If you have invested in Bitcoins, you are likely to be keeping a close eye on the price. But, just what have the experts predicted for Bitcoin for the coming year, and overall long term?
For the most part, experts are predicting big things for Bitcoin. Many believe that we are not even close to hitting the tip of the iceberg, and that great things are set to happen. So, are there any predicted troughs along the way? Read on to find out what the experts think.
The majority of experts have predicted great things for Bitcoin. Anyone in the industry will agree that masterluc is something of a legend in the Bitcoin community, so when he has predicted that Bitcoin will reach $15,000 by the end of this year, people are listening. He has gained this reputation as being a Bitcoin oracle, after he called the top of the Bitcoin bubble in November 2013. He has since predicted that not only will Bitcoin reach $15,000 before the year is out, but it will also reach between $40,000-$110,000 by the end of the bull run – something that he feels will be by the end of 2019.
Ronnie Moas, the founder of Standpoint Research has mirrored masterluc’s prediction of success. Although, he looks further into the future, noting that despite Bitcoin being more than three times more valuable than gold, we are only at the very tip of the iceberg, and predicts the prices to soar to $15,000-$20,000 in the next three years.
Kay Van-Petersen, a Saxo Bank analyst predicts that the market capitalisation of Bitcoin could grow to $1.75 trillion, making each Bitcoin worth $100,000. Although this is longer term than other experts, as he is looking across a ten-year period, he has made successful predictions before. He is assuming that all cryptocurrencies will account for 10% of the ADV of fiat currency trade in 10 years, and this currently stands at over $5trillion. Ten percent of this is $500 billion, and he has predicted that Bitcoin will account for 35% of this share, which would bring Bitcoin total up to $175billion. So, when you consider that there will be approximately 17 million Bitcoin’s in circulation in ten years’ time, each Bitcoin will be worth over $100,000. He is very quick to add that he feels that Bitcoin is here to stay, stating,
“This is not a fad, cryptocurrencies are here to stay”.
Other experts, such as Alena Vranova and Vinny Linghm echo this, agreeing that the price of Bitcoin is set to rise. Vranova believe that the price could rise quicker than expected if more countries begin to legalise it. Linghm agrees with this statement, and suggests that there are three main reasons that the price will rise. These are; the rising venture capital investments in blockchain technology, a huge number of Bitcoin acceptance and finally, the limited supply of Bitcoin. He has also made a statement saying that he has a “strong belief” in Bitcoin, and does not consider Ethereum to be the biggest competitor.
Unfortunately, not all experts are predicting big things for Bitcoin, and some have predicted pit falls that the cryptocurrency could fall into.
Obviously, Bitcoin suffered a small set back when China banned cryptocurrency, and although it quickly recovered, other milestones like this could have a negative impact on the currency as a whole.
Thomas Glucksmann, who is head of APAC business development ultimately believes that in a year, the price of Bitcoin is likely to have increased; however, he has warned investors that they should get themselves ready for volatility in November. He believes the cause of this will be because some investors in the Bitcoin community might move to reject SegWit2X, which could create another split in Bitcoin, and potentially create another cryptocurrency, thus affecting the current price of Bitcoin.
Alena Vranova, has predicted another possible outcome for Bitcoin, and unfortunately, it does not fare as well as the previous one. Vranova predicted that if there is any negativity within Bitcoin, such as volatility or restricted legislation, the price might crash to just $50 per Bitcoin. Obviously, this is a huge difference to earlier predictions, but goes to show how majorly something can affect the cryptocurrency.
Finally, it is important to recognise that not everyone sees Bitcoin being as successful as others do.
Mark Cuban; founder of MicroSolutions and Broadcast.com has recently attacked Bitcoin on Twitter, making claims that it is not a currency, merely a bubble. His Tweets included;
“I think it’s in a bubble. I just don’t know how much it corrects. When everyone is bragging about how east they are making $=bubble”.
His main complaint comes with the fact that it is not Bitcoin that is successful, rather the blockchain that surrounds it. He backs up his opinion further by stating that currencies have to be stable in order to be reliable, which he does not believe Bitcoin to be, saying;
“Just because Bitcoin’s exchange rate has reached thousands of dollars, this doesn’t mean that anyone would be willing to give you thousands of dollars for your Bitcoin.”.
Peter Schiff, who is an investor who predicted the 2008 mortgage crisis, mirrors the opinion of Cuban, and has likened Bitcoin and other cryptocurrencies as a Ponzi scheme that has been built on “just plain greed”. He also feels that there is simply no way to predict what will happen to Bitcoin in the future as it is just so volatile.
Finally, Tony Robbins closely follows Bitcoin, but is not completely sold at all, comparing an investment in the popular cryptocurrency to a trip to Vegas. He says,
“I think [Bitcoin] is very iffy…I don’t have a clue. I look at that as it’s like going to Vegas”.
He agrees that whilst some investments could make you a lot of money, they simply are not predictable or steady, advising investors to only invest what they can afford to lose.
References And Further Reading:
- Express; Bitcoin price forecast: Bitcoin will recover from China crackdown, predicts experts
- Futurism; Expert Predicts Bitcoin Will Be Worth Up To $20,000 in the Next Three Years
- Futurism; Get Ready. Renowned Bitcoin Trader Says The Currency Will Hit $15,000 in 2017
- Futurism; Mark Cuban Asserts That Bitcoin Is Not Currency
- The CoinTelegraph; Legendary Bitcoin Trader “masterluc” Predicts $15,000 Bitcoin This Year
- CNBC; Bitcoin could hit $100,000 in 10 years, says the analyst who correctly called its $2,000 price
- CNBC; Bitcoin could be heading to $6,000 by year-end but brace for volatility, experts say
- CNBC; Tony Robbins says investing in Bitcoin is ‘like going to Vegas’
- Steemit Bitcoin; Bitcoin price predictions from Experts
- Bitcoinist; How far will Bitcoin go in 2017? Experts weigh in with predictions