Weiss Crypto Ratings Believes Dollar Will Lose Its Place If Bitcoin Hits $1 Million Mark

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Most of the Bitcoin advocates have predicted that king crypto will surge to $1 billion by the end of this year.
  • Weiss Crypto Ratings, the leading provider of unbiased ratings on crypto, mutual funds, etc., tweeted on May 1 its contradictory perspective. It stressed on how proponents from very long have predicted that Bitcoin will hit a $1 million mark.
  • The financial rating agency noted how the dollar might lose the purchasing power it has today if Bitcoin’s price estimation comes true.

There has been a lot of buzz about the Bitcoin price reaching $1 Million in 2020. Most of the Bitcoin advocates have predicted that king crypto will surge to $1 Million by the end of this year. One main reason that makes it seem like the prediction will come true is Bitcoin’s scarcity. This is as the bitcoin’s supply limitation stands at 21 million BTC. Other proponents assumed Bitcoin would reach this figure as its halving event was to take place this year. 

Weiss Crypto Ratings Prespective on Bitcoin Price

Nonetheless of what the proponents have predicted, others have their say on the contrary of this overestimation. Weiss Crypto Ratings, the leading provider of unbiased ratings on crypto, mutual funds, etc., tweeted on May 1 its contradictory perspective over BTC price and it’s impact on dollar. It stressed on how proponents from very long have predicted that Bitcoin will hit a $1 million mark. 

The financial rating agency noted how the dollar might lose the purchasing power it has today if Bitcoin’s price estimation comes true. Further asking to not deceive ourselves by venting hopes in this estimation.

Bitcoin Price dependant on consumer demand

Bitcoin regardless of the perceptions of its stability is prone to high volatility. Its price is dependent on the demand of the consumers rather than being determined by its cost price. Thereby, this very fact is enough of a fact to cause huge fluctuations in the price of the crypto king. 

However, bitcoin despite having hurdles at the start of this year mainly due to the global pandemic has now revive back. King of the cryptocurrency continued to remain the best performing asset for over a year. Bitcoin drove a lot of traders to it because of its withstanding power against economic regulations.

The question of whether BTC will reach the $1 million mark however remains unanswered regardless of its many prenotions. 

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