Happy HODLmas - Bitcoin Soars To New Record High

As CoinTelegraph's Allen Scott notes, while you're undoubtedly "in it for the technology," the most popular and hotly-debated topic, particularly as far as public interest is concerned, remains the price of Bitcoin (BTC) and speculating on its value in the future. 

Currently, Bitcoin is in a bull market cycle, up over 200% year-to-date and outperforming everything else in 2020 with the exception of a few stocks like Tesla. But this rally seems different than the one in late 2017. For one, the all-time high has been definitively broken. Second, institutions are accumulating — while the public still sits largely on the sidelines. 

“We are in a flood of money and credit"

Six-figure price predictions per Bitcoin are becoming increasingly common for this bull cycle with accelerating central bank monetary expansion as the key driver.

In fact, billionaire investors such as Ray Dalio are beginning to warm to the idea of Bitcoin alongside gold as a way to diversify against what he calls "the depreciating value of money." 

“We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit,” he warned in a Dec. 8 Reddit session.

“Most likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.”

Will Bitcoin hit $100K-$200K?

As Cointelegraph reported in May, Morgan Creek's CEO Mark Yusko said BTC price could exceed $100,000 over the next year or so. The price has now more than doubled since, but it still has to gain roughly another 300% in the next 12 months to reach six figures. 

This estimate echoes the forecast of the popular Stock-to-Flow (S2F) model, which its creator, planB, says continues to be right on track. Last month, planB reiterated that he now has no doubt BTC will hit $100,000 by December 2021 due to a "supply shortage." 

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