What are the expectations for the future of Bitcoin? Do knowledgeable people think there is a future for Bitcoin? In terms of value, what can people expect from the value of this cryptocurrency to be in the future? 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 about this specific digital currency’s future, making the central banks and fiat financial markets pause and take further notice.
Are you thinking about investing in Bitcoin? Should you purchase Bitcoin or opt for Ethereum?
The Current State of Bitcoin
Cryptocurrency remains a highly 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 an all-time high. Professional investors and the market itself were shocked.
The rapid growth experienced in April 2021 was eye-opening, especially given the significant price decrease in December 2018. The 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 significant peak, leaving 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 to a level between $7,000 to $8,000.
Things started looking up once again around February 2020, when the currency grew to a value of $10,300. However, this amount cannot compete with the ultimate value of $64,000 attained in 2021.
Most recently, with the interest rates being raised in the US, Bitcoin has been replicating the movement of the NYSE and has recently seen intense volatility, most recently stagnating around $20,000.
The price of Bitcoin remains highly volatile, but many industry professionals continue to have high hopes for this cryptocurrency. With a brief understanding of the history of Bitcoin, it’s time to look at its prospects. What can people expect from the crypto economy in 2022? Various industry professionals have given predictions of the future movement of Bitcoin based on their market experience.
The Future: Bitcoin Predictions for the Next 10 Years
Providing a thorough analysis of Bitcoin based on estimates is a challenging game to play. With the extreme volatility and uncertainty, no one, not even an “expert,” can provide specific and accurate future forecasts. However, some professionals do have a slight ability to predict positive growth trends. One of the main reasons 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. For this reason, 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 and democratize the currency markets.
Everyone strives for a certain level of freedom, especially 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, likely preventing individuals from expanding their wealth more efficiently.
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, 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, you should 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 no specific value is 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 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 2022 and falling to $41,000 in 2023. Lee’s predictions proved correct for 2020; hence, you may want to note what he has to say.
- Anthony Pompliano – This respected and well-known crypto enthusiast predicts a price of $100,000 in 2022. Pompliano is the founder of Morgan Creek Digital, a user-friendly cryptocurrency asset management organization.
- Mark Yusko – This former Bitcoin skeptic predicts a $500,000 price for the digital coin in 2030. Yusko also stated that he believes Bitcoin can reach gold equivalence in future years.
- John Pfeffer – The Pfeffer Capital partner predicts a price of $700,000 in 2030, which he backs up with mathematical calculations.
- Citibank – This 2022 prognosis from the American multinational financial services corporation and investment bank sees Bitcoin reaching $120,000 in 2022. Like many other professionals, they are most optimistic about what Bitcoin has to offer in the future.
- Philip Swift – While Swift believes this currency is an early asset with many 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 famous
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 this network will disappear is if every miner stops 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. While it may not stay in the form most commonly known today, bitcoin is becoming a platform that has immense room for growth, hence why disappearance isn’t likely, yet the evolution of the platform seems ever promising.
However, that being said, one potential risk investors should note is that even though the system would not disappear, the value of cryptocurrency could fall to zero at any point in the Bitcoin 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 clear, and that is that crypto markets and blockchain technology have the potential to redefine financial products as we know them shortly.
People may save, earn, engage, and spend in Bitcoin trading of their 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!