Bitcoin Crashes to $10,000 and More: VanEck’s Top 2023 Crypto Predictions – Bitcoin (BTC/USD)
VanEckit New York-based investment group, has released its long-term cryptocurrency outlook for 2023, which echoes the sentiments of many industry analysts.
What happened: As the crypto industry continues to evolve and evolve, VanEck has identified his top predictions for 2023.
Bitcoin BTC/USD is expected to reach $10,000 to $12,000 in the first quarter of 2023, triggering a wave of miner bankruptcies, according to the company.
In the second half of 2023, VanEck expects Bitcoin to rise to a new all-time high of $30,000. Lower inflation, eased energy concerns, possible truce in Ukraineand a rise in M2 supply will all be key drivers to drive the beginning of a new bull market for Bitcoin.
Financial institutions are set to tokenize more than $10 billion in off-chain assets. VanEck’s prediction comes as a growing number of organizations, including large institutions, have shown interest in the tokenization space in recent months.
See more: Best Crypto Day Trading Strategies
Brazil is set to become one of the most crypto-friendly countries in the world, promising to tokenize part of its sovereign debt offerings on the blockchain.
What will be next: VanEck notes that Twitter is well positioned to become a major player in the payments industry by leveraging government money licenses. “We expect Elon Musk to implement payment functionality more akin to WeChat Pay, which would allow consumers to pay merchants for services,” the company said in a blog post.
The securities firm predicts that Russiawhich has traditionally relied heavily on oil exports, is likely to announce that it will begin adding Bitcoin and other digital assets to its sovereign wealth fund.
On stablecoin ahead, VanEck predicts that a new decentralized stablecoin is set to reach a staggering $1 billion market cap by 2021, even after the collapse of LUNA and its algorithmic stablecoin UST UST/USD lose the pin.
Ripple XRP/USD could be headed for a devastating loss in the fight against the Securities Exchange Commission, warns VanEcK. The financial services firm believes that the lawsuit is unlikely to end in the crypto assets company’s favor.
The number of monthly web3 players is set to skyrocket from 2 million to 20 million as new triple-A games become available.
Finally, Ethereum ETH/USD will now enable convenient and secure withdrawals from the Beacon Chain.
Read next: Bitcoin, Ethereum, Dogecoin Move Up Despite Binance Outflow Issues – Analyst Says This Is What It Takes For BTC Rally To Continue
