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Monday, December 4, 2023

Bitcoin (BTC) Price Prediction: a sharp rise to be expected?

Managing partner of investment management firm Incrementum AG Ronald-Peter Stöferle speculated that Bitcoin could expect a significant rise in prices.

The senior official of the company also noticed that the cryptocurrency in question had not yet entered the growing phase. The rise in prices would, according to him, result from Bitcoin becoming a means of protection against inflation.

“I think in five or ten years Bitcoin will reach heights that we can’t even imagine today. Because for us, it represents a means of hedging against inflation against the backdrop of large-scale monetary experiments that persist. If you compare this market to that of real estate or bonds… I believe that it has a strong potential for catching up, ”he explains.

Note that this year, Bitcoin was called into question as an anti-inflation asset, its price having drastically fallen by some 50% compared to the record of some 65 thousand dollars recorded last April.

At the same time, more and more Bitcoin enthusiasts are seeing the first cryptocurrency as an alternative to gold. Stöferle disagrees: for him, the two assets are not in competition at all.

Investors are placing their money much less often in gold than in Bitcoin today, according to Stöferle, even though the former is climbing to a new high of over $ 2,000.

Ronald-Peter admits, however, that Bitcoin has managed to gain media attention despite its recent appearance, while being a very controversial subject given the volatility of cryptocurrencies.

Laos follows El Salvador’s lead

Laos could be a new country to legalize Bitcoin (BTC) and other digital assets. His government has approved a pilot program for mining and trading cryptocurrencies. 

Trading in digital assets is currently prohibited in Laos. However, the ban was lifted for experimental purposes for six companies selected to participate in the government’s pilot program on crypto-currency projects. 

According to the announcement released by the country’s prime minister’s office, four construction companies, an IT company and the public bank JDB have been authorized to mine and trade cryptocurrency. All six companies are licensed to transact using Bitcoin and Litecoin.

According to RT.com , Laotian authorities have also asked regulators, including the central bank, to develop standards for the use of digital assets in the country. The country’s prime minister said he plans to hold a government meeting in the coming week to discuss the potential use of digital assets under the country’s jurisdiction.

It is remarkable that Laotian officials have already spoken negatively about cryptoassets. The central bank even issued a notice warning citizens not to use digital assets in any way, including Bitcoin, Ethereum, and Litecoin. The country’s central bank has announced that cryptocurrencies are not tied to the country’s real foreign exchange reserves and are unregulated, making transactions unstable and dangerous.

According to the aforementioned opinion, Laotian citizens are prohibited by law from buying or selling cryptocurrency, and those who fail to comply with these rules are urged to consider the risks associated with digital assets.

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