Cryptocurrency expert expects $100,000 Long term Bitcoin price forecast
$100,000 Long term Bitcoin price forecast: does this sound like a dream to you? While some ask about when will bitcoin crash and wonder about Bitcoin price forecast, some analysts are very optimistic.
The price of Bitcoin is set to hit $100,000 in 2027, according to the cryptocurrency expert, who has correctly predicted digital currency’s surge this year. This would account for the 3,483 percent rise from the recent record in Bitcoin price.
In December 2016, annual forecast reports included the Bitcoin price forecast, which stated that the digital currency will surge to $2,000 in 2017. Back then, the Bitcoin value was standing at $754, so the forecast implied the currency to surge by 165 percent. What did we witness this May?
Right, Bitcoin hit $2,000 on the 20th of May. However, now the analyst behind the forecast, Kay Van-Petersen, believes that the cryptocurrency has much bigger potential.
Long term Bitcoin price forecast
Mr. Van-Petersen believes that all cryptocurrencies will account for the 10 percent of the average daily volumes (ADV) of the fiat currency trade in 10 years. Forex ADV stands at slightly above $5 trillion, according to the data from the Bank for International Settlements.
Moreover, Mr. Van-Petersen states that Bitcoin’s market capitalization would be ten times bigger than the ADV. This gives us a figure of $1.75 trillion from the market cap. As of now, this figure stands at $37.8 billion, according to data from CoinDesk.
Following on this, Bitcoin has a restricted supply of 21 million. Mr. Van-Petersen expects the market to reach this number by 2140. As per expert’s predictions, 10 years from now, there will be 17 million Bitcoin in circulation, up from 16.3 million current figure.
If we divide the potential 17 million of Bitcoin in supply by the $1.75 trillion market capitalization forecast. Thus, each Bitcoin would be worth over $100,000.
Cryptocurrency is the future
Meanwhile, Mr. Van-Petersen in his surprise $100,000 Bitcoin price forecast shared his rough calculation. According to him, Bitcoin growth potential is quite big. Taking into consideration the Bitcoin surge in 2013, when the currency grew over 5,000 percent, anything is possible.
In addition, Mr. Van-Petersen believes that cryptocurrencies, in general, will be staying in the market for the long run. He has stated:
“This is not a fad, cryptocurrencies are here to stay. There will emerge two to three main ones. Bitcoin will be one of those.”
He believes that Bitcoin has the advantage of being a first mover on the market. The scale of the cryptocurrency and pioneering are also significant impact factors. On the other hand, let’s not ignore the fat finger in the cryptocurrencies these days. Many hedge funds are putting more and more pressure in the market. Indeed, in a market where the supply is limited, surged demand will always hike the prices, economics 101. Among the best cyrptocurrencies of 2017 Ripple and Ethereum are the best examples of this supply & demand curve.
Do you think this $100,000 Long term Bitcoin price forecast is correct? What is your 2017 Bitcoin Price Forecast? What is your opinion?
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I'm a huge fan of CryptoCurrencies, and BitCoin in particular. Although I would like to shove every penny I can manage to save into something like BitCoin, I am worried about the advent of Quantum Computers.
From what I've researched about these things, it seems possible that in a few years from now, they might be used to hack/crack/corrupt anything Crypto or BlockChain-related.
My question is basically: Is it possible to crash BitCoin and all other CryptoCurrencies using something Quantum Computers?
What's the reality regarding this scenario sketch?
This post has received a 3.12 % upvote from @drotto thanks to: @spinx23.