Bitcoin's scintillating run to above $20,000 has digital currency investors excited about what's next for the leading crypto. Here's a look at what some experts told CNN Business Wednesday after bitcoin (XBT) hit a new record.
"It's not a surprise to us that Bitcoin has hit $20K but it is a very symbolic threshold to reach at the end of what has been a historic year for bitcoin," said Michael Sonnenshein, managing director of Grayscale Investments. "These are just the early days, and we think there's a lot more runway to go."
"If Bitcoin can maintain its position above $20,000 for a few days, we would expect prices to move significantly higher over the next six months," said Greg King, CEO of Osprey Funds.
"Volumes last week were 70% above the year daily average...suggesting greater participation in this rally than has historically been the case. It is worth taking note that investors are beginning to see bitcoin as a viable gold alternative," said James Butterfill, investment strategist at CoinShares.
“From 2011 to 2014, bitcoin was a grand experiment. From 2014 to 2017, we realized that it was going to work. From 2017 and onwards, bitcoin’s become inevitable. Bet on bitcoin’s inevitability,” said Peter Smith, co-Founder and CEO of Blockchain.com.
“I always believed we would see these new all time highs before the end of the year. Now settle in because we will be visiting the $20-$22K level at least half a dozen times before we break through to the $30K range later in 2021," said Alex Mashinsky, CEO of Celsius Network.