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One of the most highly anticipated events in the cryptocurrency industry finally happened. After months of waiting, Bitcoin (BTC) set a new record and surpassed its previous all-time high set in December 2017.
Bitcoin’s price even managed to soar past $20,000, a first in the crypto’s history. As of press time, BTC is trading at around $22,700 based on data from Coinmarketcap.com.
Naturally, the cryptocurrency’s recent rally past its previous all-time high spawned a few optimistic speculations on where its price could be heading. For instance, Robert Kiyosaki, author of the best-selling book “Rich Dad, Poor Dad,” is optimistic about Bitcoin and believes it could still rise to $50,000 next year, according to Cointelegraph.
Kiyosaki explained his prediction based on the rising interest from institutional investors in the cryptocurrency. The author believes that this coming “wall of institutional money” will carry enough momentum to push BTC upward until $50,000 next year.
“Glad I bought Bitcoin,” Kiyosaki tweeted. “Next stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.”
If the author’s prediction comes true and Bitcoin soars to $50,000, the cryptocurrency’s market capitalization would reach $928 billion. The figure is around 10.3 percent of gold’s market cap. Currently, Bitcoin’s market cap is only around 2.9 percent of the precious metal’s market cap.
Kiyosaki’s prediction is in line with JPMorgan’s projection. According to the investment bank’s analysts, institutional demand for Bitcoin could reach $600 billion in the coming years, driven by the entry of pension funds and insurance firms.
“MassMutual's bitcoin purchases represent another milestone in the bitcoin adoption by institutional investors,” JPMorgan analysts said. “One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow Massmutual’s example.”
Institutions are expected to only allocate a tiny fraction of their portfolios into Bitcoin. However, even if pension funds and insurance companies in the U.S., the U.K., Japan, and Europe only invest just one percent into BTC, it will still generate a $600 billion demand for the cryptocurrency.
