Bitcoin’s price inches in on all-time high as experts project an AUD$100k year-end valuation

Posted: 20 October 2021 6:08 pm

Over the last 12-month window, Bitcoin has been able to accrue gains of 440+%.

  • Proshares' BTC ETF has made an extremely strong market debut, with the offering recording an opening day natural volume of over AUD$1.33 billion (US$1 billion).
  • Billionaire investor Carl Icahn believes Bitcoin is a strong hedge against monetary inflation.
  • A recent study conducted by Finder revealed that Bitcoin could close out 2021 at a price point of around AUD$100k (US$80k).

Bitcoin has continued to make a strong monetary push over the past week, with the digital asset scaling as high as AUD$86,200 – just $400 shy of its all-time high – earlier today. As a result, the flagship crypto's monthly gains stand at 35%. At press time, BTC is trading for $85,348.

As pointed out by Finder earlier, this latest move comes on the heels of ProShares' Bitcoin Strategy exchange traded fund (BITO) making its market debut. However, what's even more surprising is the fact that on the day of its release, BITO recorded a first day "natural volume" of over US$1 billion, making it the highest ever-traded volume for an ETF on opening day.

ProShare's BTC ETF launched on the New York Stock Exchange (NYSE) on 19 October at a start value of US$40.88. By the end of the day's trade cycle, the offering closed out at a value of US$41.94 with a total of 24.313 million shares – which works out to over US$1 billion.

Billionaire Carl Icahn warned investors all over the globe that with a major market crisis looming large on the horizon, it would be smart for future-looking investors to start considering Bitcoin as a bet against inflation. In Icahn's view, with the US government continuing to dilute the US dollar further, currencies all over the world may become more and more devalued, adding:

"The jury is really out on whether Bitcoin has intrinsic value or acts as a store of value. If inflation gets rampant, I guess it does have value."

How to buy Bitcoin

Finder survey reveals a solid "price top" for Bitcoin in 2021

In a new study conducted by Finder earlier this week, a 50-person industry panel revealed that they believe Bitcoin could close out this year at a price point of around US$80,000. The panel included the likes of Cypherpunk Holdings COO Daniel Cawrey, Kraken director Jonathon Miller, Arcane research analyst Vetle Lunde and CryptoQuant CEO Ki Young Ju among a host of other specialists.

Earlier price forecasts released by giants such as Standard Chartered and Bloomberg also suggest that Bitcoin could very well close out 2021 well over the US$100k range.

Looking ahead

With the market rallying strong on the heels of Bitcoin's recent ETF announcement, it is worth noting that the total capitalisation of the industry now stands at an impressive US$2.6 trillion – a figure that lay at US$1.7 trillion a little over a month ago. Therefore, it will be interesting to see how the coming few months play out for the market as a whole.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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