Where Is The Bitcoin Headed? Peter Brandt Answers

By Rishma Banerjee

The bearish market has been persisting in the crypto world for a long time now, and las led crypto enthusiasts to keep a suspenseful watch over the fluctuating prices of the coins. Peter Brandt, a highly successful cryptocurrency trader, has joined the bandwagon of predicting where the bitcoin is headed. However, the catch here is that {eter Brandt is the person who correctly predicted Bitcoin’s 80 per cent dump in price. He recently has forecasted that Bitcoin may rise up to $67,193.

This man has 40 years of experience in the field of commodity trading and he feels that Bitcoin will become a store of value. He also added that Bitcoin will also replace both gold and the U.S. dollar. He has even provided an explanation as to how he reached that exact value. He has divided the worth of 33,000 gold which central banks have in reserve by the 21 million Bitcoins that are in circulation.

Here reserve banks will have a role to play in making that value a reality. According to what Brandt has predicted, in order for Bitcoin to become a store of value, central banks will have to abandon gold as well as the U.S. dollars to hold Bitcoin.

The U.S. dollars for instance, which has been the dominant worldwide currency has been given less priority of late by some reserve banks. Moreover, in this era of globalisation, the fact that China is also fostering the adoption of their currencies by other countries will lead the US Dollar to become less and less influential.

However, while Brandt has made his prediction public, he has not yet revealed an actual timeframe yet. Though his stances about cryptocurrencies in general and Bitcoins in particular, may sometime feel contradictory, but we should also keep in mind that Brandt, on January 22nd, last year, had predicted an 80 per cent decrement in the price of Bitcoins to $4,000.