Apex cryptocurrency Bitcoin BTC/USD remains the most valuable in the world with a market capitalization of $450 billion, more than double that of second place Ethereum. Despite the high valuation, Bitcoin is still down from all-time highs set in November 2021.
Here’s a look at what a return to all-time highs could mean for hodlers and investors.
What Happened: Bitcoin remains the most valuable cryptocurrency and one of the most talked about cryptocurrencies in the world. The apex crypto remains a favorite future investment option for notable investors like Cathie Wood.
The war in Ukraine led to more discussions on countries adopting Bitcoin as a currency, and some analysts have raised their price targets and bull cases for Bitcoin in the future.
Global investment management company VanEck said money has changed due to sanctions on Russia’s central bank, and the result could be traditional reserve currencies taking a backseat to Bitcoin.
Wood, who is the CEO of Ark Funds, has called for more companies to add Bitcoin to their balance sheets. If all corporations put 1% to 10% of their cash balance into Bitcoin, the valuation of the coin could rise significantly.
In 2021, Ark Funds highlighted a $500,000 price target for Bitcoin. A bull case for Bitcoin from Ark Funds has the coin hitting $1 million per Bitcoin by 2030.
Ark is sticking by that price target according to its latest Big Ideas report.
VanEck analysts Eric Fine and Natalia Gurushina put out a note titled “How One Bond Manager Values Gold and Bitcoin” in April 2022.
In the note, the duo laid out a target price of $1.3 million to $4.8 million for Bitcoin if the cryptocurrency is adopted as a global reserve currency.
Related Link: How To Buy Bitcoin
Investing $100 in Bitcoin: A $100 investment in Bitcoin today could buy 0.00429 BTC, based on a current price of $23,349.88 at the time of writing.
Bitcoin hit an all-time high of $68,789.63 in November 2021. The coin failed to reach a price of $69,420, a figure that some suggested could break the internet, combining two of the most popular memeable numbers.
If Bitcoin returns to an all-time high, a $100 investment today would be worth $295.11. This would represent a return of 195.1%.
While Bitcoin may never reach the $500,000 or $1 million price targets from Ark Invest, a return to all-time highs could be more likely. Those who have followed cryptocurrency for years know that there are many waves and cycles that happen, and Bitcoin could hit new all-time highs during the next bull run.
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