If last week brought out investors’ desires in going green with their cryptocurrencies, this week is accompanying that desire with a need for privacy. The recent news from President Joe Biden’s administration over crypto is making investors turn toward secure, private crypto plays. Monero (CCC:XMR-USD) offers just that, and as such, investors want to see some Monero (XMR) price predictions.
Monero is one of the oldest blockchain plays on the market, created in 2014. The name of Monero’s game is security; it uses its own unique cryptography to make transactions on the blockchain untraceable. It also emphasizes usability. According to the Monero website, the developers want their privacy blockchain accessible to anybody, “whether they are technologically competent or have no idea how Monero works.”
As the Treasury Department begins to ramp up its crackdown on crypto, privacy is being thrown into question. The department wants to require businesses, exchanges and custodians to turn over crypto transactions above $10,000 for tax purposes. It also noted alongside this proposal that it has reason to believe crypto is a tool for digital crime.
Monero (XMR) Price Predictions Ramp Up
Investors are angry at the proposals, and particularly the potential for further regulations and taxes. As a result, investors are looking for cryptos emphasize security as a primary concern. Monero is one of them.
Its status as an untraceable chain are in fact causing its value to pump significantly. The coin climbed 31% on Thursday, just after the proposal came to light. It is now sitting at a value of $288. Let’s take a look at where this gain might take Monero in the future:
- The emphasis for analysts on Monero seems to be in passing the $300 mark. The Economy Forecast Agency is predicting a high of $327 for XMR in December.
- DigitalCoinPrice thinks $300 is just getting started. They forecast a valuation of $437 by the end of 2021.
- Likewise, WalletInvestor predicts a $470 valuation for XMR in the next 12 months.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.