With Bitcoin soaring past $120,000, expert Ric Edelman says this rally has more room to run.
Transcript:
CAROLINE WOODS: So Ric we’re talking Bitcoin. It just recently climbed to a new record high soaring past $120,000. What’s driving the surge? Because it’s certainly been outperforming the stock market this year.
RIC EDELMAN: Well it’s been outperforming the stock market for the past decade 12 of the past 15 years. In fact, Bitcoin’s been the best performing asset class. And I think everyone is beginning to realize that this isn’t a fad. It’s not a fraud. It’s here to stay. And it’s really just the beginning. Less than 5% of the global population currently owns Bitcoin, which means there’s an awful lot of headroom to go.
CAROLINE WOODS: So your answer to the question, do you think the momentum is sustainable is clearly yes. So let’s talk about your price targets in the near term and long term. In the near term, what’s your year end 2025 price target for Bitcoin? Where do you think it goes from here?
RIC EDELMAN: I think we’ll end the year above $150,000. And I believe we’ll hit $500,000 by the end of the decade. What’s the biggest risk to it getting to $150,000 this year. Well, the biggest risk could simply be a unexpected. You know, it’s always the Black swans. When we look at the known risks that exist in Bitcoin, they seem to be falling by the wayside. Is the government going to ban it? Absolutely not. Might we see technological obsolescence? No. Is there a decline in consumer or investor interest? No. Might Congress drop its support? NO. So when we look at the risks that people have cited about Bitcoin over the past decade, even over the past two to five years, most if not all of those risks have gone away. Might there be something new and different that we haven’t anticipated. There’s always the Black swan threat and you can’t know what you don’t know. So sure, something negative could occur. And this is why you always need to be prudent and careful, not invest more than you’re willing to lose, because you never know what might happen that we haven’t anticipated.
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