Can Bitcoin Reach $100,000?
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With inflation still raging, the Federal Reserve must continue pushing up interest rates in the U.S. -- and this has pressured risky financial assets, a category that cryptocurrencies, including Bitcoin (CRYPTO: BTC), firmly belong in. Investors just aren't as comfortable owning speculative assets as they were just 12 months ago.
Bitcoin's price is down about 75% since it hit an all-time high of nearly $69,000 about a year ago. But even with the substantial price drop, I think the world's top cryptocurrency could one day eclipse $100,000 per coin. Here's why.
Bitcoin was launched in early 2009 purely as a way for two parties to digitally send money to each other without a central intermediary. This wasn't possible before, so the innovation of Bitcoin was really something special. Today, the network carries a market cap of $320 billion, more than double that of Ethereum. the second most valuable crypto.
Source Fool.com
