A hurricane swept the international market off its feet sometime last year, carrying with it speculations, theories and even complications as to what it really is. Nonetheless, the one answer known to all was the fact that this hurricane was gaining grounds and slowly dominating the market with its value. That hurricane is no other than bitcoin.
For the benefit of those who are coming across this term for the first time, what is Bitcoin?
DEFINITION OF BITCOIN
Bitcoin is a very popular cryptocurrency that employs the principle of scarcity and innovative blockchain technology. As a currency, it means that Bitcoin revolution is a legal tender of transaction that is fungible and valid for settling debts and business transactions.
Since it was created in 2009 under the name Satoshi Nakamoto (pseudonym for a person or group), the market value of this crypto-currency has kept fluctuating with its record as high as $20 000.
Yet many businesspersons and Wall Street gurus are concerned that the flourishing Bitcoin might just be another bubble. This has caused many people in so many circles to speculate the future of this mega cryptocurrency. Some of these speculations are rather outlandish while others have outrightly called it a bubble that is doomed to fail. A few years ago, nobody considered Bitcoin to worth anything the best model prediction put it at $5000. Today, Bitcoin has carved a niche in the cryptocurrency market going for as much as $20 000.
2019 has not seen a very good start for the currency master that once dominated the market. With each second passing by, it seems as though Bitcoin is losing its value and place in the world’s financial systems. However, according to famous Bitcoin analysts, there is no reason to panic.
In this article, we have compiled a list of famous Bitcoin price predictions.
- JOHN MCAFEE
John is more of a Bitcoin fan known for his massive support of the cryptocurrency. Last year, Bitcoin far surpassed his prediction of $7 000. In one of his recent tweets, he predicted Bitcoin to go for a price as high as $1 million at the end of 2020. For those of us still waiting for the best moment to take that leap of faith, what are we waiting for?
- RONNIE MOAS
Ronnie Moas took a very analytical approach. He speculated that the demand for Bitcoin would appreciate with its scarce supply not budging. The forces of demand and supply as he suggested would leave the Bitcoin at $28 000 at the end of 2019. If the forces of demand and supply favour Ronnie Moas, the implication would not be on 2019 alone but in subsequent years, which will see the value of Bitcoin skyrocket.
- BOBBY LEE
Bobby Lee took a different turn from the two already mentioned. Rather than see an appreciation of Bitcoin’s value, he saw a roller coaster ride. In one of his recent tweets, he speculated that Bitcoin will hit an all-time low in 2019- $2 500 and then begin to peak out in 2021- $333 000. That’s not all though because he expects Bitcoin to crash from $333 000 to $41 000 in 2023. Lee bases his prediction on a repeat of history. However, he does well in painting the murky waters ahead for Bitcoin.
- ZHAO DONG
Zhao Dong is what you will call a serial Bitcoin trader. He claims that this is the best time to invest in Bitcoin, suggesting that Bitcoin might reach as much as $50 000 by 2021. A 100% – 200% return on investment is not bad at all.
- MICHAEL NOVOGRATZ
Novogratz, a former hedge fund chief expressed his beliefs about Bitcoin at a finance event. He said that the Bitcoin won’t get to $9 000.
- FRAN STRAJNAR
Fran Strajnar is a Bitcoin optimist who believes that the market value of Bitcoin could skyrocket up go a $200 000 by January 2020. He cites his prediction on the forces of demand and supply, which he expects, should make Bitcoin more valuable.
- SONNY SINGH
Sony Singh is the chief commercial officer (CCO) at BitPay. Speaking at an interview hosted by Emily Chang of Bloomberg, Sonny Singh attempted to calm the nerves. He stated reasons why there is no cause for alarm or reason to panic citing market conditions. He supports the possibility that Bitcoin would rise up to $20 000 by 2019. He bases his speculation on the surge of funding for Bitcoin dependent start-ups.