Macroeconomic Strategist: Bitcoin will reach $25,000 or even higher

Although China’s three largest bitcoin exchanges have suspended bitcoin withdrawals, Yves Lamoureux, chief strategist at macroeconomic research firm Lamoureux & Co, is confident that bitcoin will reach $25,000 or even higher.

Although the news that Chinese Bitcoin exchanges have suspended Bitcoin withdrawals has previously caused the price of Bitcoin to fall by nearly 10%, it is now gradually making a strong comeback.

In his article, Yves Lamoureux stated that some of the most critical factors that have characterized previous bubbles are now also appearing in cryptocurrencies, such as Bitcoin, which is attracting hard asset investors - or they are facing a rare opportunity to make venture capital bets.

Reserve Currency

The prediction of the chief behavioral strategist at Lamoureux & Co. coincides with the views of Netcoins CEO Michael Vogel, who predicts that Bitcoin will become a government world reserve currency by 2020. If this happens, the price of Bitcoin is expected to soar.

Likewise, billionaire investor Tim Draper believes that many investors are now willing to invest in Bitcoin startups as a safer long-term investment option, and he also believes that these new startups will increase the value of the digital currency. As a result, Draper sticks with his prediction he made three years ago that Bitcoin will reach $10,000. His prediction remains the same today.

Lamoureux said in the article that hyperinflation stimulated by central banks is expected to occur in a few years, which will become the latest driving factor for the rise in the value of cryptocurrencies.

However, in his latest article, Lamoureux believes that Bitcoin’s future price rise will follow the same pattern as gold’s rise to $300 in the 1990s.

He pointed out that people have been trading the same way for the past 100 years and talked about the need to convince the majority.

“Whether it’s real estate or tech stocks, for bubbles to form they require public participation. As blockchain becomes more common, the technology underlying Bitcoin will gain credibility. We believe that digital currencies, such as Bitcoin, have now entered a similar development cycle.”