A recent ECB report has sparked debate by suggesting Bitcoin price could reach $10M, while also calling its price volatile and lacking economic basis.
It has caused a commotion in the cryptocurrency sector when the European Central Bank (ECB) suggested that the market value of Bitcoin may be as high as $10 million. Notably, the European Central Bank (ECB) is of the opinion that the price of Bitcoin does not have a legitimate basis in the conventional economic sense and that it is extremely volatile and impossible to forecast.
The experts from the European Central Bank (ECB) have written a study titled “The distributional consequences of Bitcoin,” and an excerpt from that article is generating a lot of excitement in the cryptocurrency sector. The cryptocurrency community has circulated a Bitcoin price prediction of $10 million from the European Central Bank (ECB).
This prediction is based on projections made by renowned individuals such as Cathie Wood and Robert F. Kennedy Jr. Particularly noteworthy is the fact that the central bank has criticized those who support Bitcoin for turning their attention to it as an investment instrument that promises large capital gains while making little effort to promote it as an economic function.
Despite the current market value of a Bitcoin being in the range of USD 50,000 to USD 60,000, one could argue that any Bitcoin price, including 10 million or more, is equally plausible. On the other hand, it cautioned that none of these prices have any “particular economic justification or imputed basis.
The central bank issued a warning, stating that proponents of Bitcoin have forecast that the market cap of Bitcoin will surpass the combined value of stocks and gold. The International Capital Market Association estimates that the size of the global bond market is somewhere in the neighborhood of 130 billion euros.
Bitcoin Price Anticipated to Hit A Million This Decade
There have been predictions made by prominent analysts and Wall Street titans that the Bitcoin price will reach at least $100,000 during the current bull cycle. As opposed to this, Ark Invest CEO Cathie Wood and MicroStrategy Executive Chairman Michael Saylor have reaffirmed their prediction that the price of bitcoin will reach at least one million by the year 2030.
A number of factors, including spot Bitcoin exchange-traded funds (ETFs), adoption by multinational corporations, technological advancements in the blockchain industry, and other considerations, contribute to this high price. Despite these factors, the controversial report from the European Central Bank has prompted several individuals to voice their concerns about Bitcoin.
Tuur Demeester, an analyst, has issued a warning that the report’s poor image of Bitcoin could justify stringent regulation by the European Central Bank, including the possibility of bans.Furthermore, Max Keiser, a well-known Bitcoin maximalist, has added further weight to his price target for the cryptocurrency.
This prediction expects Gold to play a significant role in Bitcoin’s expected surge to $220,000. The price of Bitcoin is presently trading at $68,357, with a low of $68,208 and a high of $69,462 over the course of the past 24 hours.
Moreover, the ‘uptober’ fear of missing out (FOMO) has contributed to a 76% spike in trade volume during the past twenty-four hours.According to the well-known expert Michael van de Poppe, I believe we are on the verge of hitting a new all-time high.
I have no idea whether the bull market will reach its peak this month or the following month, but it is already here. In the event that this scenario occurs, I will be purchasing the dip.
