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- BTC predicted to reach highs of $15,499 by year’s end
- However, the coin may have lost its ‘safe haven investment’ status
- Bitcoin halving a non-event
Bitcoin is predicted to reach highs of $15,499 by year’s end, according to a new report from financial comparison website Finder.com.
The figure is the average of 10 fintech leaders’ individual predictions, who speculated what might be in store for the coin in 2020.
With Bitcoin’s recent price decline, nearly everyone on the panel (90%) agreed Bitcoin has not been immune to corona-triggered asset sell-offs.
Technologist and futurist at Thomson Reuters, Joseph Racynski, noted that in the current climate institutional investors were quick to dump Bitcoin.
“The reason for the drop in BTC price is a direct result of institutions unloading the coin in a rush to cash as soon as the virus impact was identified. It happened across all assets, but what it proved was that institutions actually did invest over the last few years in crypto,” he said.
However just half the panel (50%) say the decline is a result of Bitcoin’s failure to hold its price as traditional markets drop, suggesting Bitcoin might not be simply mirroring the equities market.
Either way, recent price movements have impacted Bitcoin’s viability as a safe haven asset, according to a panel majority (60%).
Managing director at Rogue International, Desmond Marshall, said techies and coin buyers wishfully hope Bitcoin could become a safe haven asset like gold.
Meanwhile, co-founder of Finder, Fred Schebesta, said that a short-term correlation with traditional assets does not diminish Bitcoin’s status as a safe haven asset.