The price of bitcoin may surge by $50000 in the longer time as the digital asset is vying with gold for the flow of investment, as said by Luno and brokerage OSL.
Vijay Ayyar said that they are talking about bitcoin, which for 10 years is slowly inching away from the market of gold. In case it happens so, it is going to trade near $50000.
The bitcoins quadrupled from the previous year and made it reach up to the all-time high of $42000. However, it slid back down to $10000. As per the rally split opinion, some of the commentators say that the increased investment of the investors in these crypto assets is due to the citing of speculative buying.
As bitcoin is quite popular for trading, it is increasingly new to the market and is experiencing the buying of bitcoins as the hedge to inflation as digital gold.
Matt Long, the head of the institution, is also predicting the challenging nature of bitcoin price. He says that it is very likely to rise in the longer term as the funds and the family offices are taking part in this investment. Bitcoin has climbed up to 9% and is trading near $31500 in London on Tuesday.