This 2021 continues to be an exceptional year for Bitcoin and more generally, for the entire cryptocurrency market. The core asset has seen its price skyrocket this year and managed to hit a new all-time high of over $ 61.000 on March 13.
However, Warren Buffett, the CEO of Berkshire Hathaway, has not yet crossed the river and still believes that cryptocurrencies will never find a place in his investment portfolio.
What the American billionaire thinks of Bitcoin
Warren Buffett, a well-known American billionaire, thinks that Bitcoin and with it all other cryptocurrencies, are a useless and risky investment. Therefore, at the moment he is not interested in the crypto space. In February 2019, Buffett claimed that the digital asset was just an illusion that would soon vanish.
Last year, in an interview with CNBC, Buffett stated that "fundamentally, cryptocurrencies have no value and produce nothing."
However, to date it seems that the bullish phase is far from over. BTC enthusiasts and traders are excited about the trajectory of the leading digital asset.
Bobby Lee, co-founder and former CEO of the cryptocurrency exchange BTCC, says the bull run will last until the end of the year and will likely continue into 2022. His predictions are very optimistic: Bitcoin will reach a price of 100.000. $ by the summer and $ 300.000 by the end of the year.
Bitcoin is becoming more and more mainstream
While these forecasts show excellent prospects, investors and enthusiasts should be cautious in their investments and also prepare for dark times.
According to Bobby, there is also the possibility that the price of BTC will drop up to 90% from its expected peak. Market corrections are standard in a healthy market, but it is essential to be careful and practice proper risk management.
Bobby believes BTC could hedge against inflation if things continue to work and the digital asset will rise to even higher levels. Bobby further added: "I don't know if history will repeat itself, but what we do know is that Bitcoin's bull market cycles happen every four years, and that's important."
According to most market experts, the digital asset will continue to reach new heights with growing interest from the “Big Money” sector. Bitcoin has recently attracted institutional investors and it looks like Microstrategy and Tesla's novel is just the tip of the iceberg.
In the mainstream American media, there is nothing but the imminent approval of an exchange-traded fund (ETF) on Bitcoin in the US. Meanwhile, three bitcoin ETFs in North America, already traded on the Toronto Stock Exchange, namely CI Galaxy Bitcoin ETF, Purpose Bitcoin ETF and Evolve Bitcoin ETF.
Obviously, this seems like the best time to go buy Bitcoins and wait for the moment when the coin will reach new peaks. Meanwhile, more and more companies are deciding to invest in this asset and keep it, rather than converting it into fiat currency.