Cryptocurrencies
Bitcoin Seen Topping $50,000 Long Term as It Vies With Gold
- Crypto firms say it’s being used as hedge not just in trading
- Bitcoin has steadied after dropping from record near $42,000
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Bitcoin’s price could exceed $50,000 over the longer term as the digital asset vies with gold for investment flows, according to cryptocurrency exchange Luno and brokerage OSL.
“We’re talking about Bitcoin over the next three, five, 10 years slowly inching away at gold’s market capitalization,” Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore, said in an online question and answer session with Bloomberg Tuesday. If that happens, “you are way over $50,000,” he said.