Yesterday, Bitcoin hit an all-time high price of $28,378 per coin. This new Bitcoin all-time high puts the cryptocurrency’s value at a gob-smacking half-trillion USD in market value.
Market-watchers already knew that something big was brewing with the coin when they saw that the asset was trading at $27,250 to $27,750 per BTC on Sunday morning (8-9:30 a.m. EST).
But while this is not news for professional investors, it’s difficult to understand for those who are just entering the crypto game. So, what does this mean for the future of the cryptocurrency?
Investing.com’s Jesse Cohen Breaks Down The Bitcoin All-Time High Price
As one of the most popular cryptocurrencies continues its historic rise, Investing.com’s senior advisor Jesse Cohen thinks that this Bitcoin all-time high price is only the beginning of things to come.
“It’s been a blockbuster year for Bitcoin, with prices more than tripling this year thanks to growing acceptance of crypto as an asset class of its own. But with Bitcoin moving into the mainstream and capturing greater attention in the year ahead, it will likely draw further scrutiny from regulators in the United States and Asia,” he said in a statement. “While many expect the Bitcoin rally to continue in 2021, I’m more concerned with what the Biden administration could mean for cryptos.
Incoming Treasury Secretary Janet Yellen in the past has warned investors over Bitcoin during her time as Fed Chair, calling it a highly speculative asset and not a stable store of value.
I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation.
That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
The “changing of the guard” in Washington isn’t as concerning for some experts. However, Cohen — like many other cryptocurrency experts — believes that this is only the beginning for Bitcoin and its all-time high price.
Many Saw This Coming
Back in July, Cointelegraph‘s Max Keiser predicted that Bitcoin’s all-time high would hit $30,000 before “correcting” itself. Keister also predicted that the world’s largest cryptocurrency would hit six figures in 2021.
While Keiser’s optimism is due to his preference for Bitcoin over other cryptocurrencies, Bitcoin as a company is also more valuable than all but seven publicly traded companies currently on the NYSE today.
This, then, suggests what many of us knew all along: that the Bitcoin all-time high will only increase, and exponentially, in the years to come.