European Central Bank (ECB) mentioning $10 million market value for Bitcoin as plausible takes the crypto community by storm. Notable, ECB believes that Bitcoin price has no reasonable basis in the traditional economic sense, and its price is highly volatile and difficult to predict.

ECB Predicts Bitcoin Price to $10 Million in Critical Way

An extract from the paper titled “The distributional consequences of Bitcoin” by the European Central Bank (ECB) researchers is making buzz in the crypto community. The crypto community has shared a $10 million Bitcoin price prediction by the ECB, which is based on predictions by notable people such as Cathie Wood and Robert F. Kennedy Jr.

Notably, the central bank has slammed promoters of Bitcoin for shifting focus to Bitcoin as an investment asset
promising high capital gains, putting little effort into Bitcoin for an economic function.

“While the current market value of a Bitcoin is in the range of USD 50,000-60,000, it could be argued that any price for Bitcoin is equally plausible, including 10 million or more.”  However, it warned that none of these prices has any “particular economic justification or imputed basis.”

The central bank warned that proponents have predicted Bitcoin market cap way beyond equity and gold taken together. Notably, the size of the global bond market is estimated around EUR 130 billion, according to the International Capital Market Association.

BTC Price Anticipated to Hit A Million This Decade

Wall Street giants and notable analysts have predicted Bitcoin price to hit at least $100,000 this bull cycle. Whereas, Ark Invest CEO Cathie Wood and MicroStrategy Executive Chairman Michael Saylor have reiterated their BTC price forecast of at least a million by 2030.

Several factors are the rationale behind this high price, including spot Bitcoin ETFs, adoption by global companies, technological innovations in blockchain industry, and more. However, the controversial paper by ECB have raised some concerns. Analyst Tuur Demeester warns that the report’s negative portrayal of Bitcoin could justify harsh ECB Bitcoin regulation, including potential bans.

Moreover, renowned Bitcoin maximalist Max Keiser has doubled down on his Bitcoin price target. According to this prediction, Bitcoin will skyrocket to $220,000 with gold to play a crucial role in this move.

BTC price is price currently trading at $68,357, with a 24-hour low and high of $68,208 and $69,462, respectively. Furthermore, the trading volume has increased by 76% in the last 24 hours due to ‘uptober’ FOMO.

Popular analyst Michael van de Poppe said “I think we’re on the edge of making a new ATH. Whether it’s this month or next month, I don’t know, but the bull market is here. If this scenario happens, then I’m buying the dip.”

Bitcoin price

The post ECB Says Bitcoin Price At $10 Million Is Plausible, But There’s A Catch appeared first on CoinGape.

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Filed under: News - @ October 21, 2024 9:24 am