That’s a question on many people’s minds these days.
When I’m asked, I usually refer to other people’s predictions – those with perhaps more market savvy than me. And such predictions vary widely.
I note that the Winklevoss twins are predicting Bitcoin could increase in price 100x – based on the price when they made that prediction, which was $343.
Others have suggested amounts as high as $100,000 – and even up to $400,000.
Clearly it would seem that Bitcoin’s potential price is up for grabs, depending on how the cryptocurrency performs in the future.
My own opinion is that this rapid price rise was predicted and planned by Satoshi Nakamoto himself – as a brilliant way to drive adoption.
Just think of it, what better way to bring people into Bitcoin than to make it extremely profitable to do so.
So then I considered my own attitude to Bitcoin, which right now is clearly to “save” it, to hold on. I am selling off small amounts along the way, in order to not only take profits, but to hedge against some catastrophe befalling Bitcoin in the future.
But I realise that as the price rises higher and higher – as much as $10,000 by this time next year (or earlier!) – then I will certainly want to spend some.
In this way the saving (or “hoarding” as detractors refer to it) of Bitcoin is a natural part of its evolution, as part of a “planned” growth strategy. But once its value hits a high that tempts enough people to start spending it, then the full power of Bitcoin as a unit of exchange could also come into play, driving even more adoption going forward.
Whatever happens, it’s a bumpy and potentially exciting time ahead.
Bitcoin Price Could Reach $98,000 Says Wall Street Analysts
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