Bitcoin has hit another all-time high in 2024, reaching $97,122 (R1,759,471) on Thursday.
The cryptocurrency juggernaut made incredible strides over the last few days and grew in value from $90,611 (R1,642,202) at 6am on Monday to over $97,000 (R1.7 million) on Thursday.
Nigel Green, the CEO of financial advisory and asset management company, the deVere Group, said that he thinks that Bitcoin could go as high as $120,000 (R2.1 million) by the end of March 2025.
Green predicted over a month ago that Bitcoin would hit $100,000 (R1.8 million) following Donald Trump’s re-election and his upcoming inauguration as the 47th President of the United States.
“The $100,000 milestone, which once seemed bold, now looks conservative," he explained.
“I believe Bitcoin could reach $120,000 in the first quarter of 2025 as the rally gains further traction.”
Bitcoin seen as safe asset
Green said that this new projection comes as Bitcoin cements its reputation as a safe-haven asset amid global economic uncertainties.
“President-elect Trump has positioned himself as the ‘crypto candidate’, advocating for a regulatory environment that promotes cryptocurrency adoption and innovation,” he explained.
“His administration is widely expected to roll-out policies that could further catalyse the sector's growth.”
What led to Bitcoin’s recent rally?
Green attributed the huge surge this week to a combination of factors.
“First, the political alignment of a pro-crypto administration is invigorating market confidence,” he said.
“Second, the ongoing economic environment, characterised by likely inflationary pressures, has driven institutional and retail investors toward alternative assets.”
Green said that the reality is that Bitcoin is being seen as “digital gold”.
“It’s increasingly viewed as a hedge against inflation and a tool for portfolio diversification. Institutional interest is at an all-time high, and the infrastructure to support mass adoption continues to expand,” he added.
IOL BUSINESS