Will Bitcoin Hit $50,000 or $100,000 by 2018 End or Decline to $100?
Bitcoin is looked at as the most vibrant cryptocurrency in today’s financial world. While most other digital currencies are fast going down as compared to their previous highs, new predictions are being made every now and then for these currencies, one of which is that Bitcoin will hit $50,000 by the end of 2018.
A leading cryptocurrency portfolio manager, Jeet Singh, believes that the volatility of cryptocurrencies is completely normal and their fluctuation by 70% to 80% is quite ordinary and it has nothing to worry about. YourCriptoWizard.com experts are of opinion that bitcoin will hit at least $18,000 by the end of 2018.
Today’s Price of Bitcoin
Cryptocurrencies can be compared to today’s bellwether organizations like Apple and Microsoft. In the beginning, their shares were quite volatile too. Nevertheless, as these organizations developed their business model, the shares not only elevated but also became much more stable.
Still, several investors are worried at present because of the high volatility of digital currencies. However, as per Jeet Singh, long-term investors don’t need to be scared of the volatility at all. Because they will stay here for longer, there would be no problem for them in holding the digital currencies for longer.
If bitcoin reaches as high as $50,000 by this year-end, its value will be around $10,000 which would be a five-fold elevation once again.
Only time would tell if Jeet Singh is wrong or right. In reality, at present several investors are scared of investing their new money in bitcoins. Just once they are ascertained that the volatility would come to an end and bitcoin will resume its uptrend, most of them would actually be willing to invest in this digital currency.
However, for now, most investors prefer to stay away from the digital currency boom. Many of them have just held their holdings so as to wait patiently to find if the digital currencies take up their uptrend again or not. Most investors still feel too unsure to make a decision. At the same time, presence of institutions in the cryptocurrencies pace has increased which will certainly be beneficial to the cryptocurrencies space and will also increase their value and credibility in the future. Actually, it is one of the main reasons why it has not further declined even after forming a bottom. Moreover, once the regulatory obstacles are fixed up, it’s certain that the value of cryptocurrencies would again be increased.
Will Bitcoin Rise in 2018 to $100,000 or Fall Down to $100?
The prices of bitcoin in 2018 have been highlighted by volatility which has made it challenging to predict the price of bitcoin in a short term even for the most seasoned analysts. Just yesterday bitcoin price took a dip to below 8K from 10K after the news that Google will henceforth ban crypto-related ads.
Industry figures, analysts and enthusiasts have a lot of diverging views and predictions about bitcoin prices for both long as well as short term.
Here some experts’ opinions are important and should be mentioned. E.g. John McAfee, the founder of the renowned McAfee antivirus software and a bitcoin supporter, has very positive views about bitcoin. According to him, bitcoin price projection 2020 is $1 million following the prediction of $7,000 of the last year which was well exceeded.
Besides the economics behind the restricted supply of bitcoin, his prediction has taken into consideration factors like the improved acceptance of Bitcoin and blockchain along with a total market cap of cryptocurrency of about $162 billion which offers big room for growth.
Switzerland-based financial expert Kristjan Dekleva suggests being ready for ten years of turbulence before hoping for the stability of bitcoin. He suggests that the stability will coincide with an overall acceptance of bitcoin even in the hard-stance China.
A Harvard professor and ex IMF (International Money Fund) chief, Kenneth Rogoff is known for his reproachful remarks against bitcoin, and has expressed views that will disappoint the hopes that bitcoin will rise. He has an opinion that governments will rebel against anonymous viral currencies such as bitcoin.
By summarizing the experts’ opinions, we can come to the following conclusions.
There will be Price Fluctuations
Bitcoin and other digital currencies will be tremendously affected by speculations. Even small changes in governments are likely to affect prices. Most experts are of opinion that fluctuations are normal and won’t influence the longer term viewpoint.
Experts would like to predict over a longer period. It’s quite common to predict about bitcoin price for 2020 or express a 10- to 20-year viewpoint. While the existing reality may show some pessimism, it’s worth keeping in mind that the highs attained last year arrived amidst similar rectifications along the way. It’s just the start of the 3rd quarter of the year.
Bitcoin is Likely to be a Standard for Digital Currencies
Although bitcoin may have a restricted use case, it has remained the king of all digital currencies. A case won’t arise like ‘which altcoin will take over bitcoin’, but rather how they will influence with their special use cases. It’s true that the technology behind bitcoin is less advanced as compared to several other projects like ethereum.
Bitcoin – a Store of Value
Slowly, bitcoin is being considered more as a store of value than a currency being compared to assets like gold and others. At first, bitcoin was developed as an alternative currency to bank the unbanked. However, most financial experts and decision-making bodies consider bitcoin as a store of value or asset instead of a medium of transaction.
Economics of Shortage
The restricted supply of bitcoin – i.e. a fixed supply of 21 million bitcoins – will play a major role in its cost, though not now, but in the future.
External Factors will Have a Major Role
Many observers predict that external factors which influence the adoption of bitcoin will eventually have a major role in the short-term. E.g. the formation and performance of future markets is expected to lean the price either way.
If you are interested in what’s happening with the bitcoin and other cryptocurrencies markets, don’t forget to keep in touch with YourCriptoWizard.com. Gaining correct knowledge at right time with such sites will take you to financial prosperity.