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17 Nov, 2021 11:36

Analyst predicts how far bitcoin price could go

Analyst predicts how far bitcoin price could go

Once crypto assets are regulated and approved and they can touch cash markets within crypto, it may explode within “24-36 months,” says David Mercer, the CEO of foreign exchange company LMAX group.

Mercer, who was discussing the future of institutional investment in crypto at the Digital Asset Summit in London, said a “$250,000-500,000 bitcoin is entirely possible” and that “we haven’t seen anything like what’s coming.”

He also predicted that within a “three-year time horizon, crypto assets will take over gold” as an asset class, and said “it is coming” when referring to the flood of new capital and volume from the largest institutional buyers.

According to the chief executive, leading banks “know how to access crypto but the lack of intermediation provided by banks and trust” can be an issue, especially when it comes to “waiting for approval” for gatekeepers and regulators.

This week the top cryptocurrency, bitcoin, saw its biggest drop since September, briefly dipping below $60,000, in a broad retreat from record highs amid tightening regulations in China. The cryptocurrency was trading at $60,437 per coin as of 10:57 GMT on Wednesday.

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