It has been a difficult year due to a series of global events that affected markets, including the price of bitcoin (BTC), but the pioneering digital currency still reached the expected $100,000 mark. The figure seemed like an unattainable dream for many, but not for Samson Mow, Robert Kiyosaki and others who warned that the milestone would be reached in 2024.
One of the first to predict that the price of bitcoin would reach $100,000 was market researcher Logan Kane. It happened in March of this year, when Kane was seeing interest in bitcoin exchange-traded funds (ETFs), as one of the main drivers to drive the price of the digital currency. Launched at the beginning of the year in the United States, these financial instruments facilitated the entry of capital into the market and, therefore, the analyst recognized them as a strong driver.
“I think the end result will be that bitcoin will exceed $100,000 in this wave, possibly shortly before or after the halving,” he said, referring to another event that has played a crucial role in halve the issuance of bitcoin every four years on a scheduled basis, facilitating the rise in the price of the currency in response to demand.
Others, like Kane, predicted a price for bitcoin at $100,000. Among them is the renowned writer and influencer Robert Kiyosaki, who in February launched his prediction, although without delving into his arguments. However, on repeated occasions The writer has spoken out on the matter and is convinced that “the US dollar will die”so he advises buying “gold, silver and bitcoin.” And it is worth clarifying that, for Kiyosaki, once bitcoin reaches $100,000, that would not be his limit. He believes it can reach $120,000 this year.
On other occasions, Kiyosaki has argued that investors generally abandon stocks and start buying “defensive assets” (such as gold) in times of crisis. Hence, expect a quick fall in the stock market, creating a domino effect that would knock down all markets.
“If there is a major stock market crash, which I am already expecting, because the stock market has been at high levels for too many years, it is not good news for those who DO NOT own gold, silver and bitcoins,” Kiyosaki said.
For his part, Galaxy Digital CEO Michael Novogratz also predicted a bitcoin price of $100,000. For him there was no doubt, in June, that once the price of the digital currency exceeded the line of 73,000 dollars, the next step would be to mark the milestone of 100,000.
The director of Galaxy Digital expressed his optimism with the figures that the price of the digital currency could reach created by Satoshi Nakamoto and described this moment as “a cryptocurrency spectacle.”
At the time, it was important to Novogratz that the US Congress work on a legal framework for cryptocurrencies. “If the infrastructure bill and the FIT21 bill are passed, this allows Goldman Sachs and Citibank to make sales and transactions. And as these institutions are incorporated, a large amount of money is obtained,” he concluded.
Samson Mow, CEO of Jan3, a company that drives the adoption of bitcoin in the world, projected a price for bitcoin at $100,000 by this year 2024. He argued last March that demand for the digital currency is high, especially due to the launch of bitcoin ETFs, which were incorporating around 7,000 bitcoins daily.
Mow explained that the reason for his projection was that there are simply not enough coins to meet the demand from ETFs that devour thousands of coins a day.
I also saw the decoupling of bitcoin with respect to the price of other cryptocurrencies. “While crypto currencies may follow bitcoin for a while, because they are small and illiquid, it is inevitable that they will lose strength and fall behind.” [eventualmente]”, he warned.
Ultimately, the current climate suggests a wave of growth for bitcoin adoption, not just among ordinary citizens, but at an institutional level. This is especially due to the events that have come together this year such as the Bitcoin halving, the arrival of spot bitcoin ETFs in the United States and general optimism around Satoshi Nakamoto’s invention.
