The constantly growing Bitcoin value made the most conservative institutional investors believe in its potential. BTC is gradually transforming from an alternative currency into the unit of account of the global economic space. Moreover, the main cryptocurrency becomes a defensive asset.
The recent forecasts of the strategists from JP Morgan show that the price of Bitcoin in the long term may reach $ 146,000. This is not the only prognosis for the value of the world’s main cryptocurrency. Financier Michael Novogratz predicts the BTC price at $ 65,000, and Mike McGlone, the strategist at Bloomberg believes that the value of Bitcoin could rise to $ 170,000.
Citibank Managing Director Tom Fitzpatrick predicts the value of Bitcoin at $ 318,000, and Tyler and Cameron Winklevoss, founders of the Gemini exchange, even believe that the BTC will reach $ 500,000. Thus, most analysts answer rather positively on the question whether it is worth buying Bitcoin.
As of April 8, 2021 BTC costs $ 56.9 thousand, over the past day it has fallen in price by 3%. Trading volume has dropped significantly in the past two weeks, which could lead to increased volatility, warned CoinDesk analyst Damanik Dantes. At the moment, the price is experiencing difficulties with overcoming the mark of $ 60 thousand, so a rollback to the marks of $ 54-50 thousand is quite possible. According to Damanik Dantes, this downtrend remains in the uptrend structure, so he does not see any prerequisites for a decline. In his opinion, now there is a good time to buy more Bitcoins.
Despite the fact that many analysts adhere to optimistic forecasts and answer positively to the question of whether it is worth buying Bitcoin, there are those ones who disagree with this opinion. Ultra-high volatility is the main risk that, according to many experts, will accompany the price of Bitcoin for many years to come. This instrument is overly speculative, and after a prolonged growth, a long-term decline may follow. The second most important risk that slows down the integration of Bitcoin along with all other cryptocurrencies into the global economic space is the opposition of regulators who are trying to find out the origin of money and coin owners, thereby destroying the cornerstone of the cryptocurrency world, i.e anonymity.
Before investing in this cryptocurrency and adding it to your investment portfolio, you should take into account the risks associated with such an investment. If, nevertheless, Bitcoin is necessary, then you need to understand for what purposes it will serve as an ideal tool. Non-professionals, for example, should consider Bitcoin as a long-term investment. Another relatively safe option is to add Bitcoin to your investment portfolio in order to enhance diversification.
We also advise you to take a closer look at the fundamental news of the DeFi segment, about a possible reallocation of capital from the Ethereum blockchain to the Binance Smart Chain. Think over allocation of about 10-15% of your portfolio for the purchase of the native Binance exchange token. On April 6, 2021 Binance Coin (BNB) set a new record at $ 400. The capitalization of Binance Coin reached $ 59.4 billion. The token ranks third among the largest cryptocurrencies in terms of capitalization. It is noteworthy that back in early 2021, it was trading at $ 38 and just in four months, the token has grown in price by 955%. The development of the Binance Smart Chain network, which bypassed Ethereum in the number of daily transactions is one of the reasons for its multiple growth in 2021.
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