Bitcoin price seen topping $50,000 over long term as it vies with gold




    Bitcoin’s price could exceed $50,000 over the longer term as the digital asset vies with gold for investment flows, according to exchange Luno and brokerage OSL.


    “We’re talking about over the next three, five, 10 years slowly inching away at gold’s market capitalization,” Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore, said in an online question and answer session with Bloomberg Tuesday. If that happens, “you are way over $50,000,” he said.



    quadrupled last year, eventually reaching an all-time high of almost $42,000 in early January before sliding back by about $10,000. The rally split opinion, with some commentators pointing to increased interest from long-term investors and others citing speculative buying.



    While has been popular for trading, “increasingly the new to market money that we are seeing is buying Bitcoin as a hedge to inflation and as digital gold,” said Matt Long, head of distribution and prime brokerage at digital-asset platform OSL in Hong Kong.


    Predicting a price for Bitcoin is challenging but it’s likely to rise longer term as funds and family offices assign 0.5 per cent or 1 per cent of their portfolios to it, Long added.


    Bitcoin, which has climbed 9 per cent this year, was trading at about $31,500 as of 12:47 p.m. in Tokyo on Tuesday.

    Dear Reader,

    Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

    We, however, have a request.

    As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

    Support quality journalism and subscribe to Business Standard.

    Digital Editor





    Source link

    Previous articleLeaked Sony ‘Xperia Compact’ Images Confirm Android-Based iPhone 12 Mini Rival on the Way
    Next articleApple TV+ ‘The Snoopy Show’ trailer uploaded to YouTube