What Is the Future of Bitcoin? Latest Forecasts from the Industry
What are the expectations for the future of Bitcoin? Do knowledgeable people think that there is a future for Bitcoin? In terms of value, what can people expect the worth of this cryptocurrency to be in the future? As to be expected, holders of digital assets and investors are keen on Bitcoin price forecasts.
Bitcoin is the giant of the financial cryptocurrency market. Many people continue to speculate over the future of this specific digital currency that made the central banks and fiat financial markets pause and take further notice.
Do you own Bitcoin or any other cryptocurrency? Are you thinking about investing in Bitcoin? Should you purchase Bitcoin or opt for one of the alternative coins, such as Ethereum? Keep reading for an evaluation on this topic.
The Current State of Bitcoin
Cryptocurrency remains an extremely volatile and risky market that operates much differently from any other financial product. If you look back to the 20th of November 2015, Bitcoin was indexed like other forms of stocks. Two years later on the 15th of December 2017, the accepted digital currency reached its peak at US $19,650.01. This was incredible and opened the eyes of the masses. However, this peak was beaten in April 2021 when the crypto price was above $64,000, which is the all-time high. Needless to say, professional investors and the market itself were shocked.
The rapid growth experienced in April 2021 was once again eye-opening, especially given the significant price decrease in December 2018. This crash in December 2018 was devastating as many individuals lost approximately 85% or more of the capital they invested into Bitcoin.
However, things were on the rise again in June 2019, when the price reached a major peak at that time, which left many critics surprised. Around this time, the cost was around $11,865. Unfortunately, this amount proved challenging to maintain, and the price decreased once again, where it leveled around $7,000 to $8,000.
Things started looking up once again around February 2020, where the coin grew to a value of $10,300. However, this amount cannot compete with the ultimate value of $64,000 per coin attained in 2021.
All this said, the price of Bitcoin remains extremely volatile, but many industry professionals continue to have high hopes for this cryptocurrency. Now that you have a brief understanding of the history of Bitcoin, it’s time to take a look at its future prospects. What can people expect from the crypto economy in 2021? What about 2031? Various industry professionals have given predictions of the future movement of Bitcoin based on their market experience and involvement with cryptocurrency.
The Future: Bitcoin Predictions for the Next 10 Years
Providing a thorough analysis of Bitcoin based on estimates is a tough game to play. With the extreme volatility and uncertainty of this market, no one, not even an expert, can provide certain future forecasts. However, professionals do have a slight ability to predict positive growth trends. One of the main reasons why Bitcoin looks so appealing is because its market cap displays the dominance of the coin versus other coins, leading to an implication that investors are beginning to trust cryptocurrencies in general, and Bitcoin more specifically.
Stepping back, the stated reason for the development of the Bitcoin blockchain was to assist individuals with regaining financial freedom, security, and privacy. Due to this purpose, many investors do not want to allow the crypto market to disintegrate because of the potential the industry has displayed and its ability to make ordinary people wealthy.
Everyone strives for a certain level of freedom, which is especially true when people try to prevent or exclude others from increasing their wealth. Banks, the government, and other institutions have traditionally exercised tight control on financial factors, which has likely contributed to preventing individuals from expanding their wealth more easily.
This centralized system encouraged others to push the boundaries and find a more innovative and inclusive way forward, so they did not have to be excluded or discriminated against based on their financial circumstances. Hence, an advanced and modern technology such as blockchain decentralizes the process, making an attractive, alternative option more available to everyone. What do the experts have to say about projected valuations and price levels regarding the future of Bitcoin?
Latest Bitcoin Forecasts from the Experts
It is no surprise that Bitcoin is now the most well-known cryptocurrency worldwide. Even so, it is advisable that you learn as much as you can about it first. For starters, a man who assumed the identity of Satoshi Nakamoto created Bitcoin in 2009. The difference between this and fiat currency is that there is no specific value assigned to this cryptocurrency. People can instantly engage in Bitcoin transactions without the permission or assistance of an intermediary.
Individuals may purchase Bitcoins in various ways. One can buy it from a regulated and trusted exchange or directly mine them. Mining Bitcoins is a much more expensive and challenging process. Given the above, let us evaluate what the industry professionals have to say about Bitcoin. Future value predictions include:
- Bobby Lee – The first exchange (BTC China) CEO in China, Bobby Lee believes Bitcoin can reach $1,000,000 in 20 years. His other predictions include the coin amounting to $330,000 in 2021 and falling to $41,000 in 2023. Lee’s predictions proved to be correct for 2020; hence, you may want to take note of what he has to say.
- Anthony Pompliano – This respected and well-known crypto enthusiast predicts a price of $100,000 in 2021. Pompliano is the founder of Morgan Creek Digital, a user-friendly, cryptocurrency asset management organization.
- Mark Yusko – This former Bitcoin skeptic now predicts a $500,000 price for the digital coin in 2030. Yusko also stated that he believes Bitcoin can reach gold equivalence in the years to come.
- John Pfeffer – The Pfeffer Capital partner predicts a price of $700,000 in 2030, which he backs up with mathematical calculations.
- Citibank – This 2021 prognosis, from the American multinational financial services corporation and investment bank, sees Bitcoin reaching $120,000 in 2021. Like many other professionals, they are positive about what Bitcoin has to offer in the future.
- Philip Swift – While Swift believes that this currency is an early asset with a high number of associated risks, he has Bitcoin forecasts between the range of $92,000 and $137,000 in 2023. Additionally, Philip based his prediction on previous cycles that have played out in the crypto market regarding this popular coin.
Is There a Possibility of Bitcoin Disappearing?
Most likely, you do not have to worry about the disappearance of Bitcoin. Future price predictions are promising, and it is an established network that stays in place as long as investors utilize the platform. The only chance of this network disappearing is if every miner stopped transacting via the system, which is highly unlikely considering the Bitcoin price forecasts. People have invested billions of dollars in the infrastructure of Bitcoin, so it appears it is here to stay.
However, that being said, one risk potential investors should note is even though the system would not disappear, the value of cryptocurrency could fall to zero at any point in the Bitcoin cash future, meaning it could potentially be worthless one day, like many other volatile financial products.
The Bottom Line
Is Bitcoin the future? As you have seen, the estimated prices and predictions for the future of Bitcoin from a cross-section of the industry appear very bullish. While we cannot specifically say what the years ahead may offer regarding this cryptocurrency, one thing is becoming more and more certain – the crypto market and blockchain technology have the potential to redefine financial products as we know them in the near future.
People may save, earn, engage, and spend in Bitcoin trading at their own free will. Advanced developments and applications are already being created and implemented to make this even more accessible. Here’s to agreeing that Bitcoin looks like the future!