Analyst: Bitcoin will reach $60,000 in 2021

Jesse Cohen, senior financial analyst at major financial publication Investing.com, said that Bitcoin is likely to reach $60,000 by 2021 as mainstream adoption grows.

Cohen said that Bitcoin's growth in 2021 will be supported by institutional investors, and the "wave of ultra-cheap money injected into the global financial system" by global central banks such as the Federal Reserve will also drive up Bitcoin prices.

He said, “After a record surge of more than 300% in 2020, Bitcoin is expected to remain strong in 2021 as more retail investors and big-name institutional buyers enter the market. For those who have already entered the market, the existing strategy is still to hold. Some novice investors have found ways to invest in risky assets such as Bitcoin.”

Cohen’s comments come as Investing.com conducted a new crypto-related survey, according to which 63% of respondents in the UK plan to buy some Bitcoin in 2021. More than 60% of the 800 respondents also said they believe Bitcoin will soar above $60,000 in 2021.

Despite growing confidence in Bitcoin's rise in 2021, some people have concerns about the regulatory environment for Bitcoin. Cohen mentioned that "as Bitcoin gradually becomes mainstream and attracts more attention, it may attract further scrutiny from regulators in the United States, Europe, and Asia."

According to the survey, most British respondents believe that new regulatory restrictions are the biggest threat facing Bitcoin in 2021. (Bitpush)