The history of bitcoin is being written before our very eyes all the time. We are witnessing something extraordinary, and have been for the past decade. Still, cryptocurrencies and the blockchain technology that powers it are still largely in development in the sense that they are not nearly as integrated into the daily lives of people. If we are to advance as a species, these and similar advancements have to become more dominant.
The first step of course is for cryptocurrencies, mostly bitcoin as their leader and most valuable asset, to step onto the scene much more and replace the current traditional currencies. Only then can we talk about the rest of the institutions doing the same. Before all of that, however, bitcoin has to become even more valuable, and a bright future is in front of it according to experts.
If we are to explore the history of bitcoin and how much in USD it was worth per coin, the absolute height of its power came towards the end of 2017 when 1 BTC was nearly $20,000. It soon dropped heavily and recovered soon after, only to cement itself around $11,000 for the better part of 2020. According to its former trends, a sudden rise is to be expected by the end of this year, maybe at the start of 2021. In this article, we will see why the experts believe this to be the case. If you wish to find out more on the topic make sure to check out techtimes.com.
What Experts Say
Most of the experts in the constantly expanding field of cryptocurrencies and finance agree in their views that sometime in the relatively near future, bitcoin will reach six figures and be worth around $100,000. Most of them also believe that it will easily surpass this amount and stabilize slightly above 100 large ones per coin. The knowledgeable insiders that firmly believe this to be true include some big names in the industry.
For example, the cofounder of Blockfyre, Simon Dedic, is one of them. His crypto-analysis agency is a large player in the field so best believe he knows what he is talking about. Except believing that 1 BTC will be worth more than $150,000, he estimates that other cryptocurrencies will experience considerable rises too. His expectations see Ethereum reaching $9,000, BNB at $500, and both LINK and XTZ around $200.
Simon’s colleague and the famous trader Theta Seek tweeted this year that she agrees with many of her peers in expecting bitcoin to surpass $100,000. In order for this to happen, she says that investments need to reach $90 million per day.
Moving on, many other people who are actively involved with crypto and blockchain like the Morgan Creek CEO Mark Tysko agree. They are preparing for it to come slightly later than 2020, considering the slowing of everything that can be slowed in 2020 due to COVID-19 and the pandemic. His team estimates this to happen between 2021 and 2022, which is probably more realistic.
The reason why so many of them agree is simple. Bitcoin has to jump in order for the market to further regulate itself. In the previous stages of its life, the leading digital currency changed the game completely every time it skyrocketed in value. Ever since it became evident that it really does pay to invest in it, to the faithful day in 2017, people were still on the edge. Now, it is more than clear that crypto is no game and that everyone should get on it. Therefore, the price has to rise because the demand is rising as well, and there is a finite amount of BTC.
Some seemingly crazy estimates go as far as to say that bitcoin will eventually reach $400,000 and even $500,000 per single coin. These are crazy amounts, but crazier things have happened and are happening all the time. Why shouldn’t this be any different?
Those who have disputed virtual currencies from the start are being more and more silent because they have been proven wrong time and time again. First, they said that cryptocurrencies cannot exist and that it does not make sense. Then they did not expect them to find an audience and fail. When they realized how valuable cryptocurrencies have become, they lobbied for them not to be used and proclaimed they will fail eventually. None of their predictions happened, nor will they. The future is in crypto and smart, rational people know it.
Not even the coronavirus spread slowed it down, and it is actually astonishing that bitcoin has managed to keep its value well above $10,000 during the peak of the pandemic. No significant drops and spikes are happening with the volatile virtual currency, another more than welcome unusual thing. This is another reason why everyone expects it to jump significantly in the coming months. Venture capitalists, cryptoanalysts, investors, and business people around the globe are preparing for the inevitable.
Conclusion and Takeaways
Like all of the other digital currencies, bitcoin is very prone to risks and is highly unpredictable and volatile. It has been infamous for this exact reason since the moment it stepped onto the scene, but it has also made millionaires out of people overnight time and time again. Soon, it will do it again, in what will be the biggest boom and a change of tides in its existence.
Although experts advise everyone to invest in digital currencies like bitcoin, people are not listening and paying enough attention, as usual. Most are still unsure what cryptocurrencies even are and how something like this can even exist. They are so used to the traditional economy and paying with dollars, euros, pounds, and francs that they cannot even perceive anything else. Nor do they want things to change, a devastating truth of the human race that everything new is bad and that old and proven systems work best.
Well, those who know better are more than aware of what is coming which is why they are in large part living their lives as if they are 100% that bitcoin will soon be worth more than $100,000. If it does not happen in 2020, that is fine. The year has done so much bad to the planet that one more disappointment will not change anything. It will only cement the belief that 2021 will be the next chapter in the story of cryptocurrencies.