These institutions are maintaining a high degree of attention as BTC hits a record high

The price of Bitcoin once again hit a record high. On the evening of October 20, the price of Bitcoin broke through the all-time high of US$64,443 set on April 11, 2021, reaching US$66,000. Since October, as Bitcoin regained its lost ground and moved higher and hit a record high again, many institutions and well-known investors have once again turned their attention to the crypto market. No different from the past, Bitcoin is still in dispute.

Bitcoin will continue to rise?

There are many people who predict that Bitcoin will reach $100,000 by the end of this year, including BitMEX CEO Alexander Hoptner, who raised this level in an interview with Bloomberg TV on Friday. Katie Stockton, the founder of Fairlead Strategies, stated on Monday (before BTC’s new high) that BTC’s breakthrough to new highs provides a positive long-term trend. Based on measurable movement predictions, Bitcoin’s target price should be $89,800.

In addition, Fundstrat wrote in a report on Wednesday: “Bitcoin’s initial upward target after exceeding US$65,000 is around US$72,500, and then US$89,000. It is believed that as Bitcoin breaks through its previous highs, this A level is definitely within reach.” Bitcoin hit a record high because of investors’ expectations of US ETFs, continued institutional investment in encrypted assets, and the possibility of “whales” buying.

Bitcoin is a better investment tool?

Nigel Green, CEO and founder of deVere Group, predicts that Bitcoin will return to and surpass the previous record high. Bitcoin has become the mainstream of investment, and most investors should consider crypto assets as part of a diversified investment portfolio.

JPMorgan Chase’s strategists believe that it is inflation concerns that have driven Bitcoin to record highs, not the enthusiasm of the first Bitcoin futures ETF. JP Morgan Chase’s strategist headed by Nikolaos Panigirtzoglou wrote: “On its own, the launch of BITO is unlikely to trigger a new phase of more new capital entering Bitcoin. On the contrary, we believe that Bitcoin is better than gold. Inflation hedging tool, which is the main reason for the current rise, has triggered a shift from gold ETFs to Bitcoin funds since September.”

Controversy is still the main theme of Bitcoin?

Although BTC once again hit a new high, there is no shortage of supporters in the market, but no matter at the regulatory level or the investment level, Bitcoin controversy still exists.

Fed Governor Waller said that Bitcoin is like electronic gold, a store of value with no intrinsic value. Bitcoin will never become a payment tool. Stablecoins may be competitors in the payment field, but regulatory work needs to be done to ensure that they are safe payment tools.

SEC Chairman Gensler pointed out that Bitcoin is still a highly speculative asset class, and Bitcoin futures benefited from years of US regulation.

On October 19th, Scott Minerd, the chief investment officer of asset management giant Guggenheim, stated that he would no longer invest in Bitcoin after predicting that Bitcoin might reach $600,000 earlier this year. Scott Minerd said in an interview with CNBC, “I learned one thing as a bond trader many years ago. When you don’t understand what happened, you leave the market. Now I can’t understand what is happening in the cryptocurrency market.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/these-institutions-are-maintaining-a-high-degree-of-attention-as-btc-hits-a-record-high/
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