© Courtesy of BenzingaApex cryptocurrency Bitcoin (CRYPTO:BTC) is the most valuable in the world with a market cap of $450 billion, more than double second-ranked Ethereum. Despite the high valuation, Bitcoin is still below the all-time high set in November 2021.
Here's what could mean a return to all-time highs for owners and investors.
What happened: Bitcoin remains the most valuable cryptocurrency and one of the most talked about cryptocurrencies in the world. Pinnacle cryptocurrency remains a popular futures investment option for investors like Cathy Wood .
The war in Ukraine has prompted more talk about countries adopting bitcoin as a currency, and some analysts have raised their price targets and future predictions for bitcoin.
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Global investment management firm VanEck said the sanctions imposed on Russia's central bank have transformed the currency and, as a result, could replace the traditional reserve currency, bitcoin.
Arc Fund CEO Wood urged more companies to add bitcoin to their balance sheets. If all companies invested 1% to 10% of their cash balance in Bitcoin, the currency's value could increase significantly.
In 2021, Ark Funds has set a price target of $500,000 for Bitcoin. A bullish case for Bitcoin from Arc Funds shows that the currency will reach $1 million per Bitcoin by 2030.
According to the latest Big Ideas report, Ork is sticking to that price target.
VanEck analysts Eric Fine and Natalia Gurshina published a note in April 2022 titled "How a Bond Manager Values Gold and Bitcoin."
In the note, the pair provided a price target of $1.3 million to $4.8 million for Bitcoin when the cryptocurrency is launched as a global reserve currency.
Related Links: How to Buy Bitcoins
Invest $ 100 in Bitcoin: If you invest $100 in Bitcoin today, you would buy 0.00429 BTC based on the current price of $23,349.88 at the time of writing.
Bitcoin reached an all-time high of $68,789.63 in November 2021. The coin has fallen from $69,420 which some believe could destroy the internet by confusing two of the most popular numbers.
If Bitcoin returns to its all-time high, today's $100 investment would be worth $295.11. That would mean a return of 195.1%.
While Bitcoin may never reach Arc Invest's price target of $500,000 or $1 million, a return to all-time highs is more likely. Those who have been following crypto for years know that there are many waves and cycles underway and Bitcoin could reach all-time highs in the upcoming bull run.
Also read: Exclusive: Will Bitcoin, Dogecoin, Ethereum or Solana earn more in 2023, say 39% of Benzinga customers
© 2023 Benzinga.de. Benzinga does not provide investment advice. All rights reserved.
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