The billionaire revealed when he will buy crypto again, with a massive 4,000% price prediction.
Cryptocurrency will rise
cryptocoin.com As we mentioned earlier, the Bitcoin price has dropped by about 75% since hitting an all-time high of around $70,000 per bitcoin last year. This plunged crypto companies into crisis and forced Coinbase’s chief executive to issue a stern warning. Billionaire Shark Tank, Bitcoin critic to crypto investor-turned Mark Cuban says he wants the Bitcoin price to continue falling so he can buy more. Cuban once said that he would rather eat bananas than Bitcoin. This week comedian Bill Maher said on his Club Random podcast, “I want Bitcoin to drop a lot more. So I can get some more.” said. He also added that gold is ‘useless’ compared to Bitcoin. Some have warned that the price of Bitcoin could drop even more in 2023, with Standard Chartered analysts posting a devastating Bitcoin price forecast. Cuban said in a statement:
“You know what would happen if everything went to hell in a basket and you had a gold nugget? Someone would beat you or kill you and take your gold bar.”
Dallas Mavericks NBA team owner says gold and Bitcoin are ‘stores of value’. But researchers at trading firm Capriole Investments have said they expect the price of Bitcoin to outperform gold in the coming years, replicating gold’s massive boom in the 1970s. It potentially pushes the Bitcoin price above $600,000, a 4,000% increase from its current price. According to Capriole’s Charles Edwards, writing in the company’s latest newsletter:
“Bitcoin has more growth potential than gold because it is smaller.” “Similar demand in both assets would result in 40x more price changes for Bitcoin.”
Bitcoin and USD
Bitcoin is hovering around the end of 2022 at levels not seen in more than two years. It’s currently down 15% in Q4. Also, BTC/USD, which is over 60% since the start of the year, has a few bullish allies as 2023 approaches. Bitcoin is struggling to survive the ongoing FTX scandal and associated fallout. It is giving back all the gains seen since late 2020, indicative of the crypto market as a whole.
According to the news, risk assets are also in a valuable position. However, eyes turned to the strength of the US dollar as we enter the new year.