Predictions about Bitcoin: What’s the Future?
The anticipation regarding Bitcoin has reached its peak over the years. For the last decade, the growth of Bitcoin has left all analysts across the world stunned. No one could have guessed, what started as a minor ripple caused by an anonymous individual would be the raging storm of today.
Bitcoin was looked down upon with suspicion. Its initial value was just a fraction of a penny. Within a year, Bitcoin’s value had risen to $0.08. This rise in value gathered a lot of investors’ attention. Everyone started viewing Bitcoin in a new light altogether. Bitcoin Era Official Site and other trading applications began to come into existence.
The Trajectory of Bitcoin’s Journey
The existence of Bitcoin became a necessary phenomenon after the 2008 economic collapse worldwide. The anonymous developer Satoshi Nakamoto brought the first Cryptocurrency into the world to eliminate the existing wide-scale socioeconomic disparity at the time.
The developer thought of Bitcoin as a revolutionary tool, uninfluenced by the market forces. Without the intervention of the financial institutions, the central authorities, and the bodies who exercise control over the flow of money across the world, Bitcoin was considered a perfect alternative.
The Price Graph of Bitcoin
The value of Bitcoin has chiefly shown an upward curve. By 2011, Bitcoin had reached a worth of $1. Within the next three months, Bitcoin’s value leaped to $32 per coin for the first time. A direct hike by 3200% was unbelievable for most investors. It had come down to $2 in November, the same year.
In 2013, the graph of Bitcoin value was even more unpredictable. From a value of $13.40, Bitcoin’s value shot up to $220 in April. By June, it had steadied itself at $70 per coin. In October, Bitcoin had picked up the pace and reached a worth of $123, only to reach $1,156.10 by the end of the year. In three days, it fell to $760, leaving the investors in shock. Bitcoin entered 2015 with $315 as its value.
The upcoming years had a surprise in store for Bitcoin investors as it reached $1,000 at the beginning of 2017. After a short descent, the cost of Bitcoin went from $975.70 in March to an unbelievable $20,089 in December. Around this time, various other Cryptocurrencies began entering the market to restrain Bitcoin’s monopoly in the Crypto market.
Predictions About Bitcoin
Bitcoin is currently at $66,539.90. Bitcoin analysts are meticulously making speculations regarding its possible rise in the future. Analysts expect Bitcoin to keep up with the current surge and reach around $80,000 in the foreseeable future. They have charted a possibility for Bitcoin.
According to Bitcoin experts, it is not an impossible feat for Bitcoin to rise to $250,000 by the end of 2025. On achieving the first milestone, Bitcoin will soon reach the next mark of $5 million by 2030. Analysts have time and again compared Bitcoin’s worth to that of Gold in the current scenario. They believe Bitcoin has the potential to surpass Gold as an asset and investment. Daniel Polotsky, a reputed analyst and the founder of CoinFlip has pinned his hope on Bitcoin to “dethrone Gold.”
The analysts are hopeful, considering the continuous rise in technological and scientific innovation. With the increase in advancements, people find it easier to put their trust in intangible investments. The fear that held investors back in the earlier days does not exist today. Everything is out in the open. Everyone is aware of Blockchain Technology and the wonders it can create.
Conclusion
Bitcoin is heavily dependent on the trust of its investors. Analysts have predicted the rise of Bitcoin’s value based on a lot of factors. These factors are, in turn, dependent on other factors. If any of it varies, there will be a different result. Hence, Cryptocurrency is too volatile for analysts to come up with concrete analysis.
