When the price of Bitcoin started rising during 2017, a majority of the investors sold their Bitcoin to enjoy the profit. However, a valuable lesson we learned was that holding power is crucial. Those who held it for a few more months and sold it during early 2018 made thrice as much profit as compared to those who sold it in 2017.
Price Predictions for Bitcoin
As reported by Theoofy Bitcoin might be heading back to $6,800 after the $25 billion surge. 2018 has been a very rough year for Bitcoin, and the trend was mostly towards the lower side. Although there are uncountable speculations about Bitcoin, John Pfeffer who is a partner at Pfeffer capital predicts that Bitcoin will grow over 75 times. He thinks that a Bitcoin will be valued at about $700,000 in the future.
‘Bitcoin would rise to $500,000 by 2020’
Within the next two years, there are some wild price predictions out there. John McAfee, the founder of McAfee Associates, a computer security software company, originally said that Bitcoin would rise to $500,000 by 2020. Later, he doubled down and said it would reach $1 mln by 2020 and also bet that if it didn’t he would dine on his own man parts if he was not correct. That is a bet not many are willing to make, so this proves his confidence in Bitcoin to soar!
Tom Lee, co-founder of the market strategy firm Fundstrat Global Advisors, wagered that his Bitcoin 2020 prediction would be able to make it to $91,000 by 2020, perhaps a bit more of a reasonable guess given Bitcoin’s bull-bear dielectric movement.
A third, rather conservative compared to McAfee’s wager, is $50,000 put forth by Ronnie Moas. He is the founder and director of research at Standpoint Research, an accounting firm for traditional investments. These more conservative figures seem more realistic that these cries that Bitcoin is going to the moon and will be millions. That just does not seem possible. However, let’s not rule it out completely, because in this world almost anything impossible can happen.
‘Bitcoin could be worth as much as $150,000 by 2025’
Looking back at charts depicting Bitcoin’s meteoric rise over a short time, one starts to question how to really make an accurate prediction the further you move away from the present. Given Bitcoin’s volatility, it is easy to guess that by 2025 it could be worth as much as $150,000 per coin if some of the conservative predictions manage to come to fruition.
However, some true believers out there feel that Bitcoin’s price could hit $500,000 by 2025! McAfee’s bet is still not looking good, his original price prediction of $500,000 in 2020 is five years past the cutoff date!
‘Bitcoin will reach $5 tln by 2030’
Even further out, the Winklevoss twins, famous Bitcoin millionaires, proclaim that the market cap for Bitcoin will reach $5 tln by 2030. At this time point, there is much uncertainty in the Bitcoin future predictions.
What is pretty certain is that Bitcoin is here to stay. It has a lot going for it to keep it around for a long time to come. Infamous founder of Megaupload, Kim Dotcom, think Bitcoin will soar to $100,000 by 2030. Finally, Hamath Palihapitiya, the founder of Social Capital and co-owner of the Golden State Warriors, has a Bitcoin rate prediction that it will hit $1 mln per coin after 2030.
Very long-term prediction
This is a very long-term prediction, and John didn’t specify the time frame within which he expects this increase. Time Draper who is a venture capitalist predicts that a Bitcoin will be worth over $250,000 in three to four years. Clearly, John’s prediction is a little farfetched or a little too optimistic, Draper’s prediction does seem to be possible though.
Pfeffer backs his prediction by saying that he thinks Bitcoin is like gold and is the first thing which can actually replace gold. He assumes that a majority of people will replace gold with Bitcoin because it is easier to store and chances of it being stolen are less. After some complex calculations, the price comes to about $90,000 per coin.
The second factor he uses to back up his prediction is that a quarter of the world’s traditional currencies will be replaced by Bitcoin. The world’s foreign currencies are worth over $12 trillion. He is optimistic about Bitcoin replacing a quarter of the entire foreign currency. And although when thought about the $700,000 price point, it seems a little far-fetched, however, technically it is possible.
The price of Bitcoin if increased by twenty times as a result of the above predicament, it crosses the $700,000 mark. All of these are the long-term predictions also seems to be positive. John McAfee even predicts that Bitcoin will be worth over $1 million by 2020.
John McAfee is the same person who last year predicted that Bitcoin will cross the $7,000 mark and his predictions were entirely true. In one of his tweets, McAfee said that he had used the same model for predicting the $1 million value by 2020. Kenneth Rogoff, an ex IMF chief predicts that Bitcoin will drop to $100 or lower since it is a bubble which is yet to burst.
Tom Lee who is a chief at JP Morgan predicts that Bitcoin will surpass the $25,000 mark as he sees a lot of growth for the cryptocurrency world. Llew Claasen predicts that Bitcoin will be valued at over $40,000 per bitcoin. He says that there will be ups and downs and despite that Bitcoin will climb back up and hopefully meet his expectations.
It is essential to keep in mind that Bitcoin has always surprised us and so you should only invest the amount of money you can afford to lose. Being optimistic is a nice thing, but a cryptocurrency investor should always be prepared for a downfall.