Despite Bitcoin’s (BTC) continued prominence among cryptocurrencies, some industry watchers believe that RenQ Finance’s (RENQ) investment potential will be higher in 2023. One of the most talked-about DeFi initiatives, RenQ Finance (RENQ) is expected to rival or perhaps surpass BTC and other major cryptocurrencies in value over the next several years, according to numerous industry experts.
Despite BTC’s “brutal” price swings, Myers insists that neither bulls nor bears need to worry about the cryptocurrency’s long-term viability. Through an analysis of BTC’s value proposition, he concludes that Bitcoin is doomed to absorb value from other asset classes because of its inherent appreciation potential.
Bitcoin Has A Sky-High Goal
Reasons for this include the fact that it can serve as a “digital gold” due to its appreciation potential and its limited supply. This is not an original thought; it is central to several BTC explanations, including The BTC Standard by Saifedean Ammous. Meanwhile, Myers crunched the figures and determined that by 2023, 0.05% of global wealth, or $400 billion, will be invested in Bitcoin. ARK Invest, for example, has maintained its $1 million forecast throughout the 2022 bear market drops.
Some analysts are even predicting that the million-dollar level to be reached before the conclusion of this one. This investing behemoth characterized long-term potential as “strengthening” in its “Big Ideas 2023” forecast, published at the end of January. Even under the company’s “bear case” scenario for 2030, the BTC/USD exchange rate is projected to reach $258,000 at the end of the decade.
Bitcoin’s rising popularity may be attributed to several factors, including its acceptance by several payment systems, its legal tender status in two countries (the Central African Republic and El Salvador), and the presence of more than 30,000 BTC ATMs across the world. Cryptocurrency prices are expected to rise between 2023 and 2030, according to market forecasts.
