Bitcoin to Hit 90k Before End of 2024, Says Russian Crypto Industry Chief

Bitcoin will hit the $90k mark before the end of 2024, the head of a Russian crypto industry body claimed this week.

The comments came from the President of the Russian Association of Cryptocurrency and Blockchain (RACIB) Yuri Pripachkin, the Russian-language media outlet CoinSpot reported.

‘Bitcoin to Hit 90k’ – Russian Expert Explains Prediction

Pripachkin said that BTC prices would continue to rise. Prices will reach a ceiling of $90,000 before the end of December 2024, he added.

The RACIB President claimed that the “volume of investment” in tokens, including BTC, would continue to increase in the weeks and months ahead.

Bitcoin prices over the past five days. (Source: Google Finance)

Pripachkin added that adoption would “continue,” and that BTC would attract new converts “in the coming months.” He said:

“Bitcoin is becoming more expensive, and people believe in it. It has become an alternative to existing financial instruments. Bitcoin will break its previous record of $69,000 within the next two to three months.”

Bitcoin achieved its all-time-high record of $68,982.20 on November 10, 2021, at the zenith of the last crypto bull run.

The President of the Russian Association of Cryptocurrency and Blockchain (RACIB) Yuri Pripachkin.

Russian Expert: ‘There Is No Limit to Bitcoin’s Growth’

Other Russian experts claimed that circumstances could force Bitcoin prices even higher. These included the financial analyst Mikhail Belyaev, who told Lenta.ru that the much-talked-about $100k mark was now within reach. He said:

“This is not even a fantasy. But this will not happen today, nor tomorrow. [For BTC to hit 4100k,] it would be necessary for certain situations to arise. Perhaps these could involve a deterioration of the situation in the world, or threats to the geopolitical status quo.”

The economist expressed skepticism about the coin, however, claiming that BTC was able to grow as there is “no limit to human stupidity and greed.”

Belief in Bitcoin Key to Growth, Financial Expert Says

Belyaev opined that Bitcoin prices can “grow as much as they can, so long as there are a certain number of people who believe in it and sell it to each other.”

For Bitcoin to hit 90k or beyond in such circumstances would be relatively easy, Belyaev suggested.

All of these individuals, he said, were trading the coin “in the hope that they will someday get rich.” He added:

“Bitcoin is based on nothing other than people’s blind belief that it is some kind of store of wealth. On the one hand, this is its vulnerability and weakness. On the other hand, this is also its strength, since faith is indestructible.”

Belyaev added that people who bought BTC or mined it “at a certain price are not ready to accept losses on it.” He said:

“People like this are happy to save Bitcoin over the long term.”

In 2023, Pripachkin visited Iran, where he claimed that Tehran and Moscow had discussed doing crypto-powered trade.

According to the head of RACIB, however, Moscow is risking a lot by potentially regulating the burgeoning national crypto sector.

Pripachkin said that the measures taken by the Russian authorities would lead to an exodus of high-tech businesses from the country.

Source