BCA Research, a prominent financial research company based in Canada, has made a bold prediction regarding the price of Bitcoin. The company anticipates that Bitcoin is likely to exceed $100,000 in the short term, based on its connection with the value of gold. According to Dhaval Joshi, chief strategist at the research firm, both gold and Bitcoin derive their value from their non-confiscatability in the face of inflation, bank failure, and potential state expropriation.
BCA Research believes that the controlled supply of Bitcoin gives it an advantage in times of economic crisis, as users may turn to both gold and the leading cryptocurrency as safe havens of value. The company predicts that Bitcoin will reach $100,000 as its non-confiscatable market value continues to increase and its share of the market skyrockets.
Both Bitcoin and gold have seen significant price increases this year, with gold recently reaching a new all-time high while Bitcoin hit an ATH of $73,000 before dropping to around $64,000. The rise in prices for both assets reflects the market’s recognition of their non-confiscatability amid persistent inflation and geopolitical tensions.
The recent fluctuations in Bitcoin’s price were attributed to the approval of cash ETFs and geopolitical factors such as the conflict between Israel and Iran. Despite these fluctuations, BCA Research remains confident in Bitcoin’s long-term potential to surpass $100,000 in the near future.