Dear Reader,
Bitcoin is currently trading approximately at 35 900 USD according to various sources.
Yes, I think Bitcoin, the leading cryptocurrency, is undervalued. I forecast Bitcoin's price in USD could reach 100 000 USD in 5 years time, barring a globally coordinated effort of governments of the largest countries to outlaw Bitcoin. Much the same way, the G7 countries are trying to impose a minimum corporate tax of 15 % all over the world.
Although the above Black Swan event for Bitcoin is not impossible, I think global governments just have too much use from Bitcoin. Governments all over the world are heavily indebted due to the coronavirus pandemic induced economic crisis and they need the additional financial revenue the new business of Bitcoin provides.
What is more, Bitcoin saves people time, money and effort, so most likely people will continue to use, trade and invest in Bitcoins. The novelty of Bitcoin as a new asset class additionally provides for Bitcoin to further entrench itself into the global financial system.
I forecast Bitcoin's price could reach 70 000 USD three years from now and even surpass 100 000 USD 5 years from now.
Disclaimer: The blogposts and comments on this blog and posts on social networks(Twitter, LinkedIn, Facebook etc.) are not investment recommendation, are provided solely for informational purposes, and do not constitute an offer or solicitation to buy or sell any securities. The opinions expressed on the blog are Petar Posledovich's. Petar Posledovich does not guarantee the accuracy of the information presented on this blog and social networks. The information presented is "as is".
Petar Vladimirov Posledovich is not liable for any investment losses incurred by reading and interpreting blogposts on this blog and posts on social networks.
Conflicts of interest: I may possess some of the securities, currencies or their derivatives mentioned in the blogpost and posts on social networks(Twitter, LinkedIn etc.)!
Respectfully yours,
Petar Posledovich
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