- Timothy Peterson, a Cryptocurrency researcher has recently said that the price of bitcoin is likely to hit $1 million by 2027.
- According to a paper that he recently published based on data collected, he gave the prediction for the leading cryptocurrency.
Timothy Peterson, a Cryptocurrency researcher has recently said that the price of bitcoin is likely to hit $1 million by 2027. According to a research paper that he recently published based on data collected to examine the long-term effects of an increasing number of users on the assets price, he gave the prediction for the leading cryptocurrency.
The paper comes to the conclusion that an increasing number of users does not have a positive impact on the price of bitcoin.
Talking about one of the biggest social networks in the world, Facebook, Peterson says that it’s a number of users has increased over the years with more people signing up on a daily basis. Based on his calculations, the same rate of adoption is expected to occur with bitcoin which will eventually make the prices continue to rise and potentially hit $1 million in seven years' time. He further wrote in the paper:
“There is compelling evidence that suggests that the growth and price of bitcoin and other cryptocurrencies are likely to proceed according to a relatively straightforward mathematical model similar to the growth curves of Facebook and other networks.”
Peterson further compared bitcoin to the Internet in how it exploded in the Western world years ago. He further said that even though BTC is not well received in this area of the globe its popularity will continue to grow. The main reason for the lack of popularity of bitcoin in the western world is due to its threat to the current traditional financial system. He further said:
“Bitcoin’s properties are viewed as a curse by some Western economies. Because one of the purposes of bitcoin is to effect change in the financial system, bitcoin poses a direct threat to the establishment’s perception of economic order and principles of economic well-being. While libertarians cheered this new technology, banks deride it, because it threatens the existing power structure.”