Experts Believe the Price of Bitcoin Will Rise to $1 Million After Brexit
- Josh Riddett believes that Bitcoin and other cryptocurrencies will eventually be accepted as payment in common areas like grocery stores.
- Bitcoin is presently priced at $9,334 at the time of writing.
The price of Bitcoin has changed through the years with political and financial developments, and experts believe that the same will be true of Brexit. According to an article with the International Business Times, Brexit could push Bitcoin all the way up to $1 million per BTC.
Bitcoin’s notable volatility has not been changed by much through the years, CEO Josh Riddett of Easy Crypto Hunter points out. However, the CEO predicts that cryptocurrency will be a usable method of payment for nearly anything in the next decade. He also believes that another big development will happen for the cryptocurrency industry – a £1 million price tag for Bitcoin.
Bitcoin has been the safe haven for a lot of investors, offering a place to keep investments when a crisis happens. While Brexit has been extended again through January 31st next year, Riddett states that more individuals will likely gravitate towards Bitcoin in the process, leading to that price tag. Without influence from geopolitics, Bitcoin is a much safer place to keep investments, providing the flexibility that the current financial system might not.
While proponents like John McAfee may see the £1 million price level as more of an immediate change, Riddett doesn’t agree. Instead, he believes that this progress will be gradual, happening in the next 20 years, but Brexit could be the start of something good. For the UK, Riddett sees cryptocurrency being more broadly accepted as a payment method with grocery shopping and even suggests that it can be used as a form of payment for workers. In the next few years, Riddett predicts that there will be ten major cryptocurrencies that will be welcomed as payment options, and Bitcoin is set to be one of them.
In an interview with TechRound, Riddett stated,
“It will be a natural progression into paying via cryptocurrency, 20 years ago, paying with cheques and cash was commonplace whereas now contactless payment has taken over. In the next 10 years, we will see a similar transition from payment with sterling to payment with cryptocurrency.”
If these predictions become a reality, then a new era in the financial industry will arise. While the volatility won’t really matter if purchase a coffee or weekly produce remains unlike the stock market, then this issue will need to be addressed if anything changes.
Presently, Bitcoin is priced at $9,334.28, losing 0.27% of the value in the last 24 hours. It may be a long way to $1 million, but it looks like proponents are willing to wait.