Bitcoin Price Set to Soar: Get Ready for $30K+ in 2023!
• Bitcoin has been through a difficult year, losing 65% of its market value in 2022.
• Institutional use of crypto assets will increase as companies pilot programs and continue to research the technology.
• Experts believe that Bitcoin price will peak at $29,095 in 2023 before falling to $26,844 by the end of the year.
Bitcoin’s Difficult Year
The past year was extremely difficult for all cryptocurrencies, including Bitcoin. In fact, the largest cryptocurrency in the world has lost approximately 65% of its market value in 2022 due to a succession of tragic occurrences such as the Terra Luna crash and the collapse of FTX, one of the largest cryptocurrency exchanges.
Institutional Use To Increase
Despite this downturn in Bitcoin’s fortunes, there is still hope for recovery. Institutional use of crypto assets is expected to increase as companies begin pilot programs and continue to research this technology. This could lead to more than 500 million people possessing Bitcoin by the end of 2022 according to Ric Edelman from The Digital Assets Council Of Financial Professionals. Fidelity estimates that 60% of institutional investors had invested in digital assets worldwide by 2021.
Expectations For 2023
There are tremendous expectations that 2023 will mark a return for bitcoin with predictions ranging from Anthony Scaramucci’s ‘recovery year’ figure between $50-100k within two or three years, up to Shubham Munde’s estimate that it will reach approximately $35,000 by the end of 2023.
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Crypto Adoption On The Rise
Crypto adoption is on the rise with more people looking into investing into digital currencies like Bitcoin and other altcoins as an alternative asset class or store-of-value option outside their fiat currency holdings; but its price is still constrained by concerns over financial sustainability so it remains volatile compared against traditional investments like stocks or commodities .
