Bitcoin has been in the market for a decade. Although there were some ups and downs in its initial years, it is a stable digital coin at the moment. As such, experts are still trying to ascertain where the coin may be headed.
Bitcoin in 2018
Before we delve into the future of this popular currency, let’s focus a bit on its present status. In 2018, the currency experienced several ups and downs. The market, which was stable before, is now suffering from volatility. However, it is not as severe as in 2017.
Analysts, enthusiasts and experts differ in opinion regarding the short term and long term price of the currency, but only time will tell. However, crypto investors can expect to face several price fluctuations before the prices settle and experiences a steady rise.
According to several experts, however, the prices can vary and would definitely go up in the long run. Let’s have a look at what the predictions are for Bitcoin in the upcoming decade.
According to John McAfee, founder of McAfee Antivirus and Bitcoin supporter, the digital currency’s price will definitely rise. McAfee predicts that the popular digital currency will hit $1 million by 2020, after last year’s prediction of $7000.
Fundstrat’s Tom Lee
Co founder and Head of Research of Fundstrat Global, Lee believes that prices for this digital coin will rise to $25,000 by the end of this year. According to Lee even after Thursday’s downfall, the currency’s prices remained 61% higher than predicted.
“It’s overdue. Bitcoin was incredibly oversold,” says Lee. “When you look at metrics like price-to-book, which is ‘money cost,’ or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”
According to CEO of BitBull Capital, Bitcoin prices can be anywhere between $10,000 to $100,000 in the next five years. Joe said that it is hard to predict the price now because there are numerous factors affecting the market. However, that will change by 2023, when the prices for the currency will become more stable.
“Digital currencies and assets are the future of transactions and value storage, and Bitcoin is leading this revolution. But this doesn’t make it easy to guarantee a specific price tag five years down the road,” Joe continued.
Matias Dorta, who is the Founder of ICO Informer, states that by 2020 Bitcoin price will surpass $30,000. He believes that several countries will adopt Bitcoin as a reserve currency by 2030, which will cause the increase in price.
Additionally, according to Dorta, Bitcoin is digital gold, which will further raise its price by 2021.
Want the latest crypto news? Join our Telegram Channel