Hedge Fund Manager Says Bitcoin Price Will Reach $428,000 If This Happens
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Hedge fund manager James Lavish has predicted that Bitcoin could rise to $428,000 if it manages to capture 1% of the $900 trillion investment assets worldwide. Currently, Bitcoin only accounts for 0.15% of these assets. Lavish's view aligns with crypto pundit Mark Harvey, who has also suggested a similar price target for Bitcoin.
Harvey has an even more bullish view, projecting Bitcoin's value could skyrocket to $17 trillion if it caught most of the monetary premium from other asset classes like gold, silver, equities, real estate, fiat money, and bonds. Harvey believes that Bitcoin, being a 'superior form of property,' could attract substantial investment away from these traditional assets.
Bitcoin has demonstrated strong performance over the years, consistently outperforming traditional assets. NewsBTC reported that digital assets, led by Bitcoin, have been the best-performing assets in 11 of the last 14 years. So far this year, Bitcoin has achieved a year-to-date gain of over 50%, showcasing its robust market performance.
The broader adoption of Bitcoin has been bolstered by the launch of Spot Bitcoin ETFs, accessible in the United States, Hong Kong, and Australia. These investment funds have drawn more institutional investors' attention to Bitcoin. With its narrative as 'digital gold,' Bitcoin is becoming increasingly attractive to investors as a potentially better alternative to gold.
Governments can also influence Bitcoin's price trajectory. Countries like El Salvador have already adopted Bitcoin as a reserve asset, and other nations could follow suit. In the U.S., former president Donald Trump has proposed creating a strategic national Bitcoin reserve, adding further legitimacy to the crypto asset.
Source: www.newsbtc.com ↗
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