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Cryptocurrency

Bitcoin May Reach $700,000- Crypto Expert

Bitcoin May Reach $700,000- Crypto Expert

  • Despite Bitcoin being some way off its all-time high of $64,000 in April, the flagship cryptocurrency is up by 250% from last year
  • A cryptocurrency expert, Dan Morehead as tipped the world’s number one cryptocurrency to reach $700,000 in 10 years despite the setback
  • At the time of this report, BTC is trading at $38,500 and the digital coin has fallen by more than 6% in the last 72 hours

It’s been a rocky last few months for Bitcoin holders. After the flagship cryptocurrency catapulted to $64,000 in April, it lost more than 50% of its value in the following months.

However, the flagship cryptocurrency remains some way above its starting position for the year.

Many crypto enthusiasts still believe that the world’s number one cryptocurrency can surge far above its current level.

Dan Morehead, the founder of Pantera Capital and an early Bitcoin investor has predicted a bright future for the digital coin.

Dan Morehead told Yahoo finance that based on a study that shows the number of Bitcoin users over the years about the price, the flagship cryptocurrency can reach $700,000 when all smartphone users adopt it.

Dan Morehead

The adoption of cryptocurrency has risen from last year thanks to payment companies such as Paypal and Square allowing users to buy digital assets.

The world’s number one cryptocurrency has also been named as a hedge against fast-rising inflation.

Bitcoin

At the time of this report, Bitcoin is trading at $38,500, with a market cap of $723 billion.

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