Bitcoin experts have claimed cryptocurrency investors will only need to spend around £215 to become a millionaire by 2033.
Analysts are sharing their thoughts on the potential value of Bitcoin within a decade’s time and why they think people need to start investing now to make millions.
Bitcoin is considered the largest crypto by market cap and was the first popularised version of cryptocurrency.
Even with most currencies on the decline, Bitcoin started the year with a price of $17,000 (£13,596.60) and is currently trading at around $27,000 (£21,594.60).
In light of this, crypto traders are breaking down why they believe investors should put their money into the cryptocurrency now to reap the benefits later.
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It should be noted that cryptocurrency is decentralised and is unregulated which means capital is at greater risk.
As well as this, investing in any form also comes with a great deal of risk.
Trader Rudy Fares shared his thoughts on Cryptoticker as to why he believes 2033 will be a high point for the currency.
The reason the cryptocurrency is expected to be lucrative by this year is due to an event called “Bitcoin halving”.
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It occurs around every four years and reduced the number of Bitcoins which are generated through mining by half.
The last time this happened was in 2020 and many experts believe it will cause the price to surge.
Mr Fares cited that the next halvings are expected to take place in 2025, 2029, and 2033.
According to the entrepreneur, taking into account 2025 and 2029 are bullish years, prices are expected to range from $10million (£7.9million) to $100million (£79million) per Bitcoin.
He explained: “It is enough to buy 0.01 Bitcoin today to achieve this goal in the next 10 years until the third top in the year 2033.
“Buying 0.01 Bitcoin today costs $270 (£215.95). Anyone can do it, and there is no excuse for not buying this amount at today’s prices even if some consider it ‘too late’ to buy into Bitcoin.”
However, it should be noted that halving is not the only external factor that impacts Bitcoin’s value.
Marcus Sotiriou, a market analyst at GlobalBlock, shared how last week’s inflation figures affected the cryptocurrency.
He explained: “Bitcoin rose after the CPI printed a headline inflation reading of 4.9 percent year-on-year, lower than the forecast of five percent year-on-year and another decline from March’s results, but it abruptly pulled back.
“When taking a deeper look at the CPI results, it may not be as positive for the disinflationary crowd.
“Sticky areas of inflation appear to remain elevated, particularly non-housing services which showed an uptick in the first quarter.
“Core PCE numbers continue to remain elevated too, due to wage growth remaining high. In addition, Core inflation appears to be sticky, coming in at 5.1 percent year-on-year.”
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