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Business News/ Money / Personal Finance/  Bitcoin to hit 1 crore by 2030, 600% up: Analysts

Bitcoin to hit ₹1 crore by 2030, 600% up: Analysts

Experts believe, bitcoin is an investment for long term.

Bitcoin has gained over 37% in November alone. (REUTERS)Premium
Bitcoin has gained over 37% in November alone. (REUTERS)

Bitcoin hit $19,000 on Tuesday for the first time in nearly three years and was just shy touching an all-time high of just under $20,000. In INR, bitcoin stood at aroudn 14.22 lakh. Covid-19 witnessed major asset classes showing an inconsistent behaviour since investments were dependent on various factors like geographies, demographics, markets and economies. However bitcoin was unaffected since its indifferent from the above and is only based on demand and supply besides is an outcome of blockchain technology, which is one of the safest sources of digital money security.

Experts believe, bitcoin is an investment for long term. Investors should plan accordingly. "Long-term prediction is easy, though. Bitcoin will continue to go up (with periodic corrections) and could easily hit 1 crore by 2030, as our CEO has predicted. Investors should plan in years, not weeks," says Vikram Rangala, Chief Marketing Officer at ZebPay.

The world's most popular cryptocurrency has gained around 160% this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

Bitcoin has gained over 37% in November alone.

Experts beware investors of short term hiccups in bitcoins , just like any other investments. They say, no one can predict how far a rally can go, so short-term speculation is very risky. Investors should refrain from it.

"With respect to every previous run ups in Bitcoin and major top cryptocurrencies, we also witness a healthy correction and strong consolidation in the market. And I believe this time too we will witness a similar trend to continue in the short term," says Sumit Gupta, Co-founder and CEO, CoinDCX.

And thus, for long term, investors, the experts suggest to invest via SIP route and stick through short term volatility.

"There is one smart investment strategy: cost averaging for the long term. Buy small amounts of bitcoin daily or weekly, hold it long-term through the ups and downs, and stick to your buying plan for years, not months. It's like an SIP for bitcoin. No one knows how far this rally will go but at some point there is always a correction. Anyone who pretends to know more than this is fooling himself or others," says Vikram Rangala.

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Published: 25 Nov 2020, 06:53 AM IST
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