Updated 15 Nov, 2021

Bitcoin’s Taproot Upgrade Is Rolled Out As Growth Predictions Rise

Man climbing coins with a graph on a grey background -Bitcoin’s Taproot Upgrade is Rolled Out as Growth Predictions Rise Bitcoin’s Taproot Upgrade is Rolled Out as Growth Predictions Rise



Key Takeaways:

  • Bitcoin’s Taproot upgrade is live on the network and promises better privacy and lower fees
  • Skybridge’s Anthony Scaramucci says the price of bitcoin could land at $500,000 in the long-term

Bitcoin’s Taproot Upgrade Now Live

Bitcoin, the world’s biggest cryptocurrency, is now running on a new and improved code. After reaching a 90% consensus among the Bitcoin miners, the Taproot upgrade was successfully activated on Sunday.

Taproot, a highly anticipated upgrade to the Bitcoin network, is the first major upgrade since 2017. In more detail, fresh changes to bitcoin’s code promise to bring better functionalities on several fronts.

First, the most significant change is an improvement in the way smart contracts work on the Bitcoin blockchain. Second, the Taproot upgrade will enable increased privacy for certain transactions. And third, the new code will make sure bitcoin transactions are completed faster and cheaper.

Against this backdrop, the roll out of the new changes had a minimal effect on the price of bitcoin. More specifically, traders and investors in the orange coin remained calm and there were no extreme price gyrations. In fact, the price of bitcoin hovers near unchanged levels early on Monday, presently near $66,000 apiece.

Bitcoin at $500,000 Says Anthony Scaramucci

Still, after the Taproot launch, predictions for the future of bitcoin have improved further. This said, a prominent Bitcoin bull, Anthony Scaramucci, said he projects bitcoin’s price to land at $500,000 in the long-term.

“I still believe we are very, very early,” he said speaking to CNBC on Friday. Mr. Scaramucci, the founder of hedge fund Skybridge Capital, doubled down on his positive outlook for bitcoin.

“These coins will easily trade at $500,000 a coin. Remember, you don’t even have enough bitcoin for every millionaire in our society to earn one coin.” Indeed, investment bank JPMorgan said recently there are 49 million millionaires if their fortune is measured in US dollars.

Furthermore, Anthony Scaramucci highlighted investors could rush to bitcoin as a hedge against inflation. “I’m telling people to own a little bit of bitcoin because that’s offering you an adaptive technology that’s evolving. And the second thing that it’s offering you is a potential inflation hedge.”

How to Buy Bitcoin?

Against this backdrop, the outlook for bitcoin and cryptocurrency remains bright. This said, it’s important to note that you do not need to purchase a whole bitcoin. Instead, you can invest in a portion of the asset and you would still own a piece of the original cryptocurrency.

To do this, simply head over to our Buy Bitcoin guide. There you will learn all you need to know before making your first bitcoin investment.

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