Every Two Years Bitcoin’s Price Adds a 0 on the End, Making 2019 = $100,000 a Real Possibility
In a tweet posted on the official Bitcoin Core (BTC) Twitter account on June 30, the BTC team highlighted how the value of the cryptocurrency has increased in the past, as well as projections about its future performance trends.
Going by the trends outlined in the tweet mentioned above, it is apparent that the digital currency often adds a digit at the end of its value every two years. Although the data provided does not detail specific dates for the given values, it is noticeable that the virtual currency, which was worth pennies in 2009, reached $10 in 2011, $100 in 2013, $1,000 in 2015, and $10,000 last year.
Basing their arguments on the aforementioned trend, many speculators have predicted that the value of BTC will hit $100,000 by the end of next year and $1 million in 2021.
The Reaction of the Crypto Community
As expected, this tweet has received several responses, most of which take varying stances. A section of the crypto community agreed with the report's predictions, while others opposed the report. Others have opted to adopt a neutral stance, holding on to their digital assets as they wait to see how the markets will progress over the coming years. One Twitter user, however, noted that the price of Bitcoin might reach $1 trillion in 2033 if the current trend persists.
Is it Possible?
Despite the notion that the value of Bitcoin will follow previous trends, investors should exhibit several hindrances as the days go by. Irrespective of the technical analyses or the opinions of influential crypto investors who have previously issued accurate predictions on the value of Bitcoin, the price will forever be determined by the situational demand and supply of the digital currency. Besides supply and demand, forking of the blockchain network has proven to have a positive impact on the value of Bitcoin. The next hard fork is scheduled to occur in 2020.
Regardless of the value of the virtual currency, it is worth noting that all predictions are just speculation. For this reason, it is always advisable to invest what an individual can afford to lose, mainly because the crypto market is highly volatile and thereby significantly risky.
As of now, the crypto community is gearing up for the anticipated entry of a flurry of institutional investors, who are expected to pump funds into the sector. Although Bitcoin is expected to attract a majority of these institutions, it is expected that the entire crypto space will benefit as a result of the increased funding.