Anthony Denier – the CEO of a company called Webull – is predicting that bitcoin, the world’s number one cryptocurrency by market cap, is likely to hit a price of $55,000 by the end of this year.
Denier: BTC Will Grow To an Even Higher Point
The bitcoin price has been in a bit of a rough position over the past several days. While the currency was trading for around $42,000 during early January – a new all-time high for the coin – it has since sunk by about $10,000. While the currency is still trading in the $30,000 range, most traders know that things could potentially be better.
Denier is telling them not to worry. In a recent interview, he commented:
Guys… I don’t know if bitcoin goes lower next month, but I think over the course of time, bitcoin will be higher.
His suggestion of a $55,000 price would mean that bitcoin must surge roughly 70 percent from where it is today, though he doesn’t think this is impossible. He says that the amount of attention bitcoin has been getting from both Wall Street and institutional players is likely to shove the currency into its most bullish territory yet, and he also feels that the currency is becoming more comparable to gold. He says:
Why is gold more valuable than silver? It’s not like we use gold to build buildings. It’s just that someone, a long time ago, said, ‘This metal is really valuable, and I want it,’ and everyone jumped on board and everyone believes gold has this amazing value. So, it’s a collective consciousness. Same thing with bitcoin. It’s a collective consciousness where people say, ‘Yes, that has value to it.’
In addition, Denier also commented that many of the current bitcoin supporters out there are part of younger generations, and that over time, it will be these individuals that really see to it that bitcoin becomes more mainstream and legitimate. Lastly, he believes the present rate of inflation is likely to assist bitcoin in becoming much stronger in the coming years.
Invest in What You Know
In the final portion of his interview, he commented about what people can do if they want to carve out smart investing strategies for themselves. The main thing they should do is put money into what they already know, such as what they’re presently studying or whatever field they’re working in. He says:
If you build homes or you’re a carpenter’s apprentice, and you go to Home Depot to make the runs for the guy or the girl that you work for, and you see Home Depot is jam-packed with people because everyone is stuck at home and everyone is looking at their cracked walls and they want to fix them, that’s when you say, ‘Ah, Home Depot’s killing it! I’m going to buy some Home Depot stock.’