There have been some crazy bitcoin predictions over the past few days. Most of the “higher’ predictions have not come true yet, although there is still plenty of time to make things happen. Blockchain CEO Peter Smith is very confident bitcoin’s value will soar to astronomical levels in the coming years. In fact, he feels the BTC price will reach US$500,000 by 2030.
Can Bitcoin Really Explode Over The Next Decade?
One thing is for sure: no one in the bitcoin world is pessimistic about the price. Although there is always the chance the bitcoin value will plummet sooner rather than later, the general optimism cannot be ignored either. That being said, there is still no global demand for bitcoin to think it can even compete with established payment methods anytime soon.
That being said, the situation is slowly changing in favor of bitcoin. Japan recently legalized bitcoin as a currency and removed the 8% sales tax for buy cryptocurrency to boot. As a result, two of the country’s largest retail chains started accepting bitcoin and spent quite a lot of money on promoting this feat. It is not unlikely other countries will follow Japan’s example over the coming years.
Others who are deeply involved in bitcoin and blockchain technology feel it is only a matter of time until the bitcoin price explodes. Blockchain CEO Peter Smith made one of the wildest bitcoin price predictions we have seen so far. In his opinion, there is no reason to think bitcoin won’t reach US$500, 000 in value over the next few years. That would be quite a significant feat, considering bitcoin is currently valued at US$1,170.
If bitcoin can achieve a price of half a million US Dollars, its market cap would increase to US$10.5tn. Right now, it seems impossible to envision a world where one bitcoin is worth half a million dollars, yet stranger things have happened in the financial sector. After all, every country uses paper currency that is backed by nothing but empty bank promises, yet people believe it has value.
While it is true the bitcoin network is growing every year, it will take several miracles to push BTC to US$500,000. Everyone who owns bitcoin would love to see such a price during their lifetime, yet it is not something anyone should hold their breath for. Wishful thinking has its place in the bitcoin world, but Peter Smith’s projection is virtually impossible to achieve. As we have seen over the past few months, it only takes one regulatory guideline from China to send the bitcoin price crashing again.
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