Will price of Bitcoin rise above 50k USD in the next decade?
I don't think anybody can predict the price of Bitcoin with certainty. And I pretty much doubt if there is a mathematical model for the same :P
In short your guess is as good as mine or as good as anybody’s for that matter. Cryptocurrency doesn’t have a precedence. Cryptocurrency returns have broken many of the known models of returns. So it is my personal feeling that anybody who claims that they can make an exact prediction is lying.
Rather than making a prediction of what bitcoin price would be in 2020, I can say with confidence that prospects of bitcoin growth are very high. I don’t know if Bitcoin will reach **500k USD **by 2020 but by 2030 it may not seem that impossible.
My reasons are two fold. The prospects of Bitcoin growth are very high. The value of USD will go down drastically in next 10 years or so. Both these things put together 1 BTC = 500k USD is pretty much possible in a decade.
- Inspite of all the news and hungama around bitcoin still there are a lot of people who have not even heard of bitcoin. Out of all those people who have heard of bitcoin only a few have invested in bitcoin or used bitcoin. Just imaging what happens when all these people start using bitcoin or start investing in bitcoin.
- Not many stores have started accepting bitcoin. This news that 260,000 stores in Japan will start accepting bitcoins (and other similar news) led to bull run for Bitcoin. Just imagine what happens when businesses in countries like India and China (37% of world population) start accepting bitcoins.
- Subway starts accepting Bitcoin. Imagine what happens when more popular stores like these start accepting Bitcoin.
- There are only a handful of websites that accept bitcoin. Imagine the day Amazon and Ebay starts accepting Bitcoin.
- Most of the mutual funds and Investments funds have not even started investing in Bitcoin. Imagine the inflow of funds when they Funds start investing in Bitcoin.
- Cryptocurrency(Bitcoin) is the first truly international currency.
- Today most of the value of USD is because anybody can buy oil using USD. The most of the value of USD is because it is a globally accepted currency. The day the world feels that they have a credible alternative the price of USD tumble.
- Once the countries start seeing Bitcoin as an alternative they will start moving their funds from USD reserves to Bitcoin mining. If you think this is a overstatement, check this out “Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future," Marinichev said. Bitcoin mining has the potential to become individual contry’s pride and also having a say in International finance. The more countries joining the bandwagon, the stabler Bitcoin becomes.
- Bitcoin is flexible. By standing strong on August 1st Bitcoin has proved that the community can reach consensus and improve for a course correction. Wherever a soft fork is not possible or is risky, there is always an alternative of a fork. Based on the output of the new currency Bitcoin can then decide which route to take.
- All the value of the Bitcoin is just because of its utility as a currency. Once the usecases for bitcoin increases like that of Ether the value will go high further.
With these in mind I don’t mind if Bitcoin reaches 500k or not. I for sure know that prospects are good irrespective of the short term dips or the prophecies which predict the end of Bitcoin. So I will be a HODLer for the next few years at-least.
Wow McAfee eating his dick isn't gonna be pretty.
Upvote for the sense of humour.
May be McAfee was blackmailing Bitcoin saying "Will you raise to 50k or do you want to see me eat my own dick?". Lets hope his blackmail works.
Great analysis, the only true obstacle for me are the "burnt" and lost coins... there should be an alternative to get them back into the chain and moving again... Currently I do not see a credible and honest solution for that issue
That will be like opening a Pandora's box. It can lead to many frauds and Bitcoin loosing its credibility. There should be measure to make sure that people don't loose coins. I Am not sure how that is going to be :P
Even when the coins are burnt it is not a problem to the overall blockchain as it would reduce the inflation and lead to an effective increase in prize which will earn greater dividends for others who are holding bitcoins.
I understand your reasoning, I was just brainstorming about it... Time will tell
I'm skeptical about 2020, but I agree that we might see it by 2030. The big guys like Amazon and Ebay need to start accepting crypto as payment before they are replaced by sites that do. Using fiat for online shopping is outdated and it's only a matter of time before people catch up.
A lot can happen in 13 years, so you never really know what could be next!
I am hoping that Amazon doesn't do it in the next two years. That way I can buy more bitcoins at lower prices :P
Agree that Using fiat for online shopping is outdated.
I'd like some more time to invest before blastoff as well. I think Amazon might be the tipping point, so two years sounds like a good thing to wish for. That way we can really stock up in time for the rest of the world to be itching to jump on board, and before you know it, we're on the moon!
I hope McAfee smashes the chode!
Good points in this article. I was about to post a similair post. The current total market cap of all cryptos might seem high but blockchain is here to stay and will involve all our lives. I do see a bright future for everyone that's hold's their coins with a long term vision. Do you know this interesting site? https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. See: https://www.coincheckup.com/coins/Bitcoin#analysis For the Bitcoin Investment research report.