After reaching a record high of $34,800 on Jan 3rd 2021 (Sunday), Bitcoin fell sharply the next day wiping out more than half of its rally from New Year's Eve till sunday.
Jack Dorsey's payment company, Square recently invested $50 million in Bitcoin and this isn't the first time the company showed interest in cryptocurrency. In 2018 they launched a crypto trading app called CashApp and they also formed an independent team called Square Crypto in 2019 that contributes to Bitcoin's open-source work. All of this clearly shows the company's confidence in Bitcoin and cryptocurrency.
Bitcoin, created by Satoshi Nakamoto, is the first-ever cryptocurrency that came into existence. It is a decentralized digital asset that is not controlled by any third party such as banks or government.
Every transaction is verified and stored on the blockchain by the miners who get incentivized for each block that is verified.
Every four years or after every 210,000 blocks halving takes place where new bitcoins enter in circulation as block rewards produced by miners, and after every halving the miner rewards decrease by 50%.
E.g. In 2009, the system started at 50 coins mined every ten minutes which reduced to 12.5 bitcoins, two halvings later, and now it is 6.25 bitcoins after the third halving that took place in May 2020.
This process will continue until all 21million bitcoins are halved.
These halvings often lead to an increase in price as with every halving the supply of coins shrink while the demand stays the same, having said that the next halving is expected in 2024.
Bitcoin is a highly volatile asset, and to accurately predict its future price is a challenge.
In 2013 it started with a price of $13.50 and rallied to $220 by early April only to drop by around $70 towards mid-April.
We have seen a lot of ups and downs throughout the journey of the coin, in Jan 2018 it dropped nearly 50% and then recovered itself much better towards mid-2019,
In 2020 itself it managed to cap out just under $10000 and also saw a low of $5000 in the mid-march market crash, and since then the coin has recovered itself quite well.
1. Jeremy Liew, a partner at Lightspeed Venture Partners, an early investor in Snapchat, and an active investor in an exchange with business insider in May 2017 laid out his trust in Bitcoin and predicted it to reach $ 500,000 by 2030, his prediction was also backed by Peter Smith, the CEO and co-founder of blockchain.
2. Mike Novogratz, a former hedge fund manager and crypto enthusiast, predicted in March 2019 that bitcoin’s market cap is expected to surpass gold’s then market cap which was $7.5 trillion. And he expects this to happen within ten years.
3. Wences Casares, CEO and founder of Xapo, is also a firm believer of bitcoin who got involved in it in 2011. During a Consensus Conference in New York in 2017, he estimated bitcoin to reach $ 1,000,000 in five to ten years times which means no sooner than 2022 but as delayed as 2027.
4. Chamath Palihapitiya is the co-owner of Golden State Warriors and founder of Social Capital, he started his investment journey back in 2012 his enthusiasm for bitcoin can be determined by the fact that at one point he owned 5% of all bitcoin in circulation. His short term prediction suggests that bitcoin will reach $1,00,000 in the next 3 - 4 years and for the long run he predicts it to reach the mark of $1 million in or by 2037
5. As per Bloomberg’s Crypto Galaxy Index (BGCI) report in June, an analyst believes that unless there happens to be a significant flaw in bitcoin, it will continue to be appreciated by investors.
They optimistically suggest that bitcoin has an advantage over crude oil, gold, stocks, and commodities.
To further add they said that every time BTC goes down in volume, it climbs back with an increase in value compared to previous years.
They quote - “After 2014’s 60% decline, by the end of 2016, the crypto matched the 2013 peak […] After the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view.
6. Adam Back, a cryptographer and crypto pioneer predicted the value of bitcoin to soar to $3,00,000 per bitcoin in the next five years.
He believes that hyperbitcoinization can lead to bitcoin reaching $10 million.
"$100,000 bitcoin doesn't seem so far given we already crossed $10,000 threshold a few times when few expected even $1,000 some years back and $10,000 seemed crazy," Back said via Twitter.
Bitcoin has been performing quite well and has started its bull run, Macro investors like Paul Tudor Jones are buying it as a hedge against inflation. It is now not dependent on institutional adoption to continue its bull run as more and more individuals are thinking of it as a hedge against inflation to retain value.
Additionally, countries like the U.S, Japan, and South Korea are incredibly open to integrating bitcoin and other cryptocurrencies in their financial system by regulating it. Towards the end of 2021, bitcoin is estimated to reach $19,169.44*. Source: Gov Capital
With the rapid mainstream adoption that bitcoin is experiencing, we can expect that by 2022 the adoption rate of bitcoin will get tripled. Bitcoin doesn’t seem too far off before it replaces fiat in many cases. By 2022, Bitcoin might reach $32,000, given the advancements are stable.
The fourth bitcoin halving is expected to take place in 2024, meaning we can expect to see a spike in price for 2025. It is expected to reach an all-time high of $100,000, to as much as $400,000 based on the predictions of experts.
Based on Fibonacci extensions alone, additional short-, medium-, and long-term price targets can be found. Using math alone, Fib ratios point to prices of $75,000, $64,000, $47,000, $31,000,and $25,000 for possible new price records. Source: Prime XBT
Trace Mayer; a hedge fund manager created the Mayer Multiple model that helps to predict the ideal times to buy and sell bitcoin which is determined by dividing the current price of bitcoin divided by its 200 days daily exponential moving average (EMA).
The average Mayer Multiple since the creation of Bitcoin is 1.39 and at the time of writing it is about 1.15.
The best long term results are achieved by stacking bitcoin whenever the Mayer Multiple is below 2.4
It is another approach used to determine the future price of bitcoin; NVT refers to the Network Value to Transaction ratio, which is very similar to the PE ratio used in equity markets.
A high bitcoin NVT signals that the network valuation is moving faster than the value being transmitted on its payment network.
This often happens when the network is experiencing growth and attracting investors.
It is calculated by dividing the market cap which is the network value to the daily BTC value transmitted through the blockchain.
Currently, the BTC/USD live price suggests that Bitcoin (BTC) is trading at USD 34,920.88 with BTC price up by 0.95% today. The market cap of Bitcoin is USD 649,769,352,117 with 18,599,243 BTC circulating currently. The 24-hour price movement chart indicates that $73,786,743,858 worth of BTC was trading. (Bitcoin price prediction today USD).
Currently, the BTC/INR Live price suggests that Bitcoin (BTC) is trading at Rs 2554230.15 with BTC price up by 0.95% today.
As per the experts and crypto enthusiasts, a huge chunk of people are optimistic about Bitcoin going up in value in the years to come.
It depends on you and your goal, as in if you are looking for a long term investment or short term investment. Moreover, it is highly recommended for you to do thorough research before making any investment decisions.
The price of Bitcoin, like any other currencies is determined by demand and supply.
You can get Bitcoin with fiats like USD or Euro. But Bitcoin is a virtual electronic currency with an efficient built-in transfer system. You need to put it in an exchange and convert it into fiat to exchange it for real money.
The price of Bitcoin can change within seconds, there's no standard frequency of price change for Bitcoin.
The lowest price was in October 2010, when Bitcoin was worth less than a dollar and cost $0.125, and in 2011February to April, it was trading at $1.00.
Yes, the price of Bitcoin across the world is the same, just that when you change to your local fiat, the price of 1 BTC varies in that case. For instance in USD, 1 BTC is equivalent to $9,385.89 USD and when it comes to INR, 1 BTC is equivalent to Rs 7,13.080.32.
The bid price is the highest price a buyer pays for security and the ask price is the lowest price.
Bitcoin enables transparency and decentralization, and different countries have specific rules and regulations.
You can go here directly to start buying Bitcoins. You can easily buy Bitcoin with the help of a Credit or Debit card, with fiat currencies. You can even convert more than 300 cryptocurrencies to Bitcoin instantly.
1 Bitcoin is equivalent to $9,165.12 as of February 26, 2020.
This is one of the things whose probability is next to impossible.
Bitcoin is a virtual currency, which works on blockchain technology, where all the transactions are recorded in a public ledger called blockchain.
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