Bitcoin gained a fresh push from institutions as well as big investors since the Coronavirus pandemic as investors see it as a safe-haven asset.
Since January, Bitcoin has surged by nearly 50% which is outstanding performance as compared to traditional assets. However, it performed similarly to equity markets since March-crash induced by the Coronavirus pandemic.
$1 Million in Next 5-6 Years
In a recent interview with Stansberry Research over YouTube, CEO of Global Macro Investor, Raoul Pal, claims Bitcoin could witness $1 million in the next 5-6 years. According to him, he has received a positive response from the people he has talked to about Bitcoin, and an inflow of investments has been witnessed since the beginning of 2020.
Pal has even invested 50% of his portfolio to cryptocurrency and it is on “everybody’s radar screen.” Bitcoin is put on the mainstream screen by top-notch investment companies and firms. For instance, Payment Company Square bought Bitcoin worth $50 million in its recent exposure to cryptocurrency.
Bitcoin can give high returns in the long term, and it may also overturn gold in profit. Pal is even thinking about shifting capital from gold to Bitcoin. “I’m even toying with the idea of selling my gold to buy bitcoin, more bitcoin,” he said.
Uncertainty in financial markets and global turbulence after the Coronavirus pandemic may trigger the price value of the top digital asset upward. Nigel Green, CEO of advisory firm deVere Group stated,” global political, economic and social turbulence suggesting that there will be a [bitcoin] price surge before the end of the year.”
According to the on-chain analytics firm Skew, Bitcoin has been above $9,500 for 93 days since 2009.
Currently, the price of the world’s leading crypto asset is surging as it has increased by 3.22% over the last 24-hours. At press time, Bitcoin is exchanging hands at $11,800.
The next immediate resistance level for Bitcoin is $12,000 which may block the pathway. If it becomes successful in overturning $12k, it will face the next resistance level at $14,000.