Skip to main content

Why Bitcoin sure to touch $100K by Q1 of 2022 FY?

World most popular cryptocurrency Bitcoin is trading under $45k. The crypto market cap is down by $150 billion, as bitcoin dumped below $45K. The downtrend of bitcoin has been seen since late Sunday. This year we saw many flip-flops on the BTC price. It touched over $60K in April and surged below $30K in May. Now it is trading around $45K. But analysts still believed in reaching BTC to $100K for a few reasons. The said reasons are promising and convincing.


Least availability in market

The market capitalization of total Bitcoins in circulation is around $866 billion. As per the stats Bitcoin upper limit set to 21 million. We can’t mine bitcoins over 21 million. 83% of all Bitcoins (18.78 million) have already been brought into circulation. Hardly 2 more million bitcoins are to be mined. There are around 3 million bitcoins considered as lost and inaccessible. Already existing holders want to retain their holdings and refused to sell because of the expected bull market in the coming days. It is very hard to own for those who want to enter into the crypto market and trade with bitcoins.

Basic economic principle applies to Bitcoin

The price of a commodity increases when there is no supply but there is huge demand for that in the market. This basic economic principle is relevant to the price of the Bitcoin in the crypto market for surge in price. The demand for Bitcoin has indeed been growing lately.


If other nations follow El Salvador policy

El Salvador is the first nation in the world that legalized Bitcoin cryptocurrency in the country since September 7th. El Salvador’s President Nayib Bukele is going aggressively after Sept 07th. The nation has continued with its bitcoin accumulation by purchasing another set of 150 coins. He tweeted personally in his twitter saying to buy bitcoins whenever the price is dip. He proudly said that El Salvador owned 700 bitcoins including 150 newly bought at $45K. Many have observed El Salvador’s approach towards cryptocurrency and reportedly few nations showed interest to consider Bitcoin for the internal payments in the country. Based on all above points, Bitcoin could indeed go into a six-digit price territory by the end of Q1 of 2022 FY.
Labels:

Comments

Post a Comment

Popular posts from this blog

Photo : Savitri during her last days

Even after 4 decades of her death, people are very much interested to watched her (Savitri) biopic. Mahanati turned to be stupendous success. On eve of remembering Savitri, here we posted Savitri photo. The photo seems her last days. The man stand behind Savitri is Gemini Ganeshan who married Savitri. It seems that she suffered bad days during her last days.
Post a Comment
Read more

PK Fans - Political and Private life

Pawan Kalyan fans attack Director Ram Gopal Varma's office for making parody film "Power Star" on their hero. RGV made a complaint and withdraw later for unknown reasons. 
Post a Comment
Read more

Who killed cricket in Pakistan?

Pakistan won the 1992 WC under the leadership of one of the greatest all-rounders in the world Imran Khan. Now, he is leading the country as Prime Minister of Pakistan. Every cricket lover in the country wants to see the glory in the gentleman game after Imran became PM for Pakistan. But his leadership can’t give any assurance to other nations to play the game in Pakistan. New Zealand abandoned the historic Pakistan tour just a few minutes after the first ball was to be bowled in the first ODI in Rawalpindi. Both teams have considered this series as preparation for the ICC T20 World Cup. Kiwis cites ‘Security threat’ to its players in Pakistan. There is a question that arises why NZ came and cancelled the visit. This is a massive blow to Pakistan cricket who wants to revive the game in the country. Prime Minister Imran Khan had spoken to New Zealand Prime Minister Jacinda Ardern and informed her about the security arrangements. Pakistan Cricket Board (PCB) fumes over Black Caps decisio...
Post a Comment
Read more