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The world’s largest cryptocurrency Bitcoin (BTC) has delivered a solid performance so far in 2023 amid uncertain macros, a banking crisis, and a high inflationary environment. Bitcoin is already trading 70% up since the beginning of 2023 and some market players are expecting another 270% rally by the year’s end.
CNBC recently spoke to some of the crypto industry insiders who believe that BTC holds the potential to reach its previous all-time high of $69,000 and even beyond hitting a new all-time high. Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini, said that a $100,000 possibility for the Bitcoin price cannot be ruled out. He said:
“I think bitcoin probably breaks all-time highs this year,” adding that the $100,000 price figure is an “interesting number.”
The Gemini executive believes that if the BTC price can touch its previous record high of $69,000, “it doesn’t take much more for it to lift up” to $100,000. This would mean another staggering 270% rally from the current price that Bitcoin is trading at.
However, Beard is not the only person who believes that BTC can deliver a strong rally further. Paolo Ardoino, chief technology officer at stablecoin issuer Tether, also told CNBC that Bitcoin could “retest” its all-time high near $69,000.
At the beginning of 2023, many had expressed caution over Bitcoin exposure. However, Bitcoin has surprised industry players with its pretty strong show.
Bitcoin As a Digital Gold
Amid all the developments taking place this year, BTC is showing the true characteristics of Digital Gold. As the banking crisis unfolded in the US and Europe, Bitcoin emerged as a safe haven and an instrument of trust among global investors. It has been performing exactly as per Satoshi Nakamoto’s design and emerging as a true hedge from the fiat systems.
Despite having a close correlation with the Nasdaq 100 in the past, BTC is now showing signs of decoupling. While the Nasdaq 100 has gained 15% year-to-date, Bitcoin has already gained 70%. Besides, Bitcoin has also performed well as an inflationary hedge.
Last week, famous venture investor Balaji Srinivasan put a $1 million bet stating that the BTC price can touch $1 million. However, many analysts have cautioned investors calling this unrealistic.