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October 4, 2022
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Bitcoin

Could Elon Musk ‘alone’ send Bitcoin for $ 25K?

According to CryptoCharles, “Elon Musk will alone send Bitcoin for $ 25k.”

Even though Elon Musk was apparently joking about any serious interest in Bitcoin, Crypto Twitter has been excited by the possibility of Tesla buying BTC: “The internet will break if Elon Musk converts any part of Tesla’s balance sheet into Bitcoin,” tweeted the Bitcoin investor and renowned lawyer Anthony Pompliano. He later added that “there is a 5% chance of this happening from now on.”

One of the co-owners of Arbitrage Ops, which operates on Twitter as @CryptoCharles_, wrote that “Elon will, alone, send Bitcoin for $ 25,000 lmao”.

Peter Schiff, renowned Bitcoin bear and chief executive of EuroPac bank, wrote on Twitter that “it looks like @elonmusk was just kidding about exposing Tesla’s shareholders to Bitcoin. So I don’t need to convince the board not to turn Tesla into a double bubble. ”

Bitcoin may exceed $ 200,000 in 2025 – but there are some obstacles in the way

With or without Elon Musk, however, many believe that Bitcoin is on the rise. Zac Prince, chief executive of cryptocurrency company BlockFi, recently told Finance Magnates which predicts that Bitcoin will fall somewhere between “$ 50K and $ 100K” in late 2021. He also predicted that it will take less than six months before Bitcoin reaches over $ 25,000.

Still, Prince believes that the road ahead for BTC may not be without obstacles, specifically pointing to the possibility that the “authoritarian regulation of the main world governments” could reverse the course of the current Bitcoin bullish cycle.

And a wave of regulation can be directed directly to BTC and other cryptocurrencies: earlier today, Finance Magnates reported that the United States Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would require users of centralized cryptocurrency exchanges to provide personal information about the owner of digital wallets connected to their trade accounts.

Zac Prince, CEO of BlockFi.

There are also other factors to consider, including the usability of Bitcoin. Alex Mashinsky, who believes that BTC will end 2021 somewhere between $ 30K and $ 40K, also told Finance Magnates that Bitcoin’s growth can only be sustained if it is supported by mass adoption.

“We need mass adoption for the sustainable growth of cryptocurrency, which means at least 500 million new users who are looking for value and revenue,” he told Finance Magnates.

If that can happen, then anything is possible: when asked what the BTC price forecast for 2025 is, Mashinsky said that while “it is difficult to predict”, Bitcoin “should be above $ 200,000 by then.”

Text adapted from: Finance Magnates

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