Bitcoin (BTC) has been on a wild ride over the past few years, with its price soaring to new highs in 2021 before crashing back down in early 2022. However, despite the recent volatility, many experts still believe that Bitcoin is on track to reach $100,000 by 2023.
One such expert is Joe DiPasquale, the CEO of Bitbull Capital. In a recent interview, DiPasquale said that he believes Bitcoin is still on track to reach $100,000 within the next 24 months.
“I think 2023 is a safe bet,” DiPasquale said. “We might need some time during 2022 to take a breath and to kind of let out some of the steam, but I think that by the end of 2023, we’re going to be well on our way to $100,000.”
DiPasquale’s prediction is based on a number of factors, including the increasing adoption of Bitcoin by institutional investors, the growing demand for Bitcoin from retail investors in emerging markets, and the limited supply of Bitcoin.
“Bitcoin is still a very new asset class, and it’s still relatively unknown to a lot of people,” DiPasquale said. “But as more and more people learn about Bitcoin and start to understand its value, I think we’re going to see demand for Bitcoin continue to grow.”
Institutional adoption
One of the biggest factors driving Bitcoin’s price higher is the increasing adoption of Bitcoin by institutional investors. In recent years, we’ve seen a number of major institutional investors start to invest in Bitcoin, including hedge funds, pension funds, and insurance companies.
This institutional adoption is a major sign that Bitcoin is becoming more mainstream and that it is being seen as a legitimate asset class by major investors. As more and more institutional investors invest in Bitcoin, it will drive up the demand for Bitcoin and push the price higher.
Retail demand
Another factor driving Bitcoin’s price higher is the growing demand for Bitcoin from retail investors in emerging markets. In countries like Brazil, Argentina, and Turkey, Bitcoin is becoming increasingly popular as a way to hedge against inflation and to store value.
This retail demand from emerging markets is a major driver of Bitcoin’s price growth. As more and more people in emerging markets start to invest in Bitcoin, it will drive up the demand for Bitcoin and push the price higher.
Limited supply
Another factor that is bullish for Bitcoin is its limited supply. There will only ever be 21 million Bitcoin in existence, and as more and more Bitcoin are mined, the supply of Bitcoin will decrease.
This limited supply is a major factor that is driving up the price of Bitcoin. As the supply of Bitcoin decreases, the demand for Bitcoin will increase, and the price will push higher.
Despite the recent volatility, many experts still believe that Bitcoin is on track to reach $100,000 by 2023. This prediction is based on a number of factors, including the increasing adoption of Bitcoin by institutional investors, the growing demand for Bitcoin from retail investors in emerging markets, and the limited supply of Bitcoin.
