This is how Bitcoin could reach $60,000

Tai Lopez is a prominent investor and analyst. He has stated that if the world’s millionaires allocate merely 1 percent of their holdings into bitcoin, the bitcoin price could reach $60,000 in the mid-term. According to a Forbes report, there are nearly 15 million millionaires globally. More than 5 million are located in the US and Canada.

Previously, CCN reported that billionaire investor and hedge fund legend Mike Novogratz has predicted the price of bitcoin to easily surpass the $40,000 mark by the end of 2018, in the short-term.The basis of Novogratz’s prediction is the entrance of tens of billions of dollars from the traditional finance industry and institutional investors into the bitcoin market through bitcoin futures.

“Bitcoin could be at $40,000 at the end of 2018. It easily could. There’s a big wave of money coming, not just here but all around the world,” said Novogratz.

Tai Lopez noted that if a small portion of the assets of millionaires globally is invested into bitcoin in the upcoming months, the price of bitcoin “would be justifiably around $60,000.” Given that the adoption of bitcoin as a store of value and a medium of exchange within the global finance market is increasing exponentially, $60,000 remains as a viable mid-term price target.

More importantly, as Novogratz emphasized last month, bitcoin is fundamentally and structurally different than other commodities because there exists no supply response. Thus, more high profile investors and large-scale traders are likely to invest in bitcoin in the short-term.

Written by Brad Chillum

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