FX.co ★ Bitcoin could see tenfold surge

Many crypto enthusiasts are betting on a rise in Bitcoin. Brian Kelly, the CEO and founder of BKCM, is no exception. He predicts that the first cryptocurrency could experience a tenfold increase in value.

According to the cryptocurrency investor, BTC has great upside potential in the medium term. Its rally can be driven by several factors, including the likely imminent approval of spot Bitcoin exchange-traded funds.

"We have another halving coming up in April. And I’m not one of those people that thinks the halving is the actual catalyst," Kelly said, adding that the strongest driver could be spot ETFs winning regulatory approval. Thus, the digital market would be flooded with retail investors.

Kelly believes that market participants will soon recognize Bitcoin as digital gold, thus triggering a partial flow from the yellow metal to the first cryptocurrency. In this case, BTC is expected to post impressive gains.

Market players will reconsider their investment portfolios, the crypto expert assumes. Rising inflation will probably cause investors to flee from gold to Bitcoin. At the moment, Bitcoin's market capitalization is estimated at $700 billion. In case of money flows from the metal to the cryptocurrency, the latter may well surge as much as tenfold, Kelly estimates.