Early bitcoin miner and “wildcatter” analyst David Zeiler has predicted the price of bitcoin will reach six-figures by 2022.
Speaking in an interview with Money Morning, Zeiler said bitcoin could more than triple in 2021 before reaching $100,000 by next year. The early market analyst highlighted bitcoin’s halving event in May 2020 as a catalyst for the massive bull run.
The halving events are built into the code, and they happen about every four years. When I was mining briefly back in 2011, the reward was 50 bitcoins. So you can see that the supply now is way lower than it was a decade ago.
Zeiler said fresh demand for bitcoin was coming from multiple sources, including retail investors who have historically driven the price to new highs. Zeiler pointed to broader availability for investors to purchase bitcoin, such as Square, Robinhood and Paypal.
Now you can buy Bitcoin with Square’s Cash App, with Robinhood, and even with PayPal. Investors who had avoided Bitcoin because of the hoops you had to jump through to buy it are now taking advantage of these new, more convenient on-ramps. The buying from PayPal alone has been eating up more than 100% of the supply of freshly mined bitcoins.
Zeiler continued, saying crypto has become a more accepted topic in traditional financial media outlets, leading to more attention for bitcoin.
Featured Image Credit: Photo via Pixabay.com