Everyone is aware that 2017 was a year of huge highs for Bitcoin, with the cryptocurrency proving itself to be the most resilient. The form of spending hit a record high of $19,796 per coin last year, sending the world into overdrive about what Bitcoin actually is and how it’s performing so well (especially considering it’s still difficult to spend in the majority of stores).
It’s been predicted by experts that by the end of 2018, Bitcoin can and will triple its record high value, potentially reaching $60,000 (although some experts have predicted it to be $50,000). The price of Bitcoin has already surpassed what many experts predicted it could achieve, making it more and more believable that the currency will continue to blow our minds with the records it smashes.
While it’s difficult to deny that Bitcoin has grown a lot since it first came into the marketplace, many would suggest that Bitcoin lives in something of a bubble – one which could burst at any time and see the currency decline rapidly. It all depends on regulation surrounding cryptocurrency and how such legislation formulates as well as the acceptance of Bitcoin by the marketplace. On the other hand, as the coin reaches new heights, it’s becoming more and more mainstream with just about everyone hearing about it – perhaps this will be what continues to drive its success?
There is a further argument, however, that Bitcoin is so successful because it is capped at a supply of 21 million, compared to most currencies which are inflationary. In some countries, the average person has to protect savings from inflation, and Bitcoin is a good investment in which they can do just that.
Whichever argument you may believe to be the truer, most experts predict that the price of Bitcoin will continue to rise for the foreseeable future, and will perhaps hugely smash its record by the end of this year.