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Many believe that the leading cryptocurrency, Bitcoin, is the future of money while others think it’s just a scam. Supporters of Bitcoin claim that the price of the digital currency will touch the sky while sceptics believe that all cryptocurrencies including Bitcoin will end up “worthless.”
bitcoin price predictions
But what should you consider when it comes to Bitcoin price predictions?

Tim Draper’s Views

Tim Draper is one of the most notable investors in Bitcoin and Bitcoin startups. According to the recent statement of Draper, he believes that the price of Bitcoin will hit $250,000 in 2022. Draper’s Bitcoin price prediction in 2014 was correct, as he believed that it would hit the $10,000 mark by 2017.

You can find a list of financial professionals who called Bitcoin a scam and claimed that it doesn’t have any worth. In simple words, a massive percentage of Bitcoin sceptics are those individuals who have a financial incentive to see the leading cryptocurrency [Bitcoin] fail.

Stefan Hofrichter — Bitcoin Prediction

Stefan Hofrichter, head of global economics and strategy at Allianz Global Advisor has recently said:

“[Bitcoin’s] intrinsic value must be zero.”

It must be noted that Allianz Global Advisers is one of the biggest investment houses in the world and doesn’t offer any crypto investments to its customers. The demand for cryptocurrency investments is growing day by day, though Allianz Global Advisers still needs to validate why it doesn’t offer any products in this area. There’s a clear encouragement for Hofrichter as well as his research team to settle that ‘bitcoin is an asset bubble’ – not a smart investment. Therefore, just like the price prediction of Draper, Hofrichter’s view on the Bitcoin’s future value has to be taken as with scepticism.

Impact of Politics on Bitcoin Price

The recent comments of Donald Trump on Twitter are monitored by traders, globally – and they can affect the stock and currency market. Last month, Amazon’s stock declined over 8% in three sessions – after the president of America, Donald Trump tweeted about Kim Jong-un.

bitcoin predictions

What does Tom Lee have to Say about Bitcoin’s Future?

When we talk about Bitcoin future prediction, in actual fact, no one has any idea about the future price of Bitcoin. Nothing can answer what will be the price of Bitcoin in future. It’s only time that will tell us at what level the price Bitcoin will trade in 3-10 years. The Managing Partner and Head of Research at Fundstrat Global Advisors, Tom Lee, has been predicting the Bitcoin price for quite a few years. According to his prediction, the price of Bitcoin will hit $91,000 by March 2020.

Back in October, Tom Lee told Business Insider in an interview:

“I think this next generation of young people views bitcoin as their store of value. And if it captures 5 percent of the gold market, it’s worth at least $25,000 per unit.”

The founder of Standpoint Research, Ronnie Moas, has predicted that Bitcoin price will hit $28,000 in 2018. He believes that the price of Bitcoin will ultimately upsurge to $300,000 – $400,000. Moas price prediction for Bitcoin is based on the limited supply of Bitcoin — facing unlimited demand.

Moas said:

“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million Bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher.”

There’s no doubt, anyone can contend that Fundstrat Global Partners benefits from the outspoken views of Lee on cryptocurrency estimations. Though the failure and the success of his company don’t depend on the ‘future performance’ of cryptos including Bitcoin — same goes for Ronnie Moas and his company.

When it comes to price prediction of Bitcoin, the best people that you should listen to are independent analysts. Their price targets are not only based on the exhaustive analysis but their main incentive is to be right with their predictions because that is exactly what they are getting paid for.

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Gold droops as Businesses Side with Cryptocurrencies

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With cryptocurrencies like Bitcoin and Ethereum, leading the charts, it is hard to ignore the fact that digital currencies are becoming everyone’s new want. Having investors line up right in front, looking forward to making new investments with the cryptocurrencies.

Every month, more digital currencies are added on to the list. Especially, with businesses turning to cryptocurrencies, demands in areas outside the digital world have seemingly begun to decline.

In all this, gold in the sudden surge in demand of virtual currencies our precious metal has suffered immensely.

Supply and Demand

Unlike Bitcoin, there is about $7 trillion worth of gold in the world.

The limits on bitcoin’s supply and the potential worth of the digital currency mean there will be an increase in demand for a limited product, thus driving up the value. Also, the time taken to add Bitcoins to the market has actually dropped since the difficulty to mine a block keeps increasing.

Future of Bitcoin and Gold

Tom Lee, the widely followed strategist said in a report that his model shows how Bitcoin could rise to a range of $20,000 to $55,000 in the next five years.

Moreover, as new cryptocurrencies arise, more and more investors have begun to accept the blockchain technology. Countries are wanting to implement these techniques into their financial sectors and completely decentralize.

Bitcoin now makes up the minority of the entire cryptocurrency market at about 41.6% of all coins and assets.

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Bitcoin in 2017

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Bitcoin’s value increases with time. When bitcoin outperformed the U.S dollars by 30 percent. It became the best performing currency in 2017. Here, I’ll discuss some comparison with you, about the bitcoin profitability.

Gold, silver, litecoin, Altcoin vs Bitcoin

The 2017 year is best for bitcoin. This cryptocurrency achieves $5 bln market cap in early April. Gold is a precious metal with an extremely limited supply. Whereas, silver is a precious metal also limited in supply. The historic gold/silver ratio is 16:1, meaning 16 ounces of silver were equal to the 1 ounce of gold. The recent ratio of the gold/silver is 64:1, or 0.015625.

In 2013, Bitcoin price reaches to $1242 per coin. Unfortunately, on the same day, gold’s price was $1240. Whereas, litecoin reaches $48.47 per coin that time. In addition, silver’s price in late 2011, was $49.76 per ounce.

Bitcoin has an extremely limited supply and its mining is in digital form. Whereas, Litecoin is also limited in supply but not as bitcoin. The designed ratio of bitcoin/lite coin was, every 4 litecoin will equal to 1 bitcoin. The recent ratio of BTC/LTC is 80:1, or 0.01239. An abnormal difference of 20%.

Gold/BTC current ratios are similar. But their values cross each other. It is totally insane to compare gold/silver with bitcoin. The reason is, gold and silver have physical worth. Whereas, BTC/LTC both are the digital currencies.

Yes, we can compare BTC with other cryptocurrencies. Here, a question is, what is the future of bitcoin in 2017. Its answer is completely simple. Bitcoin’s future will be bright. Because it crosses the precious metal price.

Bitcoin vs Litecoin

Block time for bitcoin is 10 minutes. Whereas, litecoin’s block time is 2.5 minutes. The recent ratio of BTC/LTC is 80:1, or 0.01239.

There are a number of litecoins available in the market, i.e. 84 million. Whereas, bitcoins will not exceed the limit of 21million.

The other major difference between litecoin is the cheaper option for bitcoin miners while bitcoin mining procedure has some difficulties.

Bitcoin uses the longstanding SHA-256 algorithm, whereas litecoin uses the new algorithm known as Scrypt.

Bitcoin vs Altcoin, Ethereum

There are more than 500 cryptocurrencies. Few of them are known in financial markets, all over the world. 2017 is going well for cryptocurrencies. After the success of the Bitcoin, most of the digital currencies are active in the financial sector of the world.

Most of the altcoins are built upon the same framework. Which provide the cheapest ways of transactions on the internet. while ethereum gives developers the opportunity to create all sorts of applications that carry out their own set of operations.

Conclusion

Many other cryptocurrencies trying to target the bitcoin’s perceived limitations. Unfortunately, bitcoin has maintained its value. From above discussion, we conclude that, its golden chance to invest in the bitcoin world.

Bitcoin in 2017

 

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European Union Official Says Blockchain is “Going Mainstream”

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According to the latest blockchain news 2018, the vice president of a European Commission has officially asked the EU nations to commit to blockchain-technology; which, according to him, is going mainstream. The vice president of the European Commission said this in a speech on “digitization,” and highlighted the blockchain technology as an area that EU nations must be committing to. European Commission vice-president, Andrus Ansip highlighted blockchain technology amid the parts where Europe is top-positioned and is playing a leading role along with AI (Artificial Intelligence).

EU Blockchain

EU’s Opening Remarks

The official offered the “opening remarks” of the annual ‘Digital Day’ of European Union, which was initially held in Brussels this year, where Ansip stated:

“I would like to see EU countries make a similar commitment (as with AI) to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

In order to achieve their aim, the European Commission’s official called on national governments as well as private sectors to subsidize the cause and stated the EU’s own “public purse only goes so far”, demonstrating almost 1% of the yearly-wealth produced by economies of EU and added, that they need a hard crash.

The remarks were quite noteworthy as they came up just within weeks, earlier in the month of February, when EU launched its own “Blockchain Observatory.” The EU blockchain establishment was first announced by the EC last year and was a response to an European Parliament mandate to reinforce the technical proficiency of EU in innovative technologies.

European Blockchain Partnership

According to the European Commission, it will be investing €300 million in projects that are linked to the use of blockchain technology directly. The EU also unveiled that it is placing the groundwork which is required to create a “European Blockchain Partnership” for promoting interoperable-infrastructures, amid EU nations, to boost and stand-in trusted digital services. In the meantime, the officials of EC previously hinted that they’d be presenting a regulatory framework for cryptocurrencies.

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Famous Bitcoin Trader Claims the Currency Will Hit $15,000 in 2017.

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The price of Bitcoin climbed above $3,500 and at the moment it is standing a little above $4,200. While some people are doubtful towards this gradual increase in value, Veteran trader masterluc says otherwise. He’s made a prediction that Bitcoin will be worth $15,000 by the end of 2017.  He claims that this bull run will continue into 2019 where the price will top out anywhere in between $40,000 and $110,000.

Masterluc is said to have a history of being right in his predictions, and many experts agree that the rise will continue for a while longer, which could have some major consequences for paper money.

Bitcoin recently celebrated its market cap crossing over $50 billion as it tripled the price of gold. Predicting the future of the digital currency is not an easy task especially when its reign shows no sign of ending.

 

News Credits: futurism.com

Image Credits: bloomberg.com

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