That the price of bitcoin reaches $100,000 dollars by the end of 2022 is one of the projections of Nayim Bukele, president of El Salvador, who has pinned a good part of the expectations of the country’s economy on the prosperity of this cryptocurrency.
But what are the projections of the experts? Finder.com, a site specialized in comparing currencies and investing in crypto assets, formed a panel of 30 experts who consult their estimates every 15 days. And although they are conservative in the short term, at the end of this decade they predict progress.
What will happen to bitcoin in 2022
According to specialists, including experts from the cryptocurrency market and academics from universities, despite the meager performance of bitcoin since November 2021 – it fell to half of its all-time high – there will be a rebound in the short term.
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In November 2021, bitcoin touched $69,000, its highest value in history. However, by January 2022 it had lost half its value and was trading at $33,000 dollars, setting off alarm bells among many investors.
Experts estimate that in 2022 bitcoin could reach a maximum of $93,717, but then it will stabilize at $76,360 by the end of the year.
What will be the long-term performance
In the long term, the experts consulted by Finder estimate that bitcoin will continue to climb until it reaches more than six times its current value in 2025 and more than 12 times by the end of the decade. The estimates, although upward, are less optimistic than those that the specialists had in July and October 2021.
According to specialists, among the factors that will negatively impact cryptocurrency, especially during 2022, are interest rates and persistent global economic uncertainty.
Buy, sell or hold
The majority of the panel of experts (61 percent) believe that it is time to buy bitcoin, a third (29 percent) think that the assets should be held, while only 10 percent think that it is time to divest them.
One of the most skeptical was the associate professor at the University of Western Australia, Lee Smales, who estimated that it is time to sell: “Bitcoin seems to be preparing for a big drop. It looks like a ‘double top’ has formed and the price could easily give back all of the 2021 gains,” he noted.
On the contrary, Fred Schebesta, founder of Finder and member of the panel, believes that it is time to buy, since “cryptocurrencies are proving to be a basic competitor for the traditional financial infrastructure of the world.”
Taking a middle ground, Iwa Salami, Associate Professor of Law at the University of East London, agrees that while there has been rapid growth in the cryptocurrency market, it is time to be cautious.
“The crypto asset market has continued to thrive, with increased interest from retail and institutional investors not to be overlooked. And while huge regulatory loopholes still exist, it is important that the potential of this emerging industry (…) is not overlooked or undermined,” he noted.