Bitcoin to reach the heights in 2022 

Bitcon  price is just going up in the graph and  many analysts have become major fans of it over the last few months. Some are even claiming that the asset is going to reach new highs that many people never thought possible. One of these individuals is Garrick Hileman, the head of research at Blockchain.com. 

The currency is on the verge of making its way to the top of the financial ladder and proving itself as the ultimate asset.  We are seeing major companies such as Square ,PayPal  and Micro Strategy invest hundreds of millions of dollars into the world’s leading digital currency by market cap. These businesses now see bitcoin as a store of value and are confident that the currency can protect wealth against serious economic turmoil such as inflation.  

Morgan Stanley Investment Management’s chief global strategist and head of emerging markets, Ruchir Sharma, published an opinion piece in the Financial Times explaining how bitcoin is making progress towards replacing the U.S. dollar and becoming the world’s reserve currency.

He recalled that when the coronavirus pandemic hit, the U.S. dollar was the world’s “reserve currency,” noting that it has been one for 100 years while other previous reserve currencies lasted about 94 years on average. “That would have been reason to question how much longer it could continue, but for one caveat: the lack of a successor,” Sharma described, noting some contenders that fall short, such as the euro or China’s renminbi.

While pointing out that there are bitcoin skeptics, including those who prefer gold, Sharma said, “many people have bought bitcoin in bulk,” as they fear that “central banks led by the US Federal Reserve are debasing the value of their currencies.” This has boosted the price of bitcoin which has “more than quadrupled since March, making it one of the hottest investments of 2020.”

Recently, BTC has been leaving a string of broken records in its wake after crossing  the psychologically key $20,000 mark for the first time on Dec. 16. Currently BTC surged past $27000 which is  up 9.63% in the last 24 hours.  Year-to-date, BTC is up more than 275%. With a market value of $512.34 billion, BTC is now more valuable than all but seven publicly traded companies, sitting between Alibaba at $545.4 billion and Tencent Holdings at $509.7 billion, according to Statista Data.

While the tremendous rise in BTC might make it easy to think we're going to see $30,000 before the end of the year .Crypto venture capitalist  Tim Draper tweeted that the price of the leading cryptocurrency could rise ten-fold by the end of 2022