The supply of Bitcoin is currently limited to 21 million units, of which 19 million have already been mined, according to Reuters, which Lemand says has limited the supply of the currency and puts pressure on increasing its prices.
He adds: "At some point, we will reach very high Bitcoin prices that will encourage investors to own other currencies, and this will lead to the emergence of new currencies in the markets."
The economist expects the price of Bitcoin to reach $100,000, without specifying a time frame for this to happen, noting that there are experts who see difficulty in reaching this price level.
“There is a camp that believes the price will reach $100,000 and then decline to $50,000 while taking profits,” Lemand said.
However, he said that the prices of cryptocurrencies cannot be predicted accurately, given that their prices fluctuate sharply, and “it is expected that prices will continue to rise.”
This opinion is agreed by the expert in digital and encrypted currencies, Yasser Al-Tabbaa, who confirms that Bitcoin achieving the price of $100,000 is not unlikely in the long term, “but a correction may follow,” wondering, “Will the correction be harsh?”
Al-Tabbaa said: “If there is a correction and profit-taking, it is expected that Bitcoin prices will decline to the level of 40,000. Prices will also not return to the levels of 30 or 20,000 dollars as before.”
He added: "This is not a rule, but often the bull market is short-term and lasts only 9 months, while the bear market is long-term, up to two years."
