No Ceiling in Sight for Bitcoin Value, Analysts Say

No Ceiling in Sight for Bitcoin Value, Analysts Say

Bitcoin's surge to $50,000 for the first time has created a new acronym: HOFDL—Hold On For Dear Life. "Hof-del" captures both the buy-and-hold strategy driving Bitcoin higher and the cryptocurrency's inevitable volatility in the future."Bitcoin is the gold standard of cryptos," Dr. Richard Smith, CEO of The Foundation for the Study of Cycles, a non-profit research institution based in Pittsburgh, told Newsweek. "There is a fixed number of Bitcoin. Many holders have a 'never sell' attitude and we haven't seen that before."Twitter chief executive officer Jack Dorsey has said he is "passionate" about Bitcoin.

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Bitcoin recently fetched $51,242.71, just off the all-time high of $51,735.38, CoinDesk reported.The number of Bitcoins worldwide is capped at 21 million. Between August and December 2020, an estimated 150,000 new coins were mined, but nearly 360,000 were bought.The difference between new supply and current demand has driven prices higher. In 2021, Bitcoin is up about 68% and coins in circulation are valued at about $909 billion."I think Bitcoin could go to $100,000 or $200,000," Smith said. "That's the price you pay for being in a highly speculative asset that no one truly knows what its value is. I think we're closer to a cycle