It has been an interesting, if not utterly devastating year in which priorities were evaluated, people’s lives were decimated or otherwise flipped upside down, and everyone stayed rooted to the ground. There are some silver linings however. The tyrant in the White House has been ousted, and bitcoin seems ever more poised to begin its proper ascent as a definite store of value. As we currently see bitcoin resting above $15,000, is it time to ask when bitcoin will hit $100,000?
We started the year asking, as we have every other year in the past, if bitcoin will ever see and surpass its 2017 all time high, and if it will ever reach the astronomical heights of $100K. We got the answer in 2020, with Covid pushing QE measures into the stratosphere, and with major public companies announcing that they were either converting some of their fiat treasury assets into Bitcoin, or coming up with bitcoin onramp facilities such as PayPal is doing for its 340M users.
Investors endorsing Bitcoin
Now it seems like the question is not if bitcoin can reach $100K, but when. Many major investors in recent weeks have all come out to publicly endorse bitcoin as a store of value and a hedge against inflation of the dollar.
The above tweet from Anthony Pompliano details the influential people who have exposure to, or publicly endorsed bitcoin as an investment consideration within your portfolios. Let’s see what they are saying about bitcoin individually.
Below are videos and soundbites, straight from the horses mouths, so you can see for yourself the conviction they have in bitcoin.
Paul Tudor Jones on Bitcoin
He also reveals in this video that he personally holds about 2% of his assets in Bitcoin.
Stanley Druckenmiller on Bitcoin
Quote of note: I’m a bit of a dinosaur, but I have warmed up to the fact Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new west coast money
Stanley Druckenmiller
Chamath Palihapitiya on Bitcoin
This one is particularly interesting because the anchors weren’t exactly friendly, and showed Chamath clips of Bill Gates and Warren Buffett disparaging bitcoin (this was 2018), but I thought his response was really classy.
Buffett is great, but he himself acknowledges that he had missed the boat on tech, and the only tech stock he held was Apple. So, what if he’s also wrong on Bitcoin?
Mike Novogratz on Bitcoin
This is interesting as Mike references the DeFi liquidity push, and how bitcoin is now being driven more by institutional players as well as HNW folks coming in, rather than retail.
Stock to Flow Model for Bitcoin
PlanB, a very popular twitter user who popularised his stock to flow model for predicting bitcoin price, recently reiterated his belief in his model, and subsequently, his price calls.
If he is right, then the answer to this post, when will bitcoin hit $100,000, is definitely before Dec 31 2021.
Strap in boys! It’s going to be a steep ride! You’re gonna want to hodl on to those coins and keep them safe!
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