In a recent statement, Yuri Pripachkin, the President of the Russian Association of Cryptocurrency and Blockchain (RACIB), shared a bold prediction for Bitcoin. He stated he believes bitcoin is “based on nothing”, but that won’t hold the digital asset back, and that it would surge to $90,000 by the end of 2024.
This forecast, reported by the Russian-language media outlet CoinSpot, is based on Pripachkin’s expectations of continued growth in BTC prices and a sustained increase in the overall investment volume in digital assets, including Bitcoin.
New ATH in 2-3 Months: Yuri Pripachkin
Pripachkin pointed out the ongoing trend of rising BTC prices. He asserted that the digital asset’s value will reach new heights, breaking the previous record of $69,000 within the next two to three months.
The RACIB President attributes this optimism to Bitcoin’s growing popularity as an alternative financial instrument by stating:
“Bitcoin is becoming more expensive, and people believe in it. It has become an alternative to existing financial instruments.”
Notably, BTC achieved its remarkable all-time high of $68,982.20 on November 10, 2021, during the peak of the last digital asset bull run. Pripachkin’s forecast aligns with a positive outlook for the market, suggesting that BTC will continue its upward trajectory.
It is important to note that Pripachkin’s views extend beyond price predictions. In 2023, he visited Iran and claimed that Tehran and Moscow were exploring the potential for digital asset-powered trade. However, he had expressed concerns about the Russian government’s regulatory measures for the national digital asset sector. He believes that such regulatory actions could lead to the exit of high-tech businesses from the country.
Russian Experts Echo Bullish Sentiments
Other Russian digital asset experts, including financial analyst Mikhail Belyaev, echoed Pripachkin’s bullish sentiment. According to a local news outlet, Lenta.ru, Belyaev believes that BTC can easily reach the $100,000 mark under certain circumstances. He stated:
“This is not even a fantasy. But this will not happen today or tomorrow. [For BTC to hit $100k,] it would be necessary for certain situations to arise. Perhaps these could involve a deterioration of the situation in the world or threats to the geopolitical status quo.”
Bitcoin’s Strength: Faith or Vulnerability?
However, Belyaev expressed a degree of skepticism about Bitcoin, attributing its growth to what he referred to as “no limit to human stupidity and greed.”
He pointed out that Bitcoin’s strength lies in the unshakeable faith of its users, and BTC prices can “grow as much as they can, so long as there are a certain number of people who believe in it and sell it to each other.” Belyaev questions the intrinsic value of the digital currency by stating:
“Bitcoin is based on nothing other than people’s blind belief that it is some kind of store of wealth. On the one hand, this is its vulnerability and weakness. On the other hand, this is also its strength, since faith is indestructible.”
Meanwhile, BTC shows no signs of slowing down in its upward momentum. The digital asset has been up by around 16% in the last 7 days and is currently trading at $52,100.
