Predicting Bitcoin price fluctuations isn’t my game, as it requires intensive studying of the market, the economy overall, impending regulations, the activity of “whales” (large investors who can induce massive price swings with trading), etc.
After all, I’m not a member of Congress, and so don’t enjoy the perk of insider trading with impunity.
Related: Gavin Newsom Signs ‘Crypto Licensing Bill’ to Regulate Bitcoin in California
What I’m saying is that I know what I don’t know, to paraphrase Socrates.
In other words, I know about as much as investing as your standard CNBC pundit, fully untethered from reality and screaming uninformed opinions into the camera with full unearned confidence.
The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.
-Charles Bukowski
That said — and please take that caveat to heart; I wouldn’t want to be held responsible for dispensing financial advice — current indicators suggest 2024 might be a boon for Bitcoin, with some even suggesting a return to its all-time high against the dollar of just under $70,000, up from its current valuation of around $45,000.
Via Bloomberg (emphasis added):
Bitcoin is on course to advance for a fifth straight month in what would be the token’s longest such winning streak since a pandemic-era rally oiled by easy money.
The largest digital asset has risen about 2% in January, a month of pronounced swings sparked by the rollout of the first US spot Bitcoin exchanged-traded funds and shifting views on the outlook for monetary policy.
A run of five straight monthly gains would be the longest since a six-month stretch spanning October 2020 to March 2021, according to data compiled by Bloomberg.
Via Crypto Slate (emphasis added):
Finder’s latest survey of 40 crypto founders, executives, and educators reveals a bullish outlook for Bitcoin, projecting its value to increase significantly through 2030. The consensus among the panel suggests a positive trajectory for Bitcoin, predicting its value to rise to $77,423 by the end of 2024, $122,688 by 2025, and $366,935 by 2030. These projections mark a notable uptick in optimism compared to past surveys, indicating the growing bullish sentiment within the sector.
According to the average prediction, Bitcoin is expected to reach $77,423 by the close of 2024, with projections varying significantly among panelists. Some anticipate a surge to over six figures within the year, while more conservative estimates suggest a potential decline from its current price of around $44,000.
Something will inevitably replace the failing U.S. dollar. Whether that will ultimately be Bitcoin, some CBDC monstrosity, the Chinese Yuan (unlikely), or the old-fashioned barter system is very much open to speculation.
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