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Bitcoin to Go Under $30,000 by End of 2021: 44% of Portfolio Managers Tell CNBC

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Fri, 07/02/2021 - 12:18
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Yuri Molchan
44 percent of institutional asset managers that took part in CNBC’s Quarterly Survey believe that by the end of this year, Bitcoin will dive below $30,000
Bitcoin to Go Under $30,000 by End of 2021: 44% of Portfolio Managers Tell CNBC
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A recently conducted CNBC Quarterly Survey has revealed what institutional portfolio managers and equity strategists think of where the Bitcoin price may arrive at by the end of this year.

CNBC Quarterly Survey reveals bearish Bitcoin sentiment

According to the regular host Andrew Ross Sorkin, 44 percent reckon that the flagship cryptocurrency will be flat during the rest of 2021 and will sink below this level by the end of the year.

25 percent of respondents believe Bitcoin will hit $40,000 by the time 2021 will finish.

25 percent voted for $50,000 and only 6 percent chose $60,000, according to the results of the survey.

Sorkin himself believes that by the end of the year, BTC will be trading below the $30,000 level but it will be above $30,000 long-term, he bets.

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Image via Twitter

Bitcoin roller-coaster in the first half of 2021

In April this year, the world’s largest crypto rallied to the all-time high of nearly $65,000 with the monetary stimulus of the Fed Reserve (and other central banks) and Elon Musk’s tweets about Tesla accepting Bitcoin being the major drivers of the price.

However, the same Elon Musk started pushing the BTC price down, when he announced that Tesla will no longer accept Bitcoin due to the large carbon footprint left by crypto mining companies.

This sparked a global campaign against energy based on fossil fuels with China being the leader in this field so far as it began to ban crypto mining, making mining companies relocate to friendlier countries, such as Canada and Kazakhstan.

Elon Musk stated that Tesla will resume accepting Bitcoin for its e-cars as soon as 50 percent of energy used by Bitcoin miners will be generated by renewable resources.

Related
Bitcoin.org Shuts Down BTC Whitepaper and Bitcoin Core Downloads, Following Craig Wright’s Legal Victory

Miners are using 50% of green energy, report says

However, earlier U.Today reported that this level of green energy in crypto mining has already been achieved. This has been confirmed by the recent briefing of the Bitcoin Mining Council created by Elon Musk and MicroStrategy CEO Michael Saylor.

The Tesla CEO has not given any public response to that news yet.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.