After hitting a previous peak of $20 000 in December 2017, bitcoin fell 84% over the following year to a low of about $3 500 before recommencing its next bull run, which took it to a new all-time high above $63 000.
Bitcoin is jittery around talk of restrictions and regulations, but even when countries like China, Pakistan and Nigeria have ramped up regulatory barriers to crypto entry , the price has quickly recovered from the bad news.
Those perceptions remain acutely high at present due to the extraordinary level of money printing being undertaken in the US by the Joe Biden administration.
Rate of adoption: originally confined to techies and cryptographers, bitcoin is now reckoned to have more than 100 million people who own or have owned the coin.
No central control authority: this is a key factor in bitcoin volatility.
Bitcoin halvings: the rate at which bitcoin is mined is halved every four years, and this has been shown to have a profound impact on price.
The fact that this has happened historically is certainly no guarantee the pattern will continue, especially as we have already seen the potential for massive drawdowns.
Ovex CEO and founder Jon Ovadia sees a price north of $250 000 as an achievable target within the next five years.
Ovex was founded more than three years ago to offer companies and retail investors access to crypto arbitrage – making risk-free profits from price differences on cryptos in different markets.
These arbitrage opportunities are available in most countries with exchange controls, though the arbitrage gap varies depending on demand.
Ovex is able to eliminate this problem by settling large crypto orders in a way that does not move the market.
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