Can Bitcoin hit $ 50,000 this year? While most of the
cryptocurrencies are much below their earlier highs but there are
newer and newer predictions coming up for cryptocurrencies. One
such prediction is that Bitcoin can rise to as high as $ 50,000 in
the calendar year 2018.
A cryptocurrency portfolio manager by the name of Jeet Singh,
stated at World Economic Forum in Davos, that the current
volatility is completely normal when it comes to the
cryptocurrencies space. He also stated that it is normal for
cryptocurrencies to fluctuate by 70% to 80%. This is one of the
main reasons why the current volatility does not worry him at all.
He compared cryptocurrencies to the current bellwether companies
like Microsoft as well as Apple. Initially, their stocks were also
pretty volatile. However, as the companies develop their business
model, the stocks not only rose but they become much more stable
as well.
Bitcoin Price Today
Name Price 24H (%)
Bitcoin (BTC)
$6,476.99 -0.29%
https://twitter.com/SalihSarikaya/status/1004462280820420608
SEE ALSO: Bitcoin Price Predictions 2018: How high can Bitcoin
price go in 2018? Up to $1 million or down to $100? (In-Depth
Analysis)
However, many of the investors are actually currently worried due
to the high volatility in cryptocurrencies. According to him,
however, long-term investors need not fear the volatility at all.
Since they are here to stay for a longer period of time, they
would have no problem at all in holding the cryptocurrencies for a
longer period of time as well.
He further added that Bitcoin would reach as high as $ 50,000 this
year. If indeed that happens, the current price of Bitcoin being
around just $ 10,000, that would be a fivefold increase once again.
Whether the portfolio manager is right or wrong, only time would
be able to tell. The truth is that currently, many of the investors
are worried about putting new money into Bitcoins. Only once
they are sure that the volatility would end and the Bitcoin resumes
its uptrend you can be sure that most of the investors would
actually get ready to invest in this cryptocurrency.
For now, however, most of the investors are keeping away from the
cryptocurrency boom. Many of the investors are just holding their
holdings patiently in order to find out whether the
cryptocurrencies resume their uptrend or not. It is still too
uncertain for most of the investors to take a call. On the other
hand, institutions are increasing their presence in the
cryptocurrencies pace as well which is sure to benefit the
cryptocurrencies space and would add value and credibility to the
cryptocurrencies in the future as well. This is one of the main
reasons why it is not seeing further fall after creating a bottom
few weeks back. Also, once the regulatory hurdles are sorted, you
can be sure that the value of cryptocurrencies would again more.
tags: bitcoin price prediction today usd, bitcoin forecast 2018,
bitcoin price prediction chart, bitcoin forecast 2020, bitcoin
forecast 2017, bitcoin price prediction 2019
—
Bitcoin Price Predictions 2018: How high can Bitcoin price go in
2018? Up to $1 million or down to $100? (In-Depth Analysis)
Bitcoin prices in 2018 have been marked by volatility which has
made bitcoin price prediction in short-term a bit of a challenge,
even for the experienced analysts. As at the time of writing, the
price of Bitcoin took a dip from 10k to under 8k following news
that search engine giants, Google will ban crypto-related ads . So
far, 2018 has presented its own surprises though not a dramatic as
the rollercoaster we say in 2017.
History generally has a way of repeating itself but bitcoin has a
lot of history which makes it an equal challenge predicting which
history will be repeated. It takes more than a study of past trends
to get predictions spot-on this time and so we ended this article
by highlighting certain area expert analysts were looking at.
Analysts, enthusiast, and industry figures have very diverging
opinions and bitcoin price predictions for both long and short-
term. Optimism is still high in many quarters—reports of a new
survey among British financials suggest a wide majority will buy
more coins in hope of price resurgence later this year.
As we delve into who’s saying what and why, here’s a heads-up.
Expect a lot more price fluctuations in the interim. It’s going to
be a bumpy ride getting to wherever Bitcoin is headed by the
year’s end.
Surely, Bitcoin is headed up – John McAfee
John McAfee, Bitcoin supporter and founder of the popular McAfee
antivirus software, is being very positive about Bitcoin. He
predicted that Bitcoin price will hit $1 million by 2020 following
last year’s prediction of $7000 which was well surpassed.
Bitcoin Price Prediction Tracker portal, Bircoin.top, did the
maths and explain that Bitcoin needs to grow daily at
0.4840957034310259% per day.to meet McAfee’s prediction.
Currently, Bitcoin is around $ 8,207 compared to $ 7,171. Cool
right? However, to hit McAfee’s target, BTC would end the year
just over $29k.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “BTC has accelerated
much faster than my model assumptions. I now predict Bitcoin at
$1 million by the end of 2020. I will still eat my d**k if
wrong” – John McAfee[/perfectpullquote]
Apart from the economics behind the limited supply of Bitcoin, his
prediction considered the factors like the increased adoption of
Bitcoin and blockchain as well as a total cryptocurrency’s market
cap around $162 billion which gives large room for growth.
Expect stability only after 10 years –
Kristjan Dekleva (Hedge)
The Swiss-based financial expert will have us brace up for a decade
of turbulence before any hope for a stable bitcoin. This he
suggests will coincide with a general acceptance of Bitcoin even
in hard-stance China. This though, not as a fiat replacement but a
viable alternative.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “In my opinion, it
will be at least 10 years before we see stability”. – Kristjan
Dekleva (Hedge)[/perfectpullquote] The finance expert at
cryptocurrency project Hedge sees Bitcoin investments as all-too-
similar to the DotCom bubble of the 90s.
So Mr. Dekleva, what are we having for supper in 2018?
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “In the short-term,
falls have been driven by emotion and in many cases
disinformation – a small rumor can have a big impact… Demand is
driven by market speculation, but the absence of institutional
investors means the market is unstable.[/perfectpullquote]
Instability it is. Next stop is the prestigious Harvard.
Bitcoin to shrink to $100 – Kenneth
Rogoff (Harvard Prof & ex IMF chief)
Known for his disparaging remarks against Bitcoin, a former chief
economist at the International Monetary Fund’s (IMF) Kenneth
Rogoff has poured icy water on hopes of Bitcoin making it to the
moon.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “I think Bitcoin will
be worth a tiny fraction of what it is now if we’re headed out 10
years from now…I would see $100 as being a lot more likely than
$100,000.” – Kenneth Rogoff[/perfectpullquote] Rogoff’s
prediction is based on his long-held belief that governments will
rise against anonymous virtual currencies like Bitcoin. Government
regulations, according to Rogoff, will pop the Bitcoin bubble but a
Bitcoin pioneer on Wall Street thinks along very different lines.
Bitcoin to reach $25k in 2018 – Tom
Lee (Snr. partner Fundstrat; ex-chief JP
Morgan)
Popular Bitcoin forecaster Tom Lee expects Bitcoin to reach
$25,000 by mid-2018, more than double its price of about $10,000
in January when the prediction was originally made.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “We expect
bitcoin’s major low to be $9,000, and we would be aggressive
buyers around that level,” – Tom Lee[/perfectpullquote] Though
Bitcoin went below Lee’s base of $9,000 (nearing $6,000), it
has bounced out reaching in March $11,000. It will take a ride
similar to the one we witnessed last year for Bitcoin to reach this
mark. To make this happen, Lee is counting on more institutional
investors taking on Bitcoin and a steady increase in Bitcoin user
base. Lee’s target may be half the mark according to fellow
crypto-believer.
Volatile Bitcoin to touch $50,000 –
Jeet Singh (cryptocurrency portfolio
manager)
Speaking in January at the World Economic Forum in Davos,
experienced cryptocurrency fund manager, Jeet Singh predicted that
the price of Bitcoin will go as high as $50,000. He warned of heavy
price fluctuations which he believes is only normal for a Bitcoin
market that is still maturing.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] Bitcoin could
definitely see $50,000 in 2018…We will probably go through a
suffering period of volatility around the time of Bitcoin’s next
$10,000 landmark.” – Jeet Singh[/perfectpullquote] Just like
Lee, Singh expects Bitcoin to be adopted not just in the black
market but by institutions and entire countries. If 50k seems too
optimistic, how about 100k from the “Nostradamus of Markets”?
Bitcoin is the future; Fiat is Past –
(Tim Draper, Venture Capitalist)
In 2014 with bitcoin at only $413, popular VC, Tim Draper
predicted bitcoin to reach $10,000 in three years. This was
fulfilled a month earlier than he predicated earning him a
reputation among crypto fans. Though he didn’t categorically,
predict a $100k Bitcoin in 2018, He said he expected the Bitcoin
to continue its growth in an interview with Bloomberg last year.
Tim Draper has made successful bets with Tesla, Skype, and Twitter
in the past.
Assuming this growth happens at the same pace as the 3-year journey
to $10k then we’re in for six digits. Maniacal right? That’s
exactly how Draper feels about Bitcoin prospects. Now onto
someone who understands a lot about bitcoin’s foundation.
Bitcoin will hit $ 40,000 – Llew
Claasen (Executive Director, Bitcoin
Foundation)
Last month, Llew Classen made a bold statement to reassure Bitcoin
believers that the cryptocurrency is on the right track –
specifically, on track to reach the $40,000 mark. Though his outlook
for some altcoin holders was not very encouraging, he made it clear
that as something new, cryptocurrency will be as risky as it is
exciting.
Bitcoin to pass $43K by December 2018
– (Survey by Finder.com)
Finder.com sought opinions of 13 cryptocurrency experts and
concluded that Bitcoin price will witness a 300% growth to land at
$43,000 by the end of the year. The site also predicted Bitcoin at
over $14K by March 1.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””]“While we saw the
top 10 coins dive by 24 percent last month, our survey shows
panelists are expecting this to be a bump in the road as these
coins are set to recover.” – Jon Ostler, UK CEO, finder.com[/
perfectpullquote]
Ostler noted that the predictions were not cast in stone as they
can easily be swayed by “outside factors such as regulations, laws,
and banking systems”
Bitcoin Will hit $320,000 someday –
Cameron Winklevoss (co-founder,
Gemini)
One of the popular Winkelvoss twins, Cameron Winklevoss recently
said that he could easily see the price of BTC go up 40% someday.
This year maybe? Not likely. The twin said he and his brother
were taking longer outlook, 10 to 20 years.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””]“Bitcoin is actually
fixed in supply so it’s better than scarce … it sort of equals a
better gold across the board. We think regardless of the price
moves in the last few weeks, it’s still a very underappreciated
asset.” – Winklevoss [/perfectpullquote] The fourth wealthiest
cryptocurrency investor weighed bitcoin’s prospect against gold
and came up with a resounding verdict. “We believe bitcoin
disrupts gold,” He said.
Bitcoin will reach $1million – Bobby
Lee (CEO BTCC Exchange)
Bobby Lee, CEO of China’s first Bitcoin exchange speaking at the
London Blockchain Week went overboard with his prediction. Lee
said bitcoin will surpass $1 million but unlike McAfee, he could
see this happen in 20 years’ time.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “Bitcoin, I think
will get to $1 million per bitcoin…Right now it’s 10,000, it
will go 100,000 and then 200,000, 500,000.” – Bobby Lee[/
perfectpullquote]
IN SUMMARY
A good number of analysts have also had their say though very few
would be drawn into actual predictions. We observed a general
trend in their assessments.
Expect Price Fluctuations:
At this stage, bitcoin and cryptocurrencies will be greatly affected
by speculations. Even small developments in governments,
traditional will likely affect prices. Most say the fluctuations are
normal and wouldn’t affect the longer term outlook.
Long-term outlook
Experts would prefer to make predictions over a longer period. It
is more common to have bitcoin price predictions for 2020 or a 10
to 20-year outlook. While the current reality may suggest some
gloom, it’s worth remembering that the heights achieved last year
came amidst similar corrections along the way. It’s only the 1st
quarter of the year.
Bitcoin will be the standard for virtual currencies.
Though bitcoin may have a limited use case, it has been tipped to
remain the king of all cryptocurrencies. It’s not going to be a
case of “which altcoin will overtake bitcoin” rather how they
will impress with their special use cases. It is a fact that the
technology behind bitcoin is less sophisticated when compared to
many other projects like ethereum.
Bitcoin as a store of value
Gradually, bitcoin is being seen more as a store of value that an
actual currency being compared to gold and other assets. Bitcoin
was originally designed as an alternative currency to bank the
unbanked. Most decision making bodies and financial experts,
however, see Bitcoin more as a store of value, an asset rather than
a medium of transaction.
Many Altcoins will suffer
Part of the process that will lead to general acceptance of
cryptocurrencies will include a clean-up of “useless”
cryptocurrencies. A good number of the 2000 coins will naturally go
away as their value become worthless—some, only a fraction of
cent. Brad Garlinghouse, the CEO of Ripple and Llew Claasen of
Bitcoin Foundation are among those raising this alarm.
Economics of Scarcity
The limited supply of bitcoin—a fixed supply 21 million BTCs—
will play a role in its price; if not now, in the future.
Outside factors will play a significant
role
Many observers believe that outside factors which affect the
adoption of bitcoin will ultimately dictate the price in the short-
term. The creation and performance of futures markets, for
instance, is expected to tilt the price either way.
There are still concerns about bitcoins used for
illicit purposes
Due to the anonymity of Bitcoin transactions, it has been used to
conduct illegal activities giving Bitcoin a general bad image. This
image, analysts believe will affect its adoption and ultimately its
prospects in the future.
Finally, Caution against risking your life savings
Crypto investments are new and super-risky. Remember ethereum
founder saying that cryptos are so risky the prizes might actually
drop to zero. Well, that doesn’t seem practical but the message
was clear. Do not invest your life savings in bitcoin or
cryptocurrencies generally. Just like John Draper noted, you still
need to buy stuff in fiat. So while bitcoin will likely worth a lot
more in the future, it’s advisable to invest just as much as one
can afford to lose.
cryptocurrencies are much below their earlier highs but there are
newer and newer predictions coming up for cryptocurrencies. One
such prediction is that Bitcoin can rise to as high as $ 50,000 in
the calendar year 2018.
A cryptocurrency portfolio manager by the name of Jeet Singh,
stated at World Economic Forum in Davos, that the current
volatility is completely normal when it comes to the
cryptocurrencies space. He also stated that it is normal for
cryptocurrencies to fluctuate by 70% to 80%. This is one of the
main reasons why the current volatility does not worry him at all.
He compared cryptocurrencies to the current bellwether companies
like Microsoft as well as Apple. Initially, their stocks were also
pretty volatile. However, as the companies develop their business
model, the stocks not only rose but they become much more stable
as well.
Bitcoin Price Today
Name Price 24H (%)
Bitcoin (BTC)
$6,476.99 -0.29%
https://twitter.com/SalihSarikaya/status/1004462280820420608
SEE ALSO: Bitcoin Price Predictions 2018: How high can Bitcoin
price go in 2018? Up to $1 million or down to $100? (In-Depth
Analysis)
However, many of the investors are actually currently worried due
to the high volatility in cryptocurrencies. According to him,
however, long-term investors need not fear the volatility at all.
Since they are here to stay for a longer period of time, they
would have no problem at all in holding the cryptocurrencies for a
longer period of time as well.
He further added that Bitcoin would reach as high as $ 50,000 this
year. If indeed that happens, the current price of Bitcoin being
around just $ 10,000, that would be a fivefold increase once again.
Whether the portfolio manager is right or wrong, only time would
be able to tell. The truth is that currently, many of the investors
are worried about putting new money into Bitcoins. Only once
they are sure that the volatility would end and the Bitcoin resumes
its uptrend you can be sure that most of the investors would
actually get ready to invest in this cryptocurrency.
For now, however, most of the investors are keeping away from the
cryptocurrency boom. Many of the investors are just holding their
holdings patiently in order to find out whether the
cryptocurrencies resume their uptrend or not. It is still too
uncertain for most of the investors to take a call. On the other
hand, institutions are increasing their presence in the
cryptocurrencies pace as well which is sure to benefit the
cryptocurrencies space and would add value and credibility to the
cryptocurrencies in the future as well. This is one of the main
reasons why it is not seeing further fall after creating a bottom
few weeks back. Also, once the regulatory hurdles are sorted, you
can be sure that the value of cryptocurrencies would again more.
tags: bitcoin price prediction today usd, bitcoin forecast 2018,
bitcoin price prediction chart, bitcoin forecast 2020, bitcoin
forecast 2017, bitcoin price prediction 2019
—
Bitcoin Price Predictions 2018: How high can Bitcoin price go in
2018? Up to $1 million or down to $100? (In-Depth Analysis)
Bitcoin prices in 2018 have been marked by volatility which has
made bitcoin price prediction in short-term a bit of a challenge,
even for the experienced analysts. As at the time of writing, the
price of Bitcoin took a dip from 10k to under 8k following news
that search engine giants, Google will ban crypto-related ads . So
far, 2018 has presented its own surprises though not a dramatic as
the rollercoaster we say in 2017.
History generally has a way of repeating itself but bitcoin has a
lot of history which makes it an equal challenge predicting which
history will be repeated. It takes more than a study of past trends
to get predictions spot-on this time and so we ended this article
by highlighting certain area expert analysts were looking at.
Analysts, enthusiast, and industry figures have very diverging
opinions and bitcoin price predictions for both long and short-
term. Optimism is still high in many quarters—reports of a new
survey among British financials suggest a wide majority will buy
more coins in hope of price resurgence later this year.
As we delve into who’s saying what and why, here’s a heads-up.
Expect a lot more price fluctuations in the interim. It’s going to
be a bumpy ride getting to wherever Bitcoin is headed by the
year’s end.
Surely, Bitcoin is headed up – John McAfee
John McAfee, Bitcoin supporter and founder of the popular McAfee
antivirus software, is being very positive about Bitcoin. He
predicted that Bitcoin price will hit $1 million by 2020 following
last year’s prediction of $7000 which was well surpassed.
Bitcoin Price Prediction Tracker portal, Bircoin.top, did the
maths and explain that Bitcoin needs to grow daily at
0.4840957034310259% per day.to meet McAfee’s prediction.
Currently, Bitcoin is around $ 8,207 compared to $ 7,171. Cool
right? However, to hit McAfee’s target, BTC would end the year
just over $29k.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “BTC has accelerated
much faster than my model assumptions. I now predict Bitcoin at
$1 million by the end of 2020. I will still eat my d**k if
wrong” – John McAfee[/perfectpullquote]
Apart from the economics behind the limited supply of Bitcoin, his
prediction considered the factors like the increased adoption of
Bitcoin and blockchain as well as a total cryptocurrency’s market
cap around $162 billion which gives large room for growth.
Expect stability only after 10 years –
Kristjan Dekleva (Hedge)
The Swiss-based financial expert will have us brace up for a decade
of turbulence before any hope for a stable bitcoin. This he
suggests will coincide with a general acceptance of Bitcoin even
in hard-stance China. This though, not as a fiat replacement but a
viable alternative.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “In my opinion, it
will be at least 10 years before we see stability”. – Kristjan
Dekleva (Hedge)[/perfectpullquote] The finance expert at
cryptocurrency project Hedge sees Bitcoin investments as all-too-
similar to the DotCom bubble of the 90s.
So Mr. Dekleva, what are we having for supper in 2018?
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “In the short-term,
falls have been driven by emotion and in many cases
disinformation – a small rumor can have a big impact… Demand is
driven by market speculation, but the absence of institutional
investors means the market is unstable.[/perfectpullquote]
Instability it is. Next stop is the prestigious Harvard.
Bitcoin to shrink to $100 – Kenneth
Rogoff (Harvard Prof & ex IMF chief)
Known for his disparaging remarks against Bitcoin, a former chief
economist at the International Monetary Fund’s (IMF) Kenneth
Rogoff has poured icy water on hopes of Bitcoin making it to the
moon.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “I think Bitcoin will
be worth a tiny fraction of what it is now if we’re headed out 10
years from now…I would see $100 as being a lot more likely than
$100,000.” – Kenneth Rogoff[/perfectpullquote] Rogoff’s
prediction is based on his long-held belief that governments will
rise against anonymous virtual currencies like Bitcoin. Government
regulations, according to Rogoff, will pop the Bitcoin bubble but a
Bitcoin pioneer on Wall Street thinks along very different lines.
Bitcoin to reach $25k in 2018 – Tom
Lee (Snr. partner Fundstrat; ex-chief JP
Morgan)
Popular Bitcoin forecaster Tom Lee expects Bitcoin to reach
$25,000 by mid-2018, more than double its price of about $10,000
in January when the prediction was originally made.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “We expect
bitcoin’s major low to be $9,000, and we would be aggressive
buyers around that level,” – Tom Lee[/perfectpullquote] Though
Bitcoin went below Lee’s base of $9,000 (nearing $6,000), it
has bounced out reaching in March $11,000. It will take a ride
similar to the one we witnessed last year for Bitcoin to reach this
mark. To make this happen, Lee is counting on more institutional
investors taking on Bitcoin and a steady increase in Bitcoin user
base. Lee’s target may be half the mark according to fellow
crypto-believer.
Volatile Bitcoin to touch $50,000 –
Jeet Singh (cryptocurrency portfolio
manager)
Speaking in January at the World Economic Forum in Davos,
experienced cryptocurrency fund manager, Jeet Singh predicted that
the price of Bitcoin will go as high as $50,000. He warned of heavy
price fluctuations which he believes is only normal for a Bitcoin
market that is still maturing.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] Bitcoin could
definitely see $50,000 in 2018…We will probably go through a
suffering period of volatility around the time of Bitcoin’s next
$10,000 landmark.” – Jeet Singh[/perfectpullquote] Just like
Lee, Singh expects Bitcoin to be adopted not just in the black
market but by institutions and entire countries. If 50k seems too
optimistic, how about 100k from the “Nostradamus of Markets”?
Bitcoin is the future; Fiat is Past –
(Tim Draper, Venture Capitalist)
In 2014 with bitcoin at only $413, popular VC, Tim Draper
predicted bitcoin to reach $10,000 in three years. This was
fulfilled a month earlier than he predicated earning him a
reputation among crypto fans. Though he didn’t categorically,
predict a $100k Bitcoin in 2018, He said he expected the Bitcoin
to continue its growth in an interview with Bloomberg last year.
Tim Draper has made successful bets with Tesla, Skype, and Twitter
in the past.
Assuming this growth happens at the same pace as the 3-year journey
to $10k then we’re in for six digits. Maniacal right? That’s
exactly how Draper feels about Bitcoin prospects. Now onto
someone who understands a lot about bitcoin’s foundation.
Bitcoin will hit $ 40,000 – Llew
Claasen (Executive Director, Bitcoin
Foundation)
Last month, Llew Classen made a bold statement to reassure Bitcoin
believers that the cryptocurrency is on the right track –
specifically, on track to reach the $40,000 mark. Though his outlook
for some altcoin holders was not very encouraging, he made it clear
that as something new, cryptocurrency will be as risky as it is
exciting.
Bitcoin to pass $43K by December 2018
– (Survey by Finder.com)
Finder.com sought opinions of 13 cryptocurrency experts and
concluded that Bitcoin price will witness a 300% growth to land at
$43,000 by the end of the year. The site also predicted Bitcoin at
over $14K by March 1.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””]“While we saw the
top 10 coins dive by 24 percent last month, our survey shows
panelists are expecting this to be a bump in the road as these
coins are set to recover.” – Jon Ostler, UK CEO, finder.com[/
perfectpullquote]
Ostler noted that the predictions were not cast in stone as they
can easily be swayed by “outside factors such as regulations, laws,
and banking systems”
Bitcoin Will hit $320,000 someday –
Cameron Winklevoss (co-founder,
Gemini)
One of the popular Winkelvoss twins, Cameron Winklevoss recently
said that he could easily see the price of BTC go up 40% someday.
This year maybe? Not likely. The twin said he and his brother
were taking longer outlook, 10 to 20 years.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””]“Bitcoin is actually
fixed in supply so it’s better than scarce … it sort of equals a
better gold across the board. We think regardless of the price
moves in the last few weeks, it’s still a very underappreciated
asset.” – Winklevoss [/perfectpullquote] The fourth wealthiest
cryptocurrency investor weighed bitcoin’s prospect against gold
and came up with a resounding verdict. “We believe bitcoin
disrupts gold,” He said.
Bitcoin will reach $1million – Bobby
Lee (CEO BTCC Exchange)
Bobby Lee, CEO of China’s first Bitcoin exchange speaking at the
London Blockchain Week went overboard with his prediction. Lee
said bitcoin will surpass $1 million but unlike McAfee, he could
see this happen in 20 years’ time.
[perfectpullquote align=”full” bordertop=”false” cite=””
link=”” color=”” class=”” size=””] “Bitcoin, I think
will get to $1 million per bitcoin…Right now it’s 10,000, it
will go 100,000 and then 200,000, 500,000.” – Bobby Lee[/
perfectpullquote]
IN SUMMARY
A good number of analysts have also had their say though very few
would be drawn into actual predictions. We observed a general
trend in their assessments.
Expect Price Fluctuations:
At this stage, bitcoin and cryptocurrencies will be greatly affected
by speculations. Even small developments in governments,
traditional will likely affect prices. Most say the fluctuations are
normal and wouldn’t affect the longer term outlook.
Long-term outlook
Experts would prefer to make predictions over a longer period. It
is more common to have bitcoin price predictions for 2020 or a 10
to 20-year outlook. While the current reality may suggest some
gloom, it’s worth remembering that the heights achieved last year
came amidst similar corrections along the way. It’s only the 1st
quarter of the year.
Bitcoin will be the standard for virtual currencies.
Though bitcoin may have a limited use case, it has been tipped to
remain the king of all cryptocurrencies. It’s not going to be a
case of “which altcoin will overtake bitcoin” rather how they
will impress with their special use cases. It is a fact that the
technology behind bitcoin is less sophisticated when compared to
many other projects like ethereum.
Bitcoin as a store of value
Gradually, bitcoin is being seen more as a store of value that an
actual currency being compared to gold and other assets. Bitcoin
was originally designed as an alternative currency to bank the
unbanked. Most decision making bodies and financial experts,
however, see Bitcoin more as a store of value, an asset rather than
a medium of transaction.
Many Altcoins will suffer
Part of the process that will lead to general acceptance of
cryptocurrencies will include a clean-up of “useless”
cryptocurrencies. A good number of the 2000 coins will naturally go
away as their value become worthless—some, only a fraction of
cent. Brad Garlinghouse, the CEO of Ripple and Llew Claasen of
Bitcoin Foundation are among those raising this alarm.
Economics of Scarcity
The limited supply of bitcoin—a fixed supply 21 million BTCs—
will play a role in its price; if not now, in the future.
Outside factors will play a significant
role
Many observers believe that outside factors which affect the
adoption of bitcoin will ultimately dictate the price in the short-
term. The creation and performance of futures markets, for
instance, is expected to tilt the price either way.
There are still concerns about bitcoins used for
illicit purposes
Due to the anonymity of Bitcoin transactions, it has been used to
conduct illegal activities giving Bitcoin a general bad image. This
image, analysts believe will affect its adoption and ultimately its
prospects in the future.
Finally, Caution against risking your life savings
Crypto investments are new and super-risky. Remember ethereum
founder saying that cryptos are so risky the prizes might actually
drop to zero. Well, that doesn’t seem practical but the message
was clear. Do not invest your life savings in bitcoin or
cryptocurrencies generally. Just like John Draper noted, you still
need to buy stuff in fiat. So while bitcoin will likely worth a lot
more in the future, it’s advisable to invest just as much as one
can afford to lose.
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