The future of Bitcoin could see its value soar, potentially doubling soon, as suggested by a prominent Russian banking and investment service provider.
This prediction comes amidst a flurry of forecasts following the cryptocurrency’s recent peak in market capitalization.
Russian Bank Anticipates Significant Bitcoin Surge
Analysts at VTB My Investments predict that Bitcoin (BTC) might climb to between $200,000 and $250,000 in the foreseeable future.
This projection was shared by Artyom Markin, an investment advisor at VTB, Russia’s second-largest bank previously known as Vneshtorgbank.
My Investments is part of the state-majority-owned VTB group. It offers banking and investment services in Russia where crypto derivatives like Bitcoin futures are becoming increasingly popular.
“The rate reached a new historical high just yesterday by surpassing $125,000. According to our analysis, there’s still considerable growth potential,” Markin remarked during the “Russia Calling! Yekaterinburg” forum organized by VTB.
“We can anticipate it reaching $150,000 shortly and possibly up to $200,000 – 250,000 per Bitcoin over time.”
This week saw BTC achieve another record high when it exceeded $127,000 on Monday after breaking past $125,000 on Sunday. Its previous peak was nearly hitting $124,500 back in mid-August.
Markin also highlighted BTC’s finite supply: “Most coins have already been minted; thus supply is inherently limited while demand continues rising which supports its price.”
Pavel Durov from Telegram recently expressed his belief that Bitcoin will eventually reach a million dollars due to similar reasons. A Russian financial analyst concurred this might occur within five to ten years’ time frame.
7-day price chart, Source: Coinmarketcap
Russia Hesitant on Legalizing Cryptocurrency
A representative from government-controlled Russian banks took this chance emphasizing risks tied directly investing digital assets:
“Bitcoin, along with other cryptocurrencies issued abroad means insufficient protection against negative issuer actions for Russians investors,” consultant stressed.
While ignoring fact Russia itself holds significant share mining industry legalized last year TASS corrected report noting coin “cann be issued any user participating decentralized system.”
Alernativey Artyom Markn mentioned futures tracking prices such ETF now available qualified investors acceptable option:
Financial regulators Moscow mainly Central Bank remain stubbornly opposed legalizing free circulation cryptocurrencies direct investments however monetary authority proposed March special experimental regime allowing companies use coins foreign trade bypassing restrictions imposed West over war Ukraine .
Vtb major player sector serving both retail corporate clients sanctioned US EU UK decade ago May CBR authorized firms offer derivatives small group highly qualified move approved criticized community restricting access anyone else corporations rich individuals Ministry Finance more open calling easing requirements admitting strictly supervised urging national strategy support economic development .