Within several days of passing the $20,000 milestone, the price of Bitcoin already managed to briefly pass over $24,000 several times. Is $25,000 next? Or is BTC due for a correction?

At press time, it certainly seems as though the latter may be true. Within the last 24 hours, Bitcoin had fallen more than three percent, seemingly on the way down from its latest move over $24,000.

Could the correction move further? It’s certainly possible. After all, with such explosive price growth in BTC, corrections are almost a certainty.

Alex Mashinsky, Chief Executive and Founder of crypto lending company, Celsius, previously told Finance Magnates that “we will see $16k before we see $26k.”

”Bitcoin Is My Safe Word”

However, Bitcoin could still have a ways to go on its upward journey before a meaningful correction takes place, and it could have a lot to do with Tesla Founder, Elon Musk.

“Bitcoin is my safe word,” Musk tweeted on Sunday.

Bitcoin is my safe word

— Elon Musk (@elonmusk) December 20, 2020

The same day, Reuters reported that in a Twitter exchange, Musk spoke with Michael Saylor, Chief Executive Officer of MicroStrategy, about the possibility of converting 'large transactions' of Tesla’s balance sheet into Bitcoin. MicroStrategy recently announced that it had invested a total of $1.1 billion into Bitcoin.

Yo! MicroStrategy's $425,000,000 (38,250BTC) #Bitcoin fund is now worth $879,313,950 +106.90% | Current BTC price: $22,989

Share price was $118.22, now $301.2 which is +154.78% since Bitcoin capital allocation strategy announcement on 08-Jul-20

— MicroStrategy Bitcoin fund tracker bot (@MStratBTCValue) December 19, 2020

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor tweeted to Musk. “Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

“Are such large transactions even possible?” Musk replied to Saylor.

“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline....,” Saylor replied.

However, Musk later seemed to let on that he was not serious about his interest in Bitcoin. Several hours after the original 'safe word' tweet, Musk tweeted, “just Kidding, who needs a safe word anyway.”

After his conversation with Saylor, Finance Magnates reported that Musk went on to criticize BTC and said that it was "almost as bs as fiat money." Previously, in 2019, Musk shut down rumors about Tesla getting involved in Bitcoin.

“Elon Is Singlehandedly Going to Send Bitcoin to $25k.”

Even though Musk was apparently joking about any serious interest in Bitcoin, Crypto Twitter has been abuzz with the possibility of Tesla buying into BTC: “The internet will break if Elon Musk converts any of Tesla’s balance sheet into Bitcoin,” Tweeted investor and renowned Bitcoin advocate Anthony Pompliano. He later added that “there is 5% chance of it happening as of now.”

The internet will break if Elon Musk converts any of Tesla’s balance sheet into Bitcoin.

— Pomp 🌪 (@APompliano) December 20, 2020

One of the Co-owners fo Arbitrage Ops, who operates on Twitter as @CryptoCharles_, wrote that “Elon is singlehandedly going to send Bitcoin to $25k lmao.”

https://twitter.com/CryptoCharles__/status/1340593309564080128

Peter Schiff, renowned Bitcoin bear and Chief Executive of EuroPac bank, wrote on Twitter that “it seems like @elonmusk was only joking about exposing Tesla shareholders to Bitcoin. So I don't need to convince the board not to turn Tesla into a double bubble.”

It seems like @elonmusk was only joking about exposing Tesla shareholders to Bitcoin. So I don't need to convince the board not to turn Tesla into a double bubble. But I'm still willing to debate @michael_saylor on #Bitcoin verse #gold. Perhaps @joerogan is willing to moderate.

— Peter Schiff (@PeterSchiff) December 20, 2020

Bitcoin Could Be over $200k by 2025, but There Are Some Obstacles on the Way

With or without Elon Musk, though, many believe that Bitcoin is on its way up.

Zac Prince, Chief Executive of crypto lending company, BlockFi, recently told Finance Magnates that he foresees Bitcoin headed somewhere between “$50K and $100K” by the end of 2021. Additionally, he predicted that it will be less than six months before Bitcoin reaches above $25,000.

Still, Prince believes that BTC’s path forward may not be without its obstacles, specifically pointing to the possibility of “overbearing  Regulation  Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term from major world governments” could reverse the course of Bitcoin’s current bull cycle.

And a wave of regulation could be headed straight for BTC and other  Cryptocurrencies  Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term: earlier today, Finance Magnates reported that the US Financial Crimes Enforcement Network (FinCEN) proposed a rule that would require users of centralized cryptocurrency exchanges to provide personal information about the owner of digital wallets connected to their trading accounts.

Moreover, there are other factors to consider, including Bitcoin’s usability. Alex Mashinsky, who believes that BTC will end 2021 somewhere between $30K and $40K, told Finance Magnates that Bitcoin’s growth can only be sustained if it is backed by mass adoption.

“We need mass adoption for sustainable growth in crypto, which means at least 500 million new users who come for store of value and yield,” he told Finance Magnates.

If that can happen, then anything is possible: when asked what BTC’s price outlook for 2025 is, Mashinsky said that while “it is hard to predict,” Bitcoin “should be over $200k by then.”