The digital asset space got some unexpected news as Bitcoin hit $50,000, some days from its iconic $48,000 hit. The news has brought some controversies, as critics change their positions over the asset’s new price position. Experts predict that before 2021 ends, the asset would get some mainstream attention, ensuring its acceptability on many platforms.
One of the asset’s critics, Peter Schiff, explained that the crypto’s recent surge surprised him, but he still calls it a bubble. The critic had said some negative things concerning the digital asset space in the past, which had not changed even when the asset attained the $50,000 mark. Bitcoin’s market is currently giving a very bullish outlook, which means that the asset could skyrocket further soon, attracting more investors along the way.
Schiff calls Bitcoin the biggest bubble
Before the price skyrocketed, the financial expert predicted that the asset would not attain its present peak. He was surprised that Bitcoin reached the price position even with the factors against the rapid price growth. The economists have a huge preference for gold, as he believes that the traditional asset is the only suitable investment class.
The outspoken critic’s dislike for Bitcoin is still yet to change as he still calls the investment the biggest bubble of them all. When Bitcoin came to be several years ago, many experts said that it was a bubble that would not stand the test of time. This analysis discouraged some investments during the time, but BTC is presently silencing critics with its outstanding performance.
Many new investors recently joined the crypto space during the global pandemic in 2020, making other investment classes ineffective. Buyers saw that traditional investments could not withstand the economic downturn pressures, which was why Bitcoin became very popular amongst institutional buyers.
This is the first time Bitcoin would attain $50,000, which is currently its peak. Now, the asset has seen some slight corrections of around 3%. Still, Bitcoin has had an impressive gaining pattern this week alone, meaning that there is a possibility that the crypto would hit higher grounds soon.
Bitcoin’s iconic price growth in 2021
Statistics show that investors that invested at the beginning of 2021 have seen a 75% price increase within a month and some days. But, when looking at Bitcoin’s price around March last year, the price has grown by over 1000%. The investment’s volatile nature makes it easy for it to accumulate gains over a short period. Unfortunately, the asset could fall rapidly if market bulls don’t hold the price.
The digital asset space welcomes the new price, but many understand that before the price stabilizes, it would still see some dips and corrections along the way. Many people remember the asset’s correction in January, where the price declined from the $40,000 range to around $30,000, resulting in losses for millions of traders.
The asset took an unexpected turn after the correction because, precisely a month later, it hit $50,000. Schiff continues to hold his stance concerning Bitcoin being a bubble as he believes that asset doesn’t follow economic laws.
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