money is benefiting the uptake of cryptocurrency. This is accelerating after governments printed a huge amount of money to mitigate the Covid pandemic economic effects.

Government regulations

Some countries are starting to give clear signals that bitcoin could become a legal asset. This comes after the government of El Salvador started using bitcoin as a legal tender. Since then, a huge number of citizens are already enjoying its gains with their value growing tremendously.

The US government has also given its first licenses for the trading of Bitcoin ETF. Although these are minor actions, the message is clear and investors are rushing to put their money in the coin.

Bitcoin ETF Approval is likely to Send Its Price Towards $100,000

Future of Bitcoin

The price of Bitcoin has risen tremendously since its inception. As the biggest and most famous cryptocurrency, this growth will likely continue in the days ahead.

Getting to a $100,000 bitcoin could be sooner than we think. If this happens, it will help solidify the position of bitcoin as well as bring in more investors into the industry.

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