Bitcoin experienced a surge in 2024, which – if you believe the forecasts of some experts – is likely to continue. According to one analyst, Bitcoin could soon replace gold as the most important store of value.
• Bitcoin reaches new records
• Some experts have very bullish forecasts
• Bernstein analyst: Bitcoin could replace gold as a safe haven
For years, Bitcoin fans have believed that the oldest and largest cryptocurrency by market capitalization could replace gold as a safe haven in the future. So far, however, the correlation to the gold price has been limited and the cryptocurrency has been too volatile.
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Bernstein analyst: Bitcoin could replace gold
However, after Bitcoin broke the $100,000 mark for the first time at the beginning of December 2024 and reached new record levels, there now seems to be a rethink on Wall Street. According to Bernstein analyst Gautam Chhugani, Bitcoin could soon replace gold as the most important store of value. “We expect Bitcoin to become the most important store of value of the new age, replacing gold over the next decade and becoming an integral part of institutional multi-asset allocation and a standard for treasury management Companies will,” Business Insider quoted the analyst as saying.
Chhugani is aware of Bitcoin’s fluctuations. “Our belief in Bitcoin lies beyond cyclical fluctuations,” he explains, however, according to Business Insider. The analyst believes that Bitcoin should be worth around $200,000 by the end of 2025.
Bitcoin ETFs, Halving and US election in focus
In 2024, Bitcoin benefited from the approval of Bitcoin ETFs in the USA and massive inflows of funds into the first exchange-traded Bitcoin ETFs. According to Chhugani, these have generally increased the appeal of Bitcoin as a store of value, as more cautious investors could also invest in the popular cryptocurrency. The Bitcoin halving followed in the spring, which moved the market. However, the most recent strong gains only came with the US election. Donald Trump presented himself as the “crypto president” during the election campaign and wooed the crypto community with promises about less regulation of the crypto sector. Trump’s surprisingly clear election victory and the Republican majority in the Senate raised hopes in the community that his promises can be implemented.
More experts confident
In addition to Chhugani, analysts are also confident about Bitcoin and are sometimes making very bullish forecasts for the cryptocurrency. Standard Chartered shares Bernstein’s assessment and expects a similar share price trend in 2025, as CNBC reports. Meanwhile, Matthew Sigel from asset manager VanEck reported in an interview with CNBC that in a baseline scenario, Bitcoin could rise to $180,000 by the end of 2025. Fundstrat co-founder Tom Lee explained in an interview with Wealthion that he sees the Bitcoin price even at $250,000. Venture capitalist Tim Draper, according to Benzinga, expects similar growth by the end of 2025. Robert Kiyosaki, the author of “Rich Dad Poor Dad”, wrote on the platform In an interview with the New Zealand Herald, Ark Invest founder Cathie Wood even predicted a jump to around $1 million by 2030, and crypto expert Samson Mow also sees the $100,000 mark as the starting point for further growth.
Editorial team finanzen.net