The survey involved 137 investment portfolio managers totaling more than $17 trillion. Given that Bitcoin was worth more than $63,000 in mid-April, the expectation of an average bitcoin price of $47,000 may indicate that investors are dominated by a conservative estimate of the possibility of renewing the historical maximum price reached for this asset in the spring. Moreover, four months ago a similar studies estimated the average price of bitcoin in 2021 at $60,000.

Meanwhile, the opinions on the market are not so unambiguous. Billionaire Mark Lasri believes that he should have bought more bitcoins earlier: 'It was my mistake'. Currently, 3% of his investment portfolio is allocated in bitcoins, and he does not plan to sell these assets in the foreseeable future. He is confident in the long-term trend of this cryptocurrency and stated that: 'It doesn't affect me at all whether bitcoin will go down to $20,000 or rise, since one bitcoin is still a bitcoin, and I am considering investing in this asset for many years to come.'

The head of the research department of The Block, Larry Kermak, admitted that he cannot say how the price of bitcoin will behave in the short term, but:

'I just want to say one thing: to look at the previous cycles of the Bitcoin price decline and think that there will be several years of a protracted downward correction in the value of this asset, as it has already happened, is almost completely wrong, since the cryptosphere functions in completely different conditions.'

Penstemon Holdings LLC experts believe that now is the best moment to look at bitcoin as an interesting investing asset. Feel free to contact our managers to get more insight on how to gain advantage on digital markets.

Daniel Hairston
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