Bitcoin is breaking its “credibility surge” and could see a quintuple in value by 2023 if trillions of dollars of professional investors step in to enter the market, reports Telegraph Money.
A UK fund group with tens of billion pounds of assets under management was considering adding Bitcoin to one of its leading funds.
The investment firm’s investigation found that within two years, at best, Bitcoin can trade between $ 40,000 and $ 50,000. A bitcoin was priced at $ 11,550 at the time of publication.
The fund could put up to 30% of its gold investments in Bitcoin for 18 months to take advantage of a sharp rise in prices when other institutional fund managers do the same. Bitcoin price has increased 70% this year.
The manager said the case for owning bitcoin is the same as for owning gold. The precious metal is used as a safe haven and store of value when central banks around the world freely print money, for example now in response to the Covid-19 crisis.
Gold hit a record high last week, hitting $ 2,050 an ounce due to low interest rates and money printing programs. A high of around $ 2,500 is expected.
“I believe we are approaching the now or never moment for Bitcoin before institutional investors take over the asset,” said the fund manager.