What Is the Future of Bitcoin?
What Is the Future of Bitcoin?
Bitcoin’s future is at a crossroads. The planet ‘s top cryptocurrency is becoming increasingly viable in regular transactions, but market deals are still generating as much anticipation among investors since they have been a decade ago. And although calling the price of Bitcoin is difficult, plenty of speculation is penalized.
How High Will Bitcoin Move?
Many specialists have high hopes for 2019, and there are a few factors that could cause Bitcoin’s price to rise. Bitcoin will shortly have new applications from traditional finance, which could put the coin in high demand. However, the price of Bitcoin will probably not grow steadily, and fluctuations will undoubtedly occur.
Nobody knows just how high Bitcoin’s price will grow, but many experts have seen. Most recently, Finder.com.au studied a panel of specialists who, normally, predicted that Bitcoin’s price increases by 84 percent by the end of 2019. Currently, Bitcoin is promoting at approximately $3400, meaning $6200 is conceivably within reach by December.
One panelist, Ben Ritchie of Digital Capital, predicts that Bitcoin will grow even higher than that. He states that Bitcoin will reach $9500, largely fueled by Bitcoin’s integration with mainstream economies and Conventional finance:
"[One thing to keep an eye out for] is that the impact of the traditional markets on cryptocurrencies. Will bitcoin grow if [the stock market index]
Drops? On-ramp and off-ramps to buying cryptocurrencies will improve in 2019 with Bakkt [a highly-anticipated Bitcoin trading platform] entering the marketplace. "
Experts everywhere have made more optimistic estimates. Michael Novogratz, CEO of Galaxy Digital, and Sonny Singh, CCO of all Bitpay, have predicted that Bitcoin will grow to $20,000 at the end of 2019. However, these predictions were made last year, and recent forecasts are typically more conservative.
How Low Will Bitcoin Move?
In the long run, Bitcoin will probably not deviate much from the current price of $3400. However, lower costs aren’t actually a bad thing, as Arthur Hayes of BitMEX describes:
"Contrary to popular belief, Bitcoin necessitates volatility if it’s ever to gain mainstream adoption. . .It advertises to the world that something’s happening–whether that is positive or negative is irrelevant…$2,000 to $3,000 is my brand new sweet place. "
If Hayes is right, the price of Bitcoin will not fall much farther than its existing position. Other specialists have produced similar forecasts: Anthony Pompliano of Morgan Creek Digital Assets predicts that Bitcoin will remain around $3000 for most of 2019 before climbing again. Because it’s best to buy when prices are low, this can be very good news for new investors.
Can Bitcoin Have a Future?
The above predictions are merely short-term estimates; Bitcoin’s long-term value is another matter completely. Cameron Winklevoss of Gemini has predicted that Bitcoin’s price increases to $320,000 over the next 10 to 20 decades.
"Bitcoin is your first viable candidate to replace gold that the world has ever seen link. Therefore, if Bitcoin becomes the dominant non-sovereign store of value, it could be the new golden, or even new reserve currency. "
Despite the fact it is impossible to forecast Bitcoin’s price with 100% certainty, expert forecasts do paint a speculative picture of Bitcoin’s projected value. And although waiting for prices to grow may be exciting, it’s very important to invest before this happens so as to not miss out on any chances.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation forany trades in cryptocurrencies.