- Bitcoin is projected to move above N80 million ($200,000) by specialists who said that despite the volatility in the price, the top crypto will surge on
- Brock Pierce and Tom Lee. two crypto experts said that despite speculations which which causes price fluctuations, BTC will remain a premium crypto in 2022
- Tom Lee said the reason Bitcoin's is down is due to glut in the market and warned that it is not a hedge asset like gold and real estate
The Price of the premium cryptocurrency, Bitcoin is projected by experts to reach about N80 million.
Bitcoin is recovering from its worst performance since May. Crypto investment has gone down by 16 per cent in the last month which is blamed on Omicron, the COVID-19 variant.
Brock Pierce and Tom Lee, co-owners of Fundstrat Global Advisors believe that Bitcoin will reach N83 million in 2022.
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Experts weigh in
According to a report by Nairametrics, Pierce said, in an interview with Fox that people like to speculate, claiming they have all the answers, but the truth is that Bitcoin’s available, He said the Bitcoins performance in December is a result of many reasons.
He stated that Bitcoin has a more interesting return profile than the assets mentioned.
Pierce said financial uncertainty in the conventional financial system will drive Bitcoin above N40 million.
“I would not be surprised if BTC goes beyond $100,000.00. It’s conceivable for it to break $200,000 for a moment and come back again.”
He predicts that the bitcoin could briefly reach the N8 million price mark before retracing lower.
Ton Lee predicted N80 million for Bitcoin in the December 23 Market Rebellion Roundtable discussion.
“So, maybe Bitcoin is in that $200,000 range. I think that’s achievable, and I know it sounds fantastical, but it’s very useful.”
Lee previously maintained his 2021 Bitcoin price forecast of N40 million as late as October in light of ProShares launching the first Bitcoin exchange-traded fund (ETF) in the United States.
Why Bitcoin price is down
Pierce assumed a more specialised system, saying that Bitcoin’s price is down because there are more sellers than buyers in the market.
Crash in Bitcoin prevented me from becoming a billionaire
Legit.ng reported that A cryptocurrency investor has shared his experience of how he became poor again in less than 5 minutes of becoming rich.
Using a popular social media website, the anonymous Reddit user claimed he made $1.3million (N532.97 billion) after investing in SQUID, the digital currency inspired by the Netflix series Squid Game.
But after seeing its value rise to over a 2 million dollars in a flash the coin's value dropped to $0