NEW DELHI, Oct 28: Despite uncertainties and high volatility surrounding it, Bitcoin has crossed $65,000 per coin for the first time and according to industry experts, the most sought-after cryptocurrency may touch the $100,000 mark by the end of this year.
The Bitcoin market cap has touched $2.5 trillion amid its rising adoption globally, particularly in India.
According to Nigel Green, CEO and founder of deVere Group which has $12 billion under management, Bitcoin is undeniably a mainstream asset class and most investors should consider including crypto assets as part of a diversified portfolio.
“In July, we publicly predicted that Bitcoin would reach and most likely beat it’s previous all-time highs. I am confident that while there might be some profit-taking in the near-term, so that investors can accumulate more later, the momentum is such that we can expect prices to continue on their upward trajectory,” he said in a statement.
The Indian cryptocurrency market is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 worldwide.
According to a report by the IT industry’s apex body Nasscom, there are 15 million retail investors in India investing in the cryptotech space.
According to Shivam Thakral, CEO, BuyUcoin, a homegrown cryptocurrency exchange, the launch of the first bitcoin ETF on the New York Stock Exchange is a moment of reckoning for the global crypto economy and the world’s oldest cryptocurrency.
“Bitcoin is witnessing its meteoric rise owing to the euphoria around the ETF debut and is expected to touch the $100,000 mark by the end of this year,” he said.
There has been a paradigm shift in the investment patterns across the globe which is underlined by the data shared by crypto exchanges from time to time.
“Bitcoin creating a new all-time high indicates wider acceptance of crypto assets across the globe. The listing of the first bitcoin futures ETF is a big leap of faith for crypto investors as it took eight long years to get the final approval from US securities,” said Jay Hao, CEO of cryptocurrency exchange OKEx.com.
“As we speak, the bitcoin market cap has touched $2.5 trillion, another new all-time high that is expected to boost the confidence of institutional and retail investors, globally. Inflow of investments from institutions have also played a major role in creating the record high,” Hao added.