New Bitcoin predictions continue to pop these days, and most of them are optimistic.
Analysts and investors could not be more excited after Bitcoin managed to smash one important level after another.
Peter Brandt is the latest important name who dropped a Bitcoin prediction.
Peter Brandt updates forecast on Bitcoin
Just in case you don’t know, he predicted Bitcoin’s collapse back in January 2018, and he’s now updating his forecast on Bitcoin.
During a new episode of The Wolf of All Streets with Scott Melker, he said that although BTC surged from $4,000 in March to above $19,000 in just nine months, he believes Bitcoin’s ascent is definitely not over yet.
“I’m fully long. In 2018, I set aside a sum of money that I said, ‘This is Bitcoin money.’ That’s fully employed. It hasn’t been fully employed since then. I scale in and scale-out, but I’m fully committed. There’s no sign for me that Bitcoin won’t keep going up,” he explained.
It seems that he believes Bitcoin has the potential to surge to $100,000 this cycle, but there’s also a 50% chance that it can go to zero in the long run.
Regarding the reasons for which Bitcoin might become worthless, Brandt said that future innovation might render Bitcoin obsolete.
“We’d look back 20 years from now and go, ‘That was an interesting experiment.’ But technology always changes. Something brand new happens, and it becomes outdated.”
Investment recommendation from Peter Brandt
It’s also important to mention the fact that he increased his recommendation to invest in BTC from 10% to 20%.
“For me, I always look at Bitcoin; it could be a store of value. It could be a medium of exchange. It could become a currency. It could take on currency characteristics. I think what’s happening is we see some of those take place,” he said.
He continued and said: “We’re seeing some corporations that not only sell their shoes online for Bitcoin but also store Bitcoin in their corporate treasury.”
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