04.04.2024

Economist names reasons for bitcoin’s rising value

Bitcoin is a currency that has fewer growth restraints than traditional currency and stock markets, so the fluctuations of the cryptocurrency’s rate are much greater. About this financial expert, candidate of economic sciences Vladimir Grigoriev said on Tuesday, March 12. He also named a possible limit to the growth of bitcoin’s value.

“Recently, some enthusiasts have recently prophesied a height of $100 thousand, and I think that this can not be excluded. Limits, in general, there are no limits. He may well add, but it seems to me that up to $75-80 thousand,” – said Grigoriev.

According to the economist, the rise in value is due to the fact that cryptocurrency has now become a more popular investment destination than it was a few years ago.

He added that the cryptocurrency market has no regulator and there are no restrictions for trading participants.

“Therefore, there in principle fluctuations can be much greater there, and they are dictated primarily by the desire of investors to earn by increasing the value of their investments. Since these factors are determinant, and deterrents are much less, bitcoin still has prospects,” he concluded.

Earlier in the day, the cost of bitcoin reached $73 thousand, thus updating the historical maximum, reports NSN.

However, after the rise, its value fell slightly, at the time of 17:14 Moscow time bitcoin slowed down and was at $71.785 thousand, RT reports.

On the eve of the financial analyst of BitRiver Vladislav Antonov named in a conversation with “Izvestia” the reasons for the growth of bitcoin value. According to him, one of the factors is the growing demand from institutional investors.

Before that, on March 5, Peter Shcherbachenko, PhD in Economics, associate professor at the Financial University under the Government of the Russian Federation, warned that the growth of bitcoin has a casino element. According to him, the current growth of this cryptocurrency is due to the bullish trend, which is caused by a wave of optimism of crypto-investors after the U.S. Securities and Exchange Commission approved 11 spot exchange-traded funds (ETFs).

BitRiver financial analyst Vladislav Antonov told Izvestia on March 4 that the cryptocurrency could rise above $69,000 as early as April or by the end of spring, and reach $100,000 by the end of the year.

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Коля Мельниченко

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