Weiss Ratings, a US-based investment data firm, determines what it takes for Bitcoin to reach $ 180,000.
In a new review of the top cryptocurrency, the company claims that the financial world is beginning to understand the true potential of BTC as a safe haven type asset. The company indicates increasing demand for shares of Bitcoin Trust Grayscale as a sign of growing institutional interest.
“Between the third quarter of 2019 and the first quarter of 2020, the amount invested in [GBTC] more than doubled – from $ 388.9 million to $ 818.5 million.”
Weiss believes that the entry of billionaire and hedge fund manager Paul Tudor Jones into the Bitcoin futures market shows that institutional investors are paying more and more attention to crypto markets. Weiss calls the BTC a “safe haven asset with the greatest potential for profit” in an environment where central banks print money at will.
But the appearance of big money players is just the tip of the iceberg.
The company believes that Bitcoin is far better than gold in terms of security, portability and usefulness.
“If Bitcoin intercepts only a third of the gold business, it will trade close to $ 180,000 – approximately a 20-fold increase from current levels.”
The company has been providing financial market research and analysis to consumers and businesses for more than three decades and released its first cryptocurrencies in January 2018.
At the time of writing, Bitcoin is trading at nearly $ 9,365, according to CoinMarketCap.