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Bitcoin (BTC) recently hit a new record on Sunday, December 27, 2020, when the world’s largest cryptocurrency soared past $28,000 for the first time. With its recent rally, the crypto became a hot topic among investors discussing the various price speculations swirling around.
Some of the crypto’s proponents remain bullish on the digital currency’s prospects for 2021 believing that BTC still has room to grow. Naturally, detractors remain unmoved and continue to warn investors to stay away from the crypto asset. Here are some of the most notable Bitcoin price speculations for 2021.
Citibank analyst Tom Fitzpatrick is among those who are bullish on Bitcoin and predicts that its price will reach $318,000 by the end of 2021, according to Bitcoin.com. The bank executive warned that there will corrections along the way but emphasized that BTC is still better than gold.
“Gold has restrictions such as storage, non-portable, and could possibly be even called ‘yesterday’s news’ in terms of a financial hedge,” Fitzpatrick explained. “Bitcoin is the new gold.”
Bloomberg analyst Mike McGlone is likewise bullish on the crypto and predicts that it could reach $170K by 2022. “The key thing about Bitcoin this year is very simple— it just added a one to the front of the number,” he explained. “Remember, it was around $7,000 at the end of last year. What I’m worried about— if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.”
PlanB, the anonymous author of the Bitcoin stock-to-flow (S2F) price model, expects BTC to trade between $100k and $288K next year. “People ask if I still believe in my model,” PlanB posted on Twitter on November 8. “To be clear: I have no doubt whatsoever that #bitcoin S2FX is correct and #bitcoin will tap $100K-288K before Dec2021.”
Understandably, not everyone agrees that people should invest in Bitcoin. For instance, The Times UK financial contributor Oliver Kamm even described cryptocurrencies as “a fad best avoided” and urged his readers to stay away from digital currencies.
“Cryptocurrencies don’t belong in your portfolio,” Kamm wrote back when BTC was priced around $12,931. “The reason is you can’t value them. An asset that doesn’t pay even a notional stream of cashflows— like bonds, which pay interest, or shares, which pay dividends, or property, which provides rental income— is just a gamble.”
Meanwhile, Seeking Alpha financial columnist Anton Wahlman believes that BTC will eventually go to zero. “Sometimes there’s something so absurd that you hardly know where to begin to make the argument,” Wahlman wrote in his editorial. “For it’s so obvious and self-evident that it should not have to be explained. Bitcoin and similar cryptocurrencies are such a case.”
Despite its critics, Bitcoin has become more popular among institutional investors who use the asset as a hedge against inflation. In fact, JPMorgan strategists predict that demand for Bitcoin (BTC) will reach $600 billion in the coming years.
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