Bitcoin Might Dip To $5000 In 2023 – Standard Chartered Bank
Standard Chartered bank has recently released a paper wherein Eric Robertsen, the head of research at the bank, stated that there are a host of likely occurrences that the market is currently not paying attention to.
He went on to talk about how the price of bitcoin could fall to a low of $5000 by 2023. He further noted that the drop in price will most likely spur a rise in the price of gold, and it will likely rise to about $2,250 per ounce or even more.
Bitcoin Price To Plummet By 70% Come 2023
Like always, price predictions have been a normal occurrence in the crypto industry; however, in light of the recent occurrences, especially since the fall of the famous FTX crypto exchange, many have come to the public to predict the price of cryptocurrencies, especially bitcoin.
The latest body in this regard is the aforementioned bank, which released a paper last week Sunday and directed people’s attention to the likely occurrences that are currently not receiving enough attention.
Top on the list for the bank is the fact that the price of bitcoin will most likely dip to $5000 by next year, which is about a whopping 70% from the current price of about $17,000.
Eric Robertsen, the bank’s head of research, stated in the note that, considering a number of factors like insufficient funds or bankruptcies resulting in more crypto service providers packing up, more investors will likely begin to develop cold feet and will proceed to withdraw their assets.
This, he said, will most likely lead to investors’ attention being directed to the good old gold. Robertson predicted that the price of gold could rise to about $2,250 for an ounce, which is about a 30% increase.
He stated that this is because investors will want to resort to what is familiar and much more reliable than crypto, and what better investment than gold?
In response to the bank’s post, Peter Schiff, the famous economist and gold enthusiast, took to his Twitter page to say that the $5000 prediction is still high and that, considering the state of things right now, bitcoin will fall much further than that.
Bitcoin Will Hit $250K By 2023 – Tim Draper
As more people continue to predict the end of bitcoin, on the other hand, a number of others continue to reiterate that bitcoin will rise hugely in the near future.
One of these optimists and bitcoin evangelists is Tim Draper, who is the founder of Draper Fisher Jurvetson (DFJ), a venture capital company, and who had earlier made a prediction in 2018 that the price of bitcoin will rise to $250k by this year.
Tim, seeing the state of things, has made a turnaround and made a new prediction, shifting the year to 2023. He has continued to say that people have absolutely no reason to hold on to traditional legal tender when there is bitcoin.
With the level of his enthusiasm, it is indeed apparent that he quite still believes in its supremacy, and he is most definitely not the only one.
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