Brock Pierce, one of the richest people in the cryptocurrency industry, said he wouldn’t be surprised if the price of Bitcoin hits $100,000 next year. It is quite possible for the leading cryptocurrency at a price of over $200,000.
The famous entrepreneur predicts that the top cryptocurrency can reach the price level mentioned above before breaking lower:
“It is even likely to break $200,000 for a moment and come back again.”
Bitcoin’s price performance in 2022 seems to depend on “external factors” associated with the massive printing of money happening around the world. According to the billionaire, global uncertainty in the financial system will be the key catalyst for Bitcoin growth. Still, Pierce does not see the digital asset as a gold-like hedge against inflation, as Bitcoin has more risk and volatility than gold.
Additionally, Pierce believes that Bitcoin is fulfilling its role as a store of value, while altcoins help the industry move forward. He also believes that many projects will not survive by comparing the current state of the market with the state of the internet in the 90s.
with this Speaking of Elizabeth Warren’s latest criticism of Bitcoin, Pierce said she was pleased that the senator really took the time to learn about Bitcoin. In a tweet on Tuesday, Warren argued that Bitcoin is even more unequal than the dollar. “The crypto industry claims that crypto is the way to spread the financial base, but Bitcoin ownership is concentrated in the 1 percent segment in dollar ownership,” the senator said in his statement.
Pierce claims that Bitcoin helps increase financial inclusion in places like El Salvador, but acknowledges that a significant portion of wealth is concentrated in the hands of wealthy early adopters.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.