Dear Reader, Bitcoin is volatile because it’s still deep in the price discovery phase. Where it will eventually settle is impossible to guess. But that’s not stopping some from trying. Venture capitalist Tim Draper reckons it’ll hit $250,000 by the end of 2022 or early 2023. Trip Chowdhry of Global Equities Research has come out with something that beats that by some margin: a $4 million price target. If bitcoin hits that, and all 21 million coins are mined, that would put bitcoin’s market cap at $84 trillion. For some perspective… That’s 35 times Apple Inc…which has the largest market cap of any company in the world. Of course, no one really knows. How on God’s good Earth could bitcoin
possibly get to be worth $4 million? Chowdhry provides a grab-bag of reasons: bitcoin ‘elbowing’ for renewable energy, it finally getting the blessing of the IRS and SEC, and regulators around the world finally accepting it into the global system. Political winds can change. But it’s still hard to see how any of those directly leads to such an astronomical price. Wherever bitcoin settles, our bet is it’s going to be worth a lot more than it is as you’re reading this. We could be wrong of course. But that’s not really the point. As Bloomberg predicted on 10 June: ‘Finance is about to get even stranger —
and crypto is just the beginning of that.’This new guide explores the benefits and pitfalls of a quickly decentralising world — with practical, easy-to-understand solutions you can choose from. And, more immediately, it looks at the opportunities that have presented themselves in the recent big correction in the crypto space. Click here to read on. Regards, Greg Canavan,
Editor, New Money Investor | 