Based on the historic growth of Bitcoin, KXCO research indicates it is possible that it could hit $100,000 by the end of 2024.
In 2017, Bitcoin reached a high of $20,000 before crashing back down to $3,122 in December of that year. It then took three years for Bitcoin to recover and reach a new all-time high of $68,789 in November 2021.
There are a number of factors that could contribute to Bitcoin reaching $100,000 by the end of 2024. One factor is the increasing adoption of Bitcoin by institutional investors. In recent years, a number of large companies, such as Tesla and MicroStrategy, have invested in Bitcoin. This increased demand from institutional investors could help to drive the price of Bitcoin higher.
- Tesla: Tesla made headlines in 2021 when it announced that it had purchased $1.5 billion worth of Bitcoin. The company has since sold some of its Bitcoin holdings, but it still holds a significant amount of the cryptocurrency.
- Block (formerly Square): Block, the payments company led by Jack Dorsey, has also been a major investor in Bitcoin. In 2020, Block purchased $50 million worth of Bitcoin and has since added to its holdings.
- MicroStrategy: MicroStrategy is a business intelligence company that has made Bitcoin its primary investment. The company has purchased over $4 billion worth of Bitcoin and has said that it plans to continue buying more.
- Grayscale Investments: Grayscale is a digital asset management company that offers a Bitcoin trust product. The trust has over $30 billion in assets under management and is one of the most popular ways for institutional investors to invest in Bitcoin.
- VanEck: VanEck is an asset management company that has filed for a Bitcoin ETF. If approved, the ETF would make it easier for institutional investors to invest in Bitcoin.
These are just a few of the many institutions that have invested in Bitcoin. As the cryptocurrency market continues to grow, it is likely that we will see even more institutional investors enter the space.
Here are some of the reasons why institutions are investing in Bitcoin:
- Bitcoin is a scarce asset: There will only ever be 21 million Bitcoins created, which makes it a scarce asset. This scarcity could lead to increased demand and higher prices in the future.
- Bitcoin is a decentralized asset: Bitcoin is not subject to government or financial institution control. This makes it an attractive investment for those who are looking to protect their wealth from inflation or other economic instability.
- Bitcoin is a volatile asset: Bitcoin is a very volatile asset, which means that its price can fluctuate wildly. This can make it a risky investment, but it can also lead to high returns for those who are able to time the market correctly.
Another factor that could contribute to Bitcoin reaching $100,000 is the continued growth of the cryptocurrency market. The cryptocurrency market is still in its early stages of development and there is a lot of potential for growth. As more people become aware of and adopt cryptocurrencies, the demand for Bitcoin could increase, which could lead to higher prices.
The there is the rampant Money Printing around the world add to Bitcoin’s appeal:
According to the International Monetary Fund (IMF), the global money supply has increased by over $20 trillion in the last 10 years. This represents an average annual growth rate of 6.5%. The majority of this growth has been driven by quantitative easing (QE) programs implemented by central banks around the world. QE involves central banks buying government bonds and other assets with newly created money. This increases the money supply and stimulates the economy.
The following table shows the growth of the global money supply from 2013 to 2022:
|Year||Money Supply (USD)||Growth Rate (%)|
The growth of the global money supply has been a major contributor to the rise in inflation in recent years. Inflation is the rate at which prices for goods and services increase over time. When there is more money in circulation, prices tend to rise. This is because people have more money to spend, which drives up demand for goods and services.
The rise in inflation has been a major concern for policymakers around the world. Central banks have been raising interest rates in an effort to cool the economy and bring inflation under control. However, raising interest rates can also slow economic growth. This is a delicate balancing act that policymakers will need to carefully manage in the years to come.
Kxco offers a wide range of Bitcoin services, including:
- Bitcoin trading: Kxco allows users to buy, sell, and trade Bitcoin.
- Bitcoin custody: Kxco offers a secure and insured platform for storing Bitcoin.
- Bitcoin lending: Kxco allows users to borrow Bitcoin against collateral.
- Bitcoin consulting: Kxco offers consulting services to businesses and individuals interested in Bitcoin.
Here are some of the benefits of using Kxco for Bitcoin services:
- Security: Kxco stores Bitcoin in cold storage, which means it is not connected to the internet and is therefore more secure.
- Insurance: Kxco’s Bitcoin custody service is in development and will be both safe and insured, which means that your Bitcoin is protected in the event of a hack or theft.
- Liquidity: Kxco has access to a high volume of Bitcoin trading, which means that you can easily buy and sell Bitcoin at a fair price.
- Customer support: Kxco has a team of experienced customer support staff who are available to help you with any problems you may have.
If you are looking for a reliable and secure way to buy, sell, trade, or store Bitcoin, Kxco is a good option.