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The future of Bitcoin: From Ray Dalio to Cathie Wood, top investment pandits weigh in

The future of Bitcoin: From Ray Dalio to Cathie Wood, top investment pandits weigh in

The future of Bitcoin: From Ray Dalio to Cathie Wood, top investment pandits weigh in
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By Yashi Gupta  Sept 17, 2021 6:25:34 PM IST (Published)

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SUMMARY

Bitcoin prices have experienced some wild swings in August-September. A week ago, its prices had touched $52,000 only to correct back to $45,000 the next day. And while in the past couple of months, it has seen lows of $30,000 after rising as high as $65,000, some crypto analysts and proponents believe it could touch as high as $300,000 by next year. At the same time, there are some well-known people singing bearish tones for the coin. While it's hard to say what the future has in store for the crypto, we take a look at what bitcoin's proponents and opponents are saying about the coin. And maybe, take a brief glance at what the future holds.

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Cathie Wood | Cathie Wood is the chief executive of Ark Invest and is a big Tesla and Bitcoin bull. She has recently predicted the price of Bitcoin will hit $500,000 in a few years.

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John Paulson | Paulson, an American billionaire, dismissed cryptocurrencies as an asset class entirely. He said they are a limited supply of nothing and that Bitcoin prices will eventually crash to zero.

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Crypto Michael | Michael, a CEO and Founder of Eight Global, said the peak for Bitcoin may be around $250,000 to $300,000.

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Alejandro Diaz de Leon | The governor of the Bank of Mexico said Bitcoin is more like a means of barter rather than evolved fiat money. He said it is a high-risk investment and a poor store of value, Reuters reported.

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Raoul Pal | Pal is an economist, a hedge fund manager, and one of the most vocal Bitcoin bulls. He recently said the price of Bitcoin will rally 500 percent by March 2022 and it will trade between $250,000 to $400,000.

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Stefan Ingves | Ingves, the governor of Sweden's central bank, said private money usually collapse sooner or later. While you can get rich by trading in bitcoin, it is actually comparable to trading in stamps, he said, as reported by Bloomberg.

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Standard Chartered | UK-based banking giant Standard Chartered had recently said the price of Bitcoin could rise three-fold from its current levels. The bank gave it a price range of $50,000 to $175,000.

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Nassim Taleb | Taleb, the author of Black Swan, reversed his stance on Bitcoin and slated it as a Ponzi scheme. He said, "A few assets in financial history have been more fragile than Bitcoin." He said Bitcoin is worth "exactly zero" partly because it requires a sustained amount of interest.

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Ray Dalio | Dalio -- the founder of the world's biggest hedge fund, Bridgewater Associates -- believes bitcoin regulators will eventually take control of Bitcoin if it becomes a success. "I think at the end of the day if it's really successful, they will kill it and they will try to kill it. and I think they will kill it because they have ways of killing it," he said.

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