Introduction
There are thousands of bitcoin price predictions out there. Some
say that bitcoin will reach $100,000 within the next decade, while others
believe it will take another ten years for the currency to hit the same mark. A
large number of analysts have predicted that the world’s largest cryptocurrency
will hover around $50,000 by 2023; this is one of the most common predictions
you’ll see on the web.
While it’s true that bitcoin has a solid chance of hitting $50k in
under four years from now, there is still a good chance that it will fall short
of this prediction and instead hit $25k in 2023. As you all know, Bitcoin is
recent and gets the highest attention from investors and economists. Some
people think that it will have the same value as gold and others predict the
bitcoin price to grow even more than gold.
Future value of bitcoin
It is impossible to know what's going to happen over a short
period. If you had invested $100 in bitcoin in 2011, your investment would be
worth $1.6m today. If you had invested $100 just one year ago, your investment
would now be worth just over $2,000. Bitcoin has seen an increase of 1,300%
since the beginning of 2017.
The US Securities and Exchange Commission (SEC) has been reluctant
to approve bitcoin-based exchange-traded funds as it reviews whether the
cryptocurrency is ripe for fraud and manipulation. It also faces competition
from other cryptocurrencies such as Ethereum and Ripple which have also seen
dramatic price rises this year.
Bitcoin price predictions for 2018 range from $11,000 to $60,000.
One bitcoin expert predicted a much rosier outcome for 2018: Ronnie Moas at
Standpoint Research said the digital currency could reach $28,000 next year. "I
don't know how much gold there is in the ground, but I know how much bitcoin
there is, and in two years there will be above to 300 million people in the
world trying to get their hands on a few million bitcoin,"
What is Affecting the Price of Bitcoin?
The price of bitcoin is reacting to several factors. The first of
these is the availability of the cryptocurrency, which is determined by the
current size of the blockchain and the rate at which new blocks are added to
it. The second factor affecting bitcoin price is demand from those who wish to
buy and sell it. This is determined by several factors, including how many
people know about bitcoin and have access to it, as well as how much they
believe it will be worth in the future.
The fact that there are so few bitcoins available can make its
price quite volatile. For example, if a major government decided to ban bitcoin
tomorrow, this would reduce the supply and likely cause its price to rise.
However, if another government decided bitcoin was a great investment and
started buying lots of it, this would increase its supply and likely cause its
price to fall. On the other hand, if people stopped using bitcoin because they
did not trust it or just did not like it anymore then this would reduce demand
for bitcoins and their value would fall until more people started using them
again.
The third factor affecting bitcoin prices is political events such
as elections in China or India where there has been talking about banning
cryptocurrencies altogether (which would remove billions from circulation) or
even just regulating them.
Conclusion
Bitcoin price prediction can be defined as the amount of money in
fiat currency that will be invested in buying bitcoins. It is a difficult task
to predict since many factors can influence its price. Though, the bitcoin
price predictions are made possible by considering some main points.
Bitcoin price is at $8577.7+ and in my analysis, it can reach
$20000 by the end of 2019. So, One must invest in this currency now to earn 5x
profit by end of next year. I will be discussing the bitcoin price prediction
since it first emerged. This post will also discuss what are the reasons behind
the increase and decrease of bitcoin prices.
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