Five Hard to Ignore Points Supporting a Potential Bitcoin Price Hike to $10,000+ in 2019
In a recent post shared by Jack Thomas, reporter from U Today, five reasons have been given as arguments as to why Bitcoin’s price will eventually be valued at $10,000.
As per his claims, the five reasons are the end of a bear market and beginning of the bull, the adoption and gradual integration of blockchain technology:
“Its comparative value [and] its untapped market.”
It’s Finally Time for a Bull Run, Good Riddance to the Bear
Thomas noted that the Bitcoin dropped from a near $20,000 to $3,000. The case made here is that the rise in value was merely due to the hype surrounding bitcoin and not so much on the “fundamentals of the technology”.
As more time has since been given to fully understand Bitcoin and its underlying technology, he believes that there is a “good foundation for a bullish run.”
This belief aligns with Crypto Expert, Tom Lee’s viewpoint, who, as per Bitcoin Exchange Guide, has argued that the crypto winter is finally over, and spring is just around the corner. He also shared that the fundamentals and the technicals have improved, which are some of 11 signs that the bull run is soon approaching – with 2020 being Bitcoin’s next ath (all time high)
Adoption of Blockchain Technology
This has been an aspect that we’ve all seen expand since its existence. Many renowned firms have since considered the likes of blockchain technology and how it can be implemented to resolve common industry problems.
While there are still some firms sitting on the sidelines – especially those bearing in mind that the demand is not evident from customers and the underlying cost associated with transitioning, there has been an increase in applications and firms putting the technology to the test.
“Small Fry Asset”
Thomas made the case here that the Bitcoin market is sitting at less than $100 billion. While the number is large, comparing it to existing altcoin market, it is fairly small. He then claims that this could be the driving force to pick up prices, adding that the:
“US national debt is $21 trillion alone, it really puts things in perspective.”
The last statement was something that Tom Lee also noted. In particular, he gave Venezuela and Turkey’s Lira as examples in which inflation has gotten their citizens to invest in Bitcoin.
The two also amount to 30% of the Bitcoin market is what he shared with CNBC and, if every other country ends up in this situation, then Bitcoin’s value is surely to pick up.
The last argument Thomas made is in relation to the integration of digital assets into society. He strongly believes that the popularity associated with iPhones, i.e. “iPhone moment” has yet to come for Bitcoin, but once it does, things can be expected to look great for the crypto giant and blockchain technology.
What are your thoughts on the proposed five reasons? Are there any that made you think twice? Let us know in the comments below!