Bitcoin price to $150,000 in 2021 by new buyers‘, says Marc van der Chijs

The bitcoin price has gone through the $23,000 shot this week and Marc van der Chijs indicates the trends in the market for Hup Bitcoin.

Marc van der Chijs about bitcoin
Who are the buyers and how do they buy their bitcoin? What to do if the crypto currency rises to unreal amounts?

This episode was made possible by: Kneaking, Coinmotion and Bitcoin Master. Interview by Wessel Simons.

Van der Chijs expects that with the breaking of the psychological barrier of 20,000 dollars bitcoin will become more attractive for large parties.

The market is really changing and becoming more professional. Institutions and financial institutions are now stepping in en masse, and these are no longer the pioneers, but the early followers. They no longer run the risk of losing their jobs because of bitcoin and that is an important difference with 2017. There was no good custodian in the market then and there is now.

One of the trends that will continue is that funds will exchange their gold for bitcoin.

We’re talking about extremely large parties like Ruffer and MassMutual that now have bitcoin on the balance sheet. 100 million dollars is probably a small amount of money for MassMutual. But if you like it, we will expand. Other insurers also think: that is what we want too. That will partly be at the expense of gold. Moreover, the young generation does not want gold, but bitcoin‘.

According to Van der Chijs, the price action has only just begun.

No, it’s just beginning. People who sold under 20,000 do not understand the market. There’s going to be an avalanche of money waiting to be invested. We are going to rise even further in the coming months‘.

He makes a comparison with the market of 2016, when the market was also approaching after the halving that year.

It compares with the situation at the end of 2016. 2017 started with a price of around USD 1,000 and ended with USD 20,000. That was a bubble, retail-driven, but realistically the bitcoin price was still $7,000 to $8,000. I expect the same for 2021, a price increase of 700% to 800%. So I stick to my statement that a price of $150,000 or a little higher is possible by the end of 2021. That won’t be a problem, because $100,000 is again an important psychological level‘.

COVID-19 as acceleration
The fight against and the aftermath of COVID-19 disease worldwide has once again exposed the weakness of the current fiat system. It has also accelerated the adoption of bitcoin, according to Van der Chijs.

Governments have created a lot of new debts and that cannot be reversed. One of their solutions is inflation, in order not to let the debts run up. But it is not sustainable for the euro and dollar in the long term. Previously it was gold and now bitcoin has become a store of value. Covid has speeded that up, but institutions had stepped in anyway. After all, they no longer achieve returns with bonds and at the same time bitcoin is a new asset class‘.

Future music
Over the next few years, the rate of the crypto currency will continue to fluctuate, but will increase as larger institutions and funds retain their currencies for a long time.

They want to have bitcoin in their portfolio. Sometimes regulation is a threshold, but the fact that bitcoin is not yet a ‚trillion‘ (1,000 billion dollars) class is also a disadvantage, says the entrepreneur.

These are players who don’t panic so quickly and start selling at a dip. It is purely the scarcity that leads to digital scarcity. I expect a Blackrock to enter at a market value of USD 5,000 billion. The more it becomes worth, the more likely it is that large companies will enter or expand their existing position. That pushes the price up again, so that is why I stick to my bitcoin. Those prices are unimaginable and all that is still a long way off, but you can argue why it could happen‘.

He doesn’t understand that someone like David Rosenberg, a Toronto gold expert, who accused bitcoin of having no intrinsic value, is taken seriously.

People who criticise bitcoin and dismiss it as tulip mania just haven’t done their homework. A David Rosenberg and others are in their own bubble and have simply missed bitcoin. He thinks the amount of bitcoin can just be doubled, but you can’t take that seriously. Even if bitcoin goes to 1 million dollars, they still don’t believe in it‘.