Blog

Oct 16

2019

Bitcoin Price Speculations

In 2009, bitcoin was created by a person or a group of people called Satoshi Nakamoto. Using an innovative payment network, it is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Bitcoin is the first cryptocurrency and the first real life application of the blockchain technology. Despite the views of skeptical financial analysts, it took a relatively short period of time for it to be the driving force of a technological revolution.

Bitcoins have steadily increased in value. When Bitcoin was created ten years ago, it paved the way for a plethora of other cryptocurrencies. While bitcoin had no value at first, in passing years we have seen its price increase from cents, all the way up to about  $19,000 per Bitcoin.

The year 2017 saw bitcoin hit an unprecedented price range close to the $20,000 mark but throughout 2018, the overall cryptocurrency market was hit by a bear market streak that seemed endless. There are plenty of skeptics who see the market as a bubble, ready to pop and they  envision that Bitcoin’s price will fizzle back to mere cents. While on the other hand, there are plenty of pro-Bitcoiners, or Bitcoin evangelists, who see little hinderance in Bitcoin growing up to 200 times its current price.

Over the years, pro bitcoiners have made predictions about the price of bitcoin. Below a list of bitcoin infliencers and their price predictions:

TIM DRAPER:

Tim Draper is a billionaire venture capitalist, Draper is well known for his Bitcoin price prediction, something he has repeated multiple times over the years. Tim had envisioned Bitcoin to hit $10,000 USD by 2018. And it happened.  Speaking in an interview with Yahoo! Finance on Aug. 9, the Draper predicted that Bitcoin will hit $250,000 by 2023. Due to current trends, however, there might be a slight delay to the giant price tag becoming reality.

ROGER VER:

Roger Keith Ver is an early investor in bitcoin, bitcoin-related startups and an early promoter of bitcoin. He has been known as "Bitcoin Jesus" for his prominent support of bitcoin adoption. By early 2011, Ver had begun investing in Bitcoin, now with a portfolio including startups like Bitinstant, Ripple, Blockchain, Bitpay, and Kraken. In an interview with Jeff Berwick, for The Dollar Vigilante blog, Roger Ver said in October 2015 that Bitcoin “could very easily be worth $2,500, or $25,000 per Bitcoin, or even $250,000 per Bitcoin” . Ver’s estimate is based on the principles of supply and demand, which he believes creates great potential for Bitcoin as a store of value.

JOHN McAFEE

John David McAfee is a British-American computer programmer and businessman. John McAfee is the Founder of McAfee Associates, which launched the first commercial antivirus software back in the late 1980s. He recently founded MGT Capital, a company that mines various cryptocurrencies in and outside the United States. John got involved with Bitcoin because according to him it will eventually become “the [monetary] standard for the world.”

John McAfee made a bet on July 17th 2017: One single Bitcoin would be worth $ 500,000.00 in three years. However, the notorious bitcoin evangelist later revised his bet on November 29 2017  and predicted that Bitcoin would reach a price of $1 million by the end of 2020. He even promised to eat his own dick if it doesn't.

WINKLEVOSS TWINS

Cameron and Tyler Winklevoss were born August 21, 1981 and are identical twin brothers, known as the Winklevoss twins. The brothers were American rowers and are internet entrepreneurs .

The famous Bitcoin billionaires have said Bitcoin has a potential  of thirty to forty times its current value. That would put the Winklevoss’ estimation of Bitcoin’s future market cap at over $5 trillion. This number comes from a comparison to the $7 trillion global gold market. Cameron Winklevoss stated “We’ve always felt that Bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, Bitcoin is actually fixed. Bitcoin is way more portable and way more divisible. At a $300 bln market cap, it’s certainly seen a lot of price appreciation, but gold is at $6 tln and if Bitcoin disrupting gold is true and it plays out … then you can see 10 to 20 times appreciation because there is a significant delta still.”

TOM LEE:

Tom Lee is the Co-founder of  Fundstrat Global Advisors, which is an independent research company. He is also a wall Street analyst and a bitcoin enthusiast.

Lee initially set a Bitcoin price target for $11,500 for mid-2018, and then increased it to $20,000 as the cryptocurrency’s intrinsic value increased. These targets were instead achieved by the end of 2017. He recently updated his prediction again, stating that Bitcoin’s price will reach $91,000 by March 2020, on the basis of a chart that shows Bitcoin’s (BTC) performances after past market dips.

 

Bitcoin has come a long way since its creation in 2009. It has spear headed a revolution in  financial systems around the world and serves as a more digital and cost effective alternative to fiat. Although the price of bitcoin is changing at a ferocious rate, whether there is a limit for growth or not is what no one knows for sure.

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