Bitcoin has been on a major high streak, with it now trading at around $105,339 (R1.9 million) on Tuesday.
Image: Michael Wuensch from Pixabay
The price of Bitcoin could continue its “meteoric rise” and potentially reach $150,000 (R2.7 million) by mid-2025.
This is according to cryptocurrency expert Nigel Green and the CEO of the deVere Group.
Bitcoin has been on a major high streak with it now trading at around $105,339 (R1.9 million) on Tuesday at 9.30am.
At the beginning of the week, Bitcoin reached a new all-time high surpassing $110,000 (R2.03 million), ahead of Trump's inauguration.
Green said that the rise of Bitcoin to over $100,000 cements the entity as a viable and robust asset class.
Moreover, he argued that Trump’s return to the White House could mark the beginning of a “Golden Age” for cryptocurrencies as it looks likely that the 47th US president will introduce more favourable policies to the sector.
The Trump administration has hinted at plans that could dramatically reshape the crypto space, Green added.
“Trump’s administration has signalled intentions to provide clearer regulatory frameworks, potentially setting up a national Bitcoin reserve, and installing a crypto council of top-level advisors. All of these steps are likely to encourage further institutional investment in digital assets,” he explained.
The South African Reserve (SARB) Governor, Lesetja Kganyago, speaking at the World Economic Forum (WEF) on Tuesday, noted that he was quite critical of creating a strategic Bitcoin reserve.
Kganyago instead suggested having other reserves such as platinum, coal, or beef.
“I would have a significant problem with a lobby that says governments should hold this asset or that asset. Without what the strategic intent of what the government (is trying to do),” he said.
“Because, you see, there is a history to gold because there was once a gold standard. Currencies were packed to gold. But to now say okay bitcoin ... what about platinum or coal ... what about beef or mutton reserves or apple reserves? Why Bitcoin?” the governor challenged.
“It is a public policy issue that we have got to be engaged in, and I would caution against the move then that would say there is an industry with a particular interest in a particular product and we would like to impose it on society and say society must hold this as a reserve. I would have a fundamental problem with this,” Kganyago emphasised.
While the Reserve Governor is hesitant about Bitcoin, Green argued that there has been a significant increase in institutional adoption of Bitcoin globally. Furthermore, he said that while geopolitical issues impact other markets, Bitcoin is largely unaffected.
“Stubborn inflation and geopolitical uncertainties continue to affect traditional markets, leading investors to seek alternative assets. Bitcoin’s decentralised nature and limited supply position it as an attractive hedge against economic instability,” Green explained.
“The crypto’s resilience and potential for growth make it a compelling addition to diversified investment portfolios,” he emphasised.
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