"It Would Not Be Surprising to See $35,000 Within the Next 3 to 6 Months"
[Asia Economy Reporter Jeong Hyunjin] Bitcoin, a representative cryptocurrency, surpassed the $20,000 mark for the first time in its 12-year history on the 16th (local time).
According to Bloomberg News, Bitcoin recorded $20,893 during intraday trading, up 7.6% from the previous day. It continued its upward trend, reaching $21,445.50 as of 7:22 AM Korean time, maintaining its high-altitude rally.
This is the first time Bitcoin's price has exceeded $20,000. It has risen more than 195% since the beginning of the year and increased by about 110% compared to September, just three months ago. Michael Sonnenshein, Managing Director of cryptocurrency investment fund Grayscale Investments, said about the $20,000 breakthrough, "It is a very symbolic point recorded at the end of a historic year for Bitcoin."
Bitcoin's price is believed to be rising further due to a surge in demand from investors seeking capital gains amid the price surge. In particular, foreign media have evaluated that institutional investors expanding their investments in Bitcoin are driving the price up. Hedge fund managers Paul Tudor Jones, Stanley Druckenmiller, and the U.S. insurance company MassMutual have publicly disclosed holding Bitcoin this year. On the same day, UK asset management firm Ruffer also revealed that it holds about $744 million worth of Bitcoin.
Meltem Demirors, Chief Strategy Officer at CoinShares, said, "Macroeconomic conditions are the biggest factor (in price determination), and it is a perfect situation for Bitcoin," adding, "Everything is moving quickly, and it would not be surprising if it hits the $35,000 mark within the next 3 to 6 months."
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