Could Bitcoin Reach $10 Million Dollars In 2023?
According to a Bitcoin chart that has been circulating on the internet in the last days, shows that Bitcoin could be reaching $10 million dollars in 2023.
According to an infographic on Bitcoin Halving to Price uploaded to Reddit, after each halving in the rewards received by the miners, the price of the famous virtual currency increased exponentially.
In 2020, Bitcoin will experience a new halving. Miners will be receiving 6.5 BTC compared to the current 12 BTC that each block gives as a reward. With an increased demand for the famous virtual currency and less supply, the price could skyrocket and reach $1 million dollars around 2021.
This price prediction is very similar to the one made by the controversial figure and crypto expert, John McAfee. He said that by 2021, Bitcoin would be worth $1 million dollars.
The interesting thing is that the graphic does not end there. In 2023, the price of the famous digital currency could reach a massive and unexpected amount of $10 million dollars. But… is that a realistic prediction?
Realistic Prediction or Total Bull
As the Reddit user grengrad explains, Bitcoin would be equal to the value of all the assets on earth with a price of $11,000,000 dollars per coin, which is not a plausible or possible outcome in the short and middle term.
As per the chart, Bitcoin price should be close to $30,000 dollars in mid 2020 when the next halving is going to take place.
Other experts such as Tom Lee believe that in the near future Bitcoin could experience a new bull run. Back in September 2017, Bitcoin moved from $3,000 dollars up to $20,000 in December, 2017. Since then, the price has dramatically fallen more than 65%. Some alt-coins registered bigger losses close to 90% since their all time high in January, 2018.
Additionally, other cryptocurrency figures think that the price will follow the hash rate, which is increasing since 9 years without stopping. Max Keiser, for example, is a big supporter of this theory. According to information provided by blockchain.com, Bitcoin has registered a new hash rate record on August 8, when the network reached 52 TH/s.
— Max Keiser (@maxkeiser) August 8, 2018
At the moment, Bitcoin is registering an increase of 2.48% in the last 24 hours and has a price of $6500 dollars per coin. At the same time, the market capitalization of the dominant currency is now $113 billion dollars.
Most of the virtual currencies are now operating positively after weeks in which their prices were falling very hard in Bitcoin and fiat terms.
Until now, it is not clear whether Bitcoin will be able to reach such an important price level in 2013, but one thing is clear, cryptocurrencies are growing and expanding everywhere around the world. If that happens, then, price will follow, sooner or later.