, 2022-12-18 11:30:00,
© Reuters. Bitcoin: the Digital Gold – Positives for 2023
We’ve made it to the fifth article in DailyCoin’s “12 Days of Cryptomas” holiday feature, and this is sure to be a topic on everyone’s Christmas list. As most of our readers will know, “on the fifth day of Christmas, my true love gave to me five golden rings.” What could be better than that? Five digital golden rings.
Bitcoin’s status as digital gold is irrefutable. Being scarcer than its metallic counterpart and providing a better hedge against inflation, fits the bill to be the crypto industry’s “Five Golden Rings.”
With the end of the year upon us, let us overview Bitcoin and see how the asset has performed in what has been a long year for investors.
2022 – Not So Glittery for Bitcoin?
Peaking at an all-time high of $68,789 in November 2021, investors were feeling positive, and held high hopes for Bitcoin as enthusiasts prayed for the best gift from Santa.
Bitcoin hitting $100,000 was perhaps the most common price prediction for the most valued crypto. Analysts at Standard Chartered (OTC:), CEO of Voyager Digital Steve Ehrlich, Goldman Sachs (NYSE:) Analyst Zach Pandl, Founder and CEO of Messari Ryan Selkis, and Bill Barhydt, the CEO of crypto exchange Abra, were among the notable figures leaning into the claim.
While there were even higher price predictions for Bitcoin, $100k seemed to be the unspoken consensus for its value in 2022. However, winter blizzards struck,…
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