If there was ever a time to own a crystal ball to see into the future, it would be now. Unfortunately, such a device isn’t currently available, so the chance of seeing where Bitcoin will be in the next 10 years is not possible. That, however, is not stopping many from speculating where they believe the currency will be.
It was nine years ago when Bitcoin first came on the scene. In July 2010, one bitcoin cost a mere $0.08. Now, the digital currency is trading at over $6,600 with a market cap worth over $110 billion, according to CoinMarketCap. It hasn’t been easy for Bitcoin to reach the heights it has, but time and again the cryptocurrency has rallied back to new astronomical levels that not even critics can ignore.
This year has certainly been an interesting one for bitcoin. Not only has it surpassed the $4,000, $5,000 and $6,000 barriers, but it looks set to be on track to reach $7,000 before the end of 2017.
Chinese authorities may have halted domestic trading of bitcoin exchanges and critics such as Jamie Dimon, JPMorgan Chase CEO, may have called it ‘a fraud,’ but it’s had relatively little impact on the currency’s overall value.
So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years?
According to Kay van Petersen, a Saxo Bank analyst, in the next decade, each unit of bitcoin will be worth $100,000. Van Petersen is the same analyst who rightly predicted that the cryptocurrency would reach $2,000 in 2017. Looking at the long-term future of the currency, he said, in May, that ‘cryptocurrencies are here to stay.’
Another individual making a case for bitcoin’s future price is Wences Casares, CEO of Bitcoin wallet Xapo and a member of PayPal’s board of directors. Speaking at a Consensus 2017 conference in New York in May, his speech included a prediction that bitcoin’s value would rise to $1 million within the next 10 years. Susan Poole, former director of development for the Chamber of Digital Commerce, co-founder of the Blockchain Training Institute and founder of blockchain consulting company BlockBridge Advisor, took to Twitter to say:
These are just a few and widely varying, examples of where the bitcoin’s value could head to in the next decade. Given the rate at which it’s growing, anything is possible. The fact that the digital currency is widely used around the world either as a trading asset or as a payment choice indicates its usability and growing dominance. For those who want a step up into the financial world, bitcoin is the answer. For those living in countries with weak economies, bitcoin is the answer. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions.