As the bitcoin price reaches $9,000 BTC/USD exchange rate value for the first time since May 10, 2018 (446 days ago), everyone is wondering what's next for the leading cryptocurrency coin.
Here are the charts showing Bitcoin's price hitting $9,005 on CoinMarketCap (despite having dropped significantly to as low as $8,616 today:
Now, let's get into the meat and potatoes of this piece as all investors, traders and speculators want to know where Bitcoin is headed, and can it really trend towards $0 despite having this mini-bull run reemergence after an extended bear market of 17-18 months.
What's Next for the Chart-Topping Bitcoin?
Digital currencies came into full limelight just about a decade ago and their presence in the digital space has started shaping the digital space for their unique and disruptive technologies. The evolution of digital currencies is neither hard to study nor difficult to track.
Of the over 2000 digital currencies out there, Bitcoin stands as the leader amongst the pack. Events bordering on these coins relevance is synonymous to the relevance of Bitcoin and as a result, Bitcoin has many critiques and adversaries to fight on behalf of the others collectively known as altcoins. The fight and coin antagonism this coin battle have a bearing on their price and value at a particular point in time.
Bitcoin and it’s wars
On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin. Satoshi Nakamoto, a pseudonym to conceal the real identity behind Bitcoins invention. Bitcoin came into existence to remove the hassle associated with financial transactions and centralized monetary systems allegedly plaguing the world. The purpose and relevance of Bitcoin was targeted to curb the excesses of exploitative financial brokers by establishing a peer to peer digital cash transfers that can take place anywhere in the world and within minutes.
Ingenious as bitcoin offering is, many critics and financial regulatory bodies gave the new innovation a cold feet and extremely poor support because of its highly encrypted nature and decentralized system which makes it easy to operate fraudulently and difficult to regulate. As seen today, bitcoin has had to wedge from one ban from one country to the other due to the fear of the assets potential financial usurping capabilities.
Bitcoin’s Price History
Bitcoin as at the time of creation worth basically nothing. Over the course of bitcoin's history, it has undergone rapid growth to become a significant currency both on and offline. The coin was valued at $0.003 as at March 2010. The price of the coin rose significantly to $0.01 two months afterwards. While I would not chat us through the entire course of the price trend, it is important to note that the coin attained its most impressive value in December 17th, 2017 reaching an all time high of $19,981.06.
This peak started retrogressing barely 5 days later and even though as of today, bitcoin remains the most valuable of all digital currencies, it’s current price from CoinMarketCap is $8043.73 with a market cap of $142,531,081,391.96.
Recent Predictions of Doom
As observed over time, it is obvious that bitcoin would always face adversaries predicting its doom. John Crudele in his recent post on New York Post has this to say;
“I wrote in my last column that bitcoin is really a bitcon. I’ve been telling you this since the price of this “investment” collapsed from around $20,000 to $4,000 last year. Bitcoin will soon be worth zero. But until then criminals will still be able to use it and other digital currency to move money around the world without being caught”.
Those who’s been following events in the cryptosphere would attest to sharp price fluctuations in bitcoin’s price in the past few weeks but to allege that the coin would soon tend to naught as it was in March 2010 or even worse might be too strong a claim to fathom.
Prices and values of crypto assets are greatly influenced by news and the media. While it is advisable to be mindful of news with which to base one’s investments on, it is generally unhealthy to be driven by paranoia based on any doom predictions. Bitcoin and other blockchain initiatives have come to revolutionize our digital and cyberspace and John Crudele’s kind of predictions can only come to realization when Bitcoin gives up on its fight, supported by all genuine stakeholders.