Bitcoin [BTC] is tipped to hit the $220k mark in 2022 as billionaires across the globe are increasingly purchasing the world’s biggest cryptocurrency as a hedge against inflation amidst fear that fiat currencies might end up becoming redundant according to BTC supporter Max Keiser. In an interview, Keiser spoke in detail on the outlook of the king coin for 2022 stating,
I’m pushing my $220,000 prediction to 2022. All of Bitcoin’s fundamentals are screaming higher. The China mining ban last year was a temporary hiccup. I’m on my way to El Salvador where the Bitcoin revolution will expand and push fiat money into extinction.
Interestingly, the news comes after Hungarian-born American billionaire Thomas Peterffy, who was once against cryptocurrencies, said it was safe to invest two to three percent of his personal wealth in cryptocurrency, in case fiat money “goes to hell”. Peterffy, founder and chairman of Interactive Brokers Group, offered its clients the option of trading Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in mid-2020 as demand for the assets rose. The broking firm plans to offer crypto trading by adding around five to ten more coins starting this month.
The billionaire said that “it is possible for cryptocurrencies to generate extraordinary returns, although the reverse is also true”. Another high-net-worth investor who is a staunch proponent of the asset is Ray Dalio. The CEO of Bridgewater Associates recently revealed that he has BTC and Ethereum in his wallet and said it is prudent to invest in cryptocurrencies because “money is a dumpster” and inflation diminishes purchasing power.
Apart from that, nearly half of the family offices that Goldman Sachs Group Inc. does business with were interested in adding cryptocurrencies to their portfolios. To top that Prominent investor, Cathie Wood of Ark Investment Management, expects BTC to hit $500k in the next 5 years.
Bitcoin’s bullish forecasts in 2022
On New Year’s Eve, President of El Salvador Nayib Bukele tweeted on his predictions on Bitcoin for 2022 where he made some ambitious statements for the asset. The most interesting among them are the two more countries will make it legal tender. Speculators believed one of them might be Paraguay as a proposal to regulate BTC mining and trading was approved by the Paraguayan Senate, a few weeks ago.