2023-9-8 18:10 |
Ric Edelman, the founder of the $291 billion asset management firm Edelman Financial Services, holds the belief that Bitcoin will not only reach but also surpass a six-figure price within just a few months following the 2024 halving.
Edelman, the head of the Digital Assets Council of Financial Professionals, shared his optimistic views on the top cryptocurrency during an interview with Coindesk TV on Tuesday, September 5. When questioned about a statement he had previously made on his YouTube channel earlier in the year, where he confidently asserted that “by the summer of 2025, Bitcoin’s price will reach approximately $150,000,” he reiterated his stance.
“When I made that prediction, it implied a five-fold increase in Bitcoin’s value in just a span of two years. While it might sound exceedingly bullish, it’s worth noting that there are even more bullish predictions circulating in the market.” Edelman stated.
Edelman’s optimism is grounded in several key factors reshaping the cryptocurrency industry. He emphasized that the sector is currently undergoing a transformative phase marked by maturity and a shift in behaviour. Notably, he pointed to regulatory actions and market dynamics as instrumental in cleansing the industry of fraudulent actors and what he called the “crypto bros.” In his view, this cleansing process will make cryptocurrencies more appealing to institutional and individual investors.
The pundit also pointed out several recent achievements within the crypto sector, including the growing adoption and participation of institutional players and noteworthy legal developments such as the SEC’s losses in high-profile lawsuits involving Ripple, Uniswap, and, most recently, Grayscale. According to him, these positive factors were influential catalysts for the potential rise in Bitcoin’s value
Another crucial element in Edelman’s forecast is the upcoming Bitcoin halving event, expected to occur in approximately six months. Historically, Bitcoin halvings have ignited significant bullish momentum in the cryptocurrency market. These events, which reduce the rate at which new Bitcoins are generated, have consistently driven up the asset’s price due to decreased supply.
“…all the signs are pointing really strong and if history is any guide as a result of the halvings by the Summer of 2025 I fully expect we will see well in those digits.” He concluded.
Ric Edelman’s stature as the founder of Edelman Financial Engines, responsible for managing a vast $291 billion in assets, lends considerable weight to his predictions. The pundit, also known for his influential book “The Truth About Crypto,” has established himself as a household name within the cryptocurrency industry due to his unwavering commitment to advancing crypto adoption through education.
As of this report, Bitcoin (BTC) was trading at $25,766, representing a 6.35% decline in value over the past week, as per CoinMarketCap data.
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