Investors flocked to Bitcoin amid US market concerns. The cryptocurrency Bitcoin recorded a fresh record high of $111,862.98 as investors shunned uncertainty in US markets. Analysts are getting increasingly bullish, with one prediction putting a price tag of as much as $500,000 on it by 2029 as the dynamics of the global economy change.
Institutional Interest and World Liquidity Favor Bitcoin Expansion
Standard Chartered’s Head of Digital Assets, Geoff Kendrick, expects that institutional demand will drive a sharp uptick in Bitcoin’s price. Kendrick also pointed out that instruments like MicroStrategy are offering indirect exposure for investors. Furthermore, an increasing number of institutional buyers will take the Bitcoin price toward that $500,000 price tag by 2029. 
Simon Peters, Market Analyst at eToro, detailed the reasons behind Bitcoin’s success this year, which range from a more liquid world to lower rates in some countries. The fundamentals of the market will also get stronger as big companies, pension funds, and sovereign wealth funds continue to pile into Bitcoin. As these guys start to play the Bitcoin game chasing a supply that’s capped, we’re going to find Bitcoin move above those $2 trillion market-cap levels.
Bitcoin Keeps Building Upon Its Strong Performance While Traditional Markets. Bitcoin is shaping up as a haven.
