Bitcoin May Moon to $75k, Experts Say

Bitcoin May Moon to $75k, Experts Say

"The main catalyst is institutional demand. More public companies are acquiring Bitcoin but have yet to announce their positions yet until they have completed their purchase," said Bobby Ong, co-founder, and COO, CoinGecko. The world's biggest digital currency, which has a market capitalisation of over $900 billion, hit a record $51, 721 price, fuelled by signs that it is winning acceptance among mainstream investors and companies, such as Tesla, Mastercard, and BNY Mellon. Arshad Khan, CEO, Arabian Bourse, said: "There is certainly a push for bitcoin to be accepted as a mainstream payment mode. This is amply clear when top global blue chips have extended their support. The investor base is expanding across the globe with many first-time investors trying to explore this area and hence right awareness is very critical. This vibrant asset class has its own eco-system with transparency in transactions and a huge potential to be unlocked." Despite the flurry of mainstream acceptance this year, some analysts warned that bitcoin was still far from becoming a widely used form of payment. Bitcoin has risen eight-fold since last March and has added more than $700 billion in market value since September. JPMorgan questioned the "magnitude" of the jump