The head of Russia's cryptocurrency industry said this week that Bitcoin will reach $90,000 by the end of 2024.
This was stated by the head of the Russian Association of Cryptocurrencies and Blockchain (RACIB), Yuriy Priipachkin, reports the Russian-language website CoinSpot.
“Bitcoin will reach 90,000,” says Russian expert
Pripachkin said that the price of Bitcoin will increase. He added that by the end of December 2024, prices would reach $90,000.
The RACIB director said the “investment volume” in tokens, including BTC, will continue to increase in the coming weeks and months.
Pripachkin added that adoption “will continue” and bitcoin will attract new conversions “in the coming months.” He said:
“Bitcoin is becoming more and more expensive and people believe in it. It is becoming an alternative to existing financial instruments. In the next two to three months, Bitcoin will break the previous record of $69,000.
Bitcoin hit an all-time high of $68,982.20 on November 10, 2021, at the height of the cryptocurrency's recent rally.
Russian expert: “There is no limit to the growth of Bitcoin”
Other Russian experts have argued that these conditions could lead to higher bitcoin prices. In particular, financial analyst Mikhail Belyaev told Lenta.ru that it is now possible to reach the much-talked about amount of $100,000. He said:
"It's not even a fiction. But it won't happen today or tomorrow. Certain situations have to arise [for the value of Bitcoin to reach 4,100,000]. Maybe it can be related to the deterioration of the situation in the world, or to the current situation of geopolitical danger for.
However, the economist expressed doubts about the currency, arguing that Bitcoin was able to grow because "human stupidity and greed know no bounds."
Financial Expert Says Trust in Bitcoin is Key to Growth
Belyaev believes that the price of Bitcoin can rise as much as possible "as long as there are a certain number of people who believe in it and sell among themselves."
Belyaev suggested that it would be relatively easy for Bitcoin to reach the level of 90,000 or above under such conditions.
All these people were trading currencies “in the hope of becoming rich one day.” AGGREGATE:
“Bitcoin is only based on people's blind belief that it is some kind of treasure trove of wealth. On the one hand, it is his weakness and vulnerability. On the other hand, it is its strength, because faith is unbreakable.
Belyaev added that “people who buy or withdraw bitcoins at a certain price are not willing to accept the resulting losses.” He said:
“These people are happy to hold bitcoins for the long term.”
In 2023, Pripachkin visited Iran, where he said Tehran and Moscow were discussing cryptocurrency-based trade.
However, according to the head of the RACIB, Moscow is taking too many risks in regulating the rapidly developing domestic cryptocurrency sector.
Pripashkin said the Russian authorities' actions would lead to the departure of high-tech companies from the country.