Bitcoin’s cannonball rally is not showing any signs of backing down as the token just hit another record high for the third time in one week.
Bitcoin reached an all-time high of $52,621 on Wednesday at around 10:37 pm Nigerian time, now having a market cap of over $966 billion.
No Backing Down: Bitcoin Breaks Another Record High
Eye9ja gathered that this is happening as there is increasing participation from institutional and retail investors, and major companies are also getting more involved with the token. Available supply for the world’s largest cryptocurrency is beginning to shrink faster compared to its peaking demand.
Speculations about how high bitcoin would eventually be valued have become a stronger debate recently as bitcoin gets more mainstream attention.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, said bitcoin could hit $500,000 by the end of the decade, and could eventually even hit $1 million per coin.
“I think that bitcoin will eventually rise to become the global reserve currency. I think it will eventually be much larger than the gold market cap”, said Pompliano in a CNBC podcast.
According to JP Morgan, bitcoin, which is now competing with gold as a safe-haven asset, would need to hit a price of around $146,000 for its market cap to reach that of the bullion at $2.7 trillion.