Bitcoin price: Sharp increase
Early this morning (October 26), Bitcoin - the world's largest cryptocurrency by market value - continued to increase by 1.38% to reach 111,612.68 USD.
This new price contributes to bringing market capitalization to 2,225 billion USD, an increase of 27 billion USD. On the other hand, trading volume in the first 24 hours continued to slide, currently at 32.18 billion USD, down 21.86 billion USD.
Assessment and forecast
Bitcoin's growing appeal in the mainstream financial world continues to fuel bold price predictions, as many strongest cryptocurrency supporters offer "sky-high" valuations, but analysts are cautious.
In an interview with Anthony Pompliano, Tom Lee - Chairman of BitMine - said that the long-term value of Bitcoin could increase from 1.6 million to 2 million USD if this asset achieves a total market capitalization equal to gold. Mr. Lee even said: "Gold will go first, then Bitcoin will catch up".
According to Lee, when the " network value" of gold increases, it will create a higher standard for digital value storage assets such as Bitcoin.
Over the past two years, gold has gained more than 115%, reaching a record high of $4,381/ounce in October before adjusting down.
Meanwhile, Bitcoin has gained about 150% since the beginning of 2024, far exceeding gold's gain of about 100% over the same period.
Despite a slight decrease after the record on October 6, Bitcoin is still around the important support level of 107,000 USD.
Sharing the optimistic view, Michael Saylor - Executive Chairman of the holding company Bitcoin Strategy - has forecast a long-term target of 21 million USD per Bitcoin within the next 21 years.
Speaking at a conference in Prague, Saylor said that limited supply and rapid increase in acceptance from financial institutions could boost Bitcoin's value by multiplying it.
Saylor's company currently holds about 640,418 BTC, the world's largest corporate reserve, equivalent to about 3% of the total amount of Bitcoin that will exist.
He stressed that Bitcoin's growing recognition as "digital gold" will continue to push prices higher: "If organizations only need to slightly increase the proportion of asset allocation to coins, the price impact could be huge," he said.
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
