Bitcoin price to grow 'ten times by end of 2022' as JP Morgan estimates value of $650,000

Tim Draper said the cryptocurrencies value will have increased ten times by the end of 2022. He tweeted: “Bitcoin will increase ten times from here by end of 2022 or early 2023.” Speaking to Max Keiser said the prediction means, “a price target of $260,000 (£194,305) for bitcoin”.

A report by JP Morgan estimated the eventual worth of each bitcoin would be $650,000 (£485,763)

The investment bank sees a pattern of increased investments from financial institutions, following the likes of MassMutual and MicroStrategy in getting exposure to Bitcoin.

A report by JPMorgan stated: "Alternative ‘currencies’ such as gold and bitcoin have been the main beneficiaries of the pandemic in relative terms growing their assets for investment purposes by 27 percent and 227 percent, respectively."

Speaking to Daniela Cambone on the Stansberry Research podcast Max Keiser gave his opinion of who was behind the latest bitcoin rally.

He said: "What Michael Saylor, and possibly Elon Musk and others have figured out is that they have the Federal Reserve bank and other central banks in a very precarious position.

"This is because these banks have artificially pushed interest rates down to these extraordinary low levels, to almost zero.

"If they can borrow cheap and but bitcoin they are in a position to make a speculator attack on the Federal Reserve.

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He added that as long as interest rates keep being lowered, "then this bitcoin bet is an asymmetric trade, and it's got almost virtually no top".

However, US stockbroker and financial commentator Peter Schiff has remained hostile to bitcoin's potential and warned against investing in the worlds preeminent cryptocurrency.

Today he tweeted: "In 100 years will bitcoin be remembered as the new Ponzi?

"Maybe instead of being conned, people will be bitcoined instead."

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