Where is Bitcoin going in 2022 ?

Expectations Bitcoin to outperform gold in 2022

U.S. Global Investors CEO Frank Holmes expects Bitcoin to outperform gold in 2022 despite gold’s upside potential, largely driven by millennial activity. Holmes said in an interview that the rise of bitcoin is challenging gold as a store of value, but stressed that volatility and regulatory crackdowns are the main hurdles for bitcoin. Holmes added that miners are likely to produce more gold in 2022, which will push prices above $2,000. At the same time, he also said that this price action puts Bitcoin in a good position to hit the $100,000 mark based on its ability to outperform other asset classes in 2021. Thanks to the participation of millennials, Bitcoin is likely to be the ultimate store of value in the future, Holmes said. Bitcoin has replaced gold as a store of value for millennials, he said. (Finbold)

With the help of traditional finance, the price of bitcoin will hit a record high in 2021, but it is difficult for cryptocurrency experts to predict what will happen next year for the volatile cryptocurrency.

Agence France-Presse reported that between December 2020 and April 2021, the price of bitcoin more than tripled to $60,000. But Bitcoin has been in a slump recently, with prices falling below the $50,000 barrier as we head into the new year.

Bitcoin’s climb in 2021

coincides with increased interest in cryptocurrencies on Wall Street. Cryptocurrency exchange Coinbase went public in April, driving the price of bitcoin to a record.

The price of bitcoin topped $66,000 after a bitcoin futures ETF was listed on the New York Stock Exchange (NYSE) in last October.

Electric car maker Tesla CEO and founder Elon Musk’s controversial tweet about cryptocurrencies has the power to swing Bitcoin’s ups and downs.

China and cryptocurrencies.

However, China has continued to suppress cryptocurrencies. In September, it announced a complete ban on cryptocurrency trading and mining. At the same time, regulators in Europe and the United States also took action to affect Bitcoin.

Huong Hauduc, general counsel of digital asset broker and exchange Bequant said “There is no certainty in cryptocurrencies, and rules are never followed”

The financial turmoil broke out in 2008, and Bitcoin was born that year. In the beginning Bitcoin preached libertarian ideals and sought to overthrow traditional monetary and financial institutions such as central banks.

In order to mine more bitcoins, miners must have powerful electricity to power their computers, an issue that has recently caught the attention of climate change watchers.

According to some analysts, as we head into 2022, Bitcoin faces the risk of intense competition, especially its close rival ether.

According to cryptocurrency tracker CoinGecko, the total market capitalization of cryptocurrencies is $2.36 trillion, while the total market capitalization of bitcoin is $900 billion.

According to Frank Downing, an analyst at ARK Investment Management LLC, “Bitcoin is reluctant to evolve its design” compared to other cryptocurrencies such as ether, and in fact this feature provides stability and consistency. This is what it takes for Bitcoin to become a truly global currency.

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