Xplained: Bitcoin Makes Investors Rich! Will Bitcoin reach $100,000 this year?

Bitcoin Price Rise: At this time in India, there is a lot of rapid increase in the price of bitcoin. This whole year has been very volatile for the Bitcoin cryptocurrency (Bitcoin Price Today). In the month of May-June this year, this cryptocurrency had reached a low of $ 30,000 (₹ 22.51 lakh) and in the month of April, bitcoin has also touched a high of $ 64,000 (₹ 48 lakh). So in this way, in the same year, within a span of a few months, bitcoin has touched its high and low level.

The level of 60 thousand was touched on Friday
Apart from this, during trading on Friday, bitcoin had reached the level of $ 60,126, which is a level near its record high. Experts believe that bitcoin can soon make its new record level in the market. From the recent rally in this coin, it can be clearly estimated that soon bitcoin is ready for a new rally and new level in the market.

Will bitcoin go to $100,000 this year?
Let us tell you that after touching the level of 60 thousand on Friday, the question is arising in the minds of investors whether bitcoin will reach $100,000 by the end of this year? According to Bloomberg’s Crypto Outlook report, bitcoin has seen an increase of 25 percent in the last one month. So according to this, there is a possibility of bitcoin reaching $100,000.

Investors expect rally
Investors expect that like last year, this year also bitcoin will see a good rally towards the end of the year. Let us tell you that on 16 October 2020, the price of bitcoin was close to $ 11,000 (₹ 8.25 lakh). At the same time, its price had almost tripled during a year. On January 1 this year, bitcoin was trading at $30,000 (₹22.51 lakh). Along with this, the benefit of the support of Tesla and SpaceX CEO Elon Musk and Twitter’s Jack Dorsey is also seen in this cryptocurrency.

Musk got a big advantage
Let us tell you that Elon Musk has made a big profit due to the rise in the price. According to data from Bitcoin Treasuries, earlier this year, Musk had invested about $ 1.5 billion, under which Elon Musk received about 42902 bitcoins. After the increase on Friday, there has been a bumper increase in it. Let us tell you that in a few months, the value of $ 1.5 billion of Musk increased to more than $ 2.5 billion.

bitcoin not legal in any country
There is a huge interest in cryptocurrencies around the world. So far, no country has given bitcoin the status of a valid currency. Salvador is the first country in the world to officially recognize bitcoin as a legal currency. Many experts believe that by making bitcoin the official currency, economic agents should start taking payments in bitcoin. This will also give a boost to technology. The craze of cryptocurrencies has increased a lot in many countries of the world. Its craze in India has also increased rapidly.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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