When the value of Bitcoin plummeted in December last year, many analysts painted a bleak picture of the cryptocurrency firms. In this regard Eric Schiffer stated that the bitcoin days are numbers. However, the volatile nature of the prices of cryptocurrencies has perturbed many analyst about the future direction the price will take.
The cryptocurrencies prices soared after the token entered the regulated exchanges of Chicago Board Options Exchange (CBOE) and CME Group future’s market. Many investors are warning the prospective investors to refrain from investing.
It is stated by the bitcoin expert and CommerceBlock CEO Nicholas Gregory, that there are 16 million out of 21 million token. Among these token approximately two to three million are not to be used.
“Those mining bitcoin in the early days didn’t realize the stakes I think and then there’s the question of the people who invented bitcoin – known as Satoshi Nakamoto. “There’s about one million bitcoin there that are locked up.”
Further, it is one of the cardinal principles of the bitcoin that there will be a limit on the quantity of bitcoin token to be issued. Such principle is embedded into the code of bitcoin. This principle is applied in order to prevent inflation
The crypto expert said: “The whole thing about bitcoin is to be anti-inflation. Remember that bitcoin is very libertarian, very anti-quantitive easing and printing money.
As far as the issue of hitting the cap of bitcoin is concerned, the experts believe it will take many years to reach the cap. Moreover, if the mining power of miners remain constant over the period, then the bitcoin limit is reached by 2140. One of the prime reason for this is because the calculation applied to process bitcoin blocks is increasing becoming harder by the day.
