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Michael Silver: The Price Of Bitcoin Is Moving Towards $68,990 And Its Next Destination Is $500,000.

Michael Silver: The Price Of Bitcoin Is Moving Towards $68,990 And Its Next Destination Is $500,000.

Michael Silver, A Leading Cryptocurrency Advocate, Says That Bitcoin Could Approach Its All-Time High In November 2021 By 2026 And That The King Of Digital Currencies Could Rise Even Further If Its Fundamentals Change.

Michael Silver, president of MicroStrategy, said at the Best New Ideas in Financial Markets Festival that Bitcoin could return to its $68,990 level in the next four years. He further explained that if the market value of the world’s largest cryptocurrency, which is often referred to as digital gold, is equal to the natural gold capital, in the next decade, we will see its price level reach 500,000 dollars.

When writing this article, each unit of Bitcoin trades at about $19,000, which is less than a third of its highest price. According to Barrons, in 2022, a significant failure has engulfed the digital asset market, and Bitcoin has also faced a significant decrease in value; Because the market value of cryptocurrencies has gone from about three trillion dollars to less than one trillion dollars in the last year.

These reductions are caused by the forces in the cryptocurrency market, including the collapse of one of the critical tokens and more stock market sales. Investors have reduced sensitive and risky assets amid global inflation and rising interest rates.

Silver now says his hope is for bitcoin’s four-year simple moving average to hit $20,000. With this criterion, he is looking for a potential bottom for the cryptocurrency market. He said in part of his explanation:

I think this situation is stable, and the next logical step for Bitcoin is to replace it with gold.

Silver’s recent words seem familiar. He was one of the founders of Microstrategy in 1989, and in recent years, he has made headlines with his vast investments in the cryptocurrency market. His company added the purchase of Bitcoin to its financial balance sheet in 2020 and is now recognized as one of the most influential whales in this field. Silver stepped down from his role as CEO at MicroStrategy earlier this year to focus on crypto strategy.

Michael Silver announced at the MarketWatch festival that his company is developing the Lightning Network, A payment network designed on the Bitcoin platform. The cryptocurrency market continues to polarize.

Jamie Dimon, the CEO of JPMorgan, considered Bitcoin worthless and said that crypto tokens are actually ” decentralized Ponzi schemes,” Itcannot be noted that this field is suitable for all investors.