Wednesday, December 7, 2022

‘Bitcoin will definitely reach the level of 1 million dollars’

The current price of bitcoin may be struggling to cross the $25 thousand mark, but some market experts still say that the price of bitcoin will touch one lakh dollars one day. Mike McGlone, Senior Commodity Strategist at Bloomberg, sticks to his statement on that, in which he said that bitcoin will cross $1 million. He said that in the second half of 2022, oil prices will start coming down further. A fall in the price of crude oil is a sign of global deflation, which means that the US Federal Reserve will not raise interest rates any more.

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A recent survey by the Federal Reserve Bank of New York found that inflation in the US is at its all-time high. McGlone has said that gold will again reach the $2,000 level and bitcoin will act like a high beta version of gold. Earlier McGlone had said that bitcoin would reach close to $1 million by the end of 2021.

However, McGlone’s prediction of bitcoin price crossing $1 million failed miserably. Far from approaching the $1 million mark, bitcoin had started falling since the beginning of the year. By June, the price of bitcoin had dropped to $17,600. Despite this, McGlone maintained confidence in his estimate and he still maintains that bitcoin will touch the $1 million level, although he has also said that it is not going to happen very soon. It may take a long time.

Talking about the bitcoin price today, the world’s largest cryptocurrency has opened trade today with an increase. At the time of writing this, bitcoin was trading at Rs 18,35,184 on Indian exchange Coinswitch Kuber. Globally, the price of bitcoin is currently trading below $24,000. According to data from CoinmarketCap, on August 9, bitcoin is trading globally at $23,162.74. Its price has increased by 0.39 percent in the last 24 hours.

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Cryptocurrency prices in Indian exchanges

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