Bitcoin Won't Reach $55,000 By March 1 2021
The price of Bitcoin has been surging over the past month. The world's most popular cryptocurrency has grown from $36,700 per coin to $51,828 as of this morning.
Bullish bag holders are expecting the rise to continue but one British bookmaker isn't so sure.
British bookmaker Paddy Power have priced up a market on whether Bitcoin will be $55,000 per coin on 1 March 2021. They've given the under as 4/6 (-150), which implies a 60% chance that Bitcoin won't exceed $55k by the first of next month.
They've given the odds on Bitcoin surging past $55,000 at +100. One week ago a Bitcoin was worth $47,997, so there could be every chance that we see BTC continue to grow.
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It's believed that some of the recent growth of Bitcoin has been down to Elon Musk. On 19 January 2021 there was a $5000 rise in the value of Bitcoin within an hour of the business magnate putting #Bitcoin into his Twitter bio. Earlier this month it was also announced that one of Musk's businesses, Tesla, had invested $1.5billion in Bitcoin and would accept the currency for future purchases of it's cars.
Beyond Musk we've also seen a number of other boosts to Bitcoin over the past 6 months. Square Inc invested $50m into Bitcoin, MicroStrategy invested $250m, and PayPal announced that users could use their service to buy, sell and hold the cryptocurrency.