Bitcoin’s price dropped nearly 30% from its all-time high, now trading around $90,000. Strategy’s Michael Saylor expects it to soar over 1,000% this year, but hitting that target in this volatile market could be challenging. Geopolitical tensions and macroeconomic headwinds added to the selling pressure.

Bitcoin is mined using the energy-intensive proof-of-work (PoW) mechanism, with “halvings” making it harder to mine profitably. The SEC approved ETFs for Bitcoin, and countries like El Salvador and the Central African Republic accepted it as legal tender. Bitcoin’s scarcity could make it a hedge against inflation, but its market cap is still small compared to gold.

Saylor expects Bitcoin to hit $1 million due to government debt driving more money printing and potential interest rate cuts weakening the U.S. dollar. Gold and silver rallied as investors feared devaluation, but Bitcoin lagged. Despite its speculative nature, Bitcoin could catch up to precious metals in value over time.

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Read more at Nasdaq: 1 Top Cryptocurrency to Buy Before It Soars 1,000%, According to Michael Saylor