Financial commentator Peter Schiff has stated that buying Bitcoin in 2024 is already too late, pointing to the significant growth of the gold market compared to the cryptocurrency.
Room for Growth
Bitcoin is currently up 38.5% year-to-date, with some analysts believing it has room for further growth. Hedge fund manager Mark Yukso and Fundstrat's Tom Lee previously predicted Bitcoin could reach $150,000 as soon as this year. Mike Novogratz of Galaxy Digital also sees Bitcoin crossing the $100,000 threshold in 2024.
Sky-high Price Targets
Long-term price targets for Bitcoin are highly optimistic. Cathie Wood of Ark Invest believes Bitcoin could reach $3.8 million in the long term, given that institutional investors allocate at least 5% of their assets to it. She did not specify the timeline for this target. Meanwhile, MicroStrategy's Michael Saylor recently predicted Bitcoin could soar to $13 million by 2024, expecting the largest cryptocurrency to capture 7% of the world's capital.
Optimistic Predictions
Michael Saylor recently doubled down on his forecast in a CNBC appearance, stating Bitcoin could capture up to 7% of the world's capital. Notably, Saylor's bullish case reaches as high as $49 million. As reported by U.Today, Peter Schiff recently challenged Saylor to a debate about Bitcoin.
While some analysts believe Bitcoin still has room to grow, others like Peter Schiff argue that the time to buy has already passed.
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