Bitcoin (CCC:BTC-USD) has been facing some blowback this week thanks to the U.S. Department of Justice’s tracking down of the Colonial Pipeline ransom. Fears around the currency’s level of privacy are fueling some bearish takes, and investors are looking for something new. Bitcoin Gold (CCC:BTG-USD) is one of the big winners from this newfound concern. Now, investors are clamoring for Bitcoin Gold (BTG) price predictions as they wonder how high it can go.
The attack on Colonial Pipeline by the hacking outfit DarkSide led to Colonial paying a ransom of nearly $5 million in Bitcoin. However, less than a month later, the FBI has recovered $2.3 million of that ransom from the hackers. The news, while seen as a victory for the government, is seen as a loss for Bitcoin.
Some investors are convinced that the ease of the government in recovering the ransom is proof enough that Bitcoin lacks the security that they thought it had.
Cue the search for a more secure Bitcoin. Investors seem to be channeling their funds into different Bitcoin forks that prioritize security and decentralization. One of these Bitcoin forks, Bitcoin Gold, is seeing big gains on today’s trading session as a result. BTG’s trading volume is up over 210%, and the coin’s price is up 28%.
Bitcoin Gold (BTG) Price Predictions Get Bullish
The news of the ransom recovery might be bad for BTC, but it’s doing wonders for BTG. As trading increases, analysts are wondering how high the coin can go.
Let’s take a look at some Bitcoin Gold (BTG) price predictions:
- The Economy Forecast Agency thinks BTG can close out 2021 with some decent highs. The outlet predicts a high of $73 for BTG in December of this year. They do see the coin falling on hard times in 2022, falling back to a floor of around $53.
- WalletInvestor is much more bullish than that. The outlet is pegging BTG for a value of over $131 dollars by June 2022.
- DigitalCoinPrice thinks BTG can finish the year strong, nearing the $100 mark by the end of 2021 and breaking through it in 2022.
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.