With business tongues wagging about the current rise and fall of Bitcoin, it is a common question asked amongst traders; ‘What is predicted in the future years’ regarding Bitcoin which is a cryptocurrency used in trading. When these questions are asked, it’s best to look at when it all began and what is predicted for the future of both investors and the coin itself.
The Rise of BTC
Since the existence of Bitcoin came into creation in 2009 when Nakamoto (an unknown identity) implemented a currency that could not be traced, it has since become a worthy source of investment for many. Bitcoin started as less than one cent in value back in 2010 and today one Bitcoin is valued at over $6 000,00 making it substantially appealing to those looking to either mine BTC, invest or even trade. And although there have been many predictions in the past as to the future outcome in value for those that own Bitcoin, there has only ever been one constant that shows that Bitcoin isn’t going anywhere. Although the cryptocurrency fluctuates, it has steadily increased in value with a minor exception.
The Worst Day in Bitcoin History
Although Bitcoin had time to rise, it also took a plunge in April 2018, the worst one to date. The steady increase in value came to a sudden halt during the first quarter since its inception. As a result, over $119 Billion was in lost cryptocurrency in just 24 hours. Although BTC was not the only market affected, it certainly took the biggest knock and since then has been trying to recover from the substantial loss. Although this may have scared off major investors, there are still those that are avidly watching the resurrection of the currency and have shown good faith by investing more, thus aiding in the increase of value of the cryptocurrency.
Not only was Bitcoin subject to the worst decline in its history, but a series of high profiled hacks have been recorded throughout the years, resulting in theft and creating fear. This doesn’t bode well for the reputation of the elite cryptocurrency but it does however mean that investors should be cautious and aware of the consequences of making heavy investments.
The Current Position of Bitcoin’s Value
So where does Bitcoin stand today? With all that has been said and done, Bitcoin has taken a knock but, as with any investment, there is always the possibility of a full recovery. Currently the cryptocurrency is highly volatile but still generates a profit, even if it’s not as lucrative as last year. Most investors advise against settling into Bitcoin investments, yet major market players are still making substantial investments resulting in its current position on the market.
Myth or Fact
Due to the massive decline in value, there are those that believe that the high values reflected on the coins worth in 2017, was artificially inflated to add to the appeal of investing. This is speculation and of course, no true evidence of this has ever surfaced. With that in mind, Bitcoin has been successful and although it took a knock in its first quarter of this year, it was the only massive knock in its history, reassuring those that do have confidence in its swift recovery. The fact remains that Bitcoin is still on the market despite all myths created to depreciate its value.
The Prediction for 2018 and Beyond
Many people are wondering where Bitcoin will be in a few years and it’s no wonder as we have yet to see Bitcoin make a full recovery. In the past week there has been a steady decline in value, making for some rather necessary concerns regarding the currency’s future. But there are those that have it under good authority that even though Bitcoin stands slightly weaker than it was, it will be thriving within the next two years. What does this mean for investors? Although many immediately withdrew any coins they bought into when the BTC market crashed, there are still those that have left their investments where they should be, building blockchains and ideally earning them more in the years to come. Predictions have gone as far as to say that Bitcoin will make a full recovery and those that have invested will reap the rewards of their good faith by the year 2020.
Anti-virus software developer, John McAfee has predicted that Bitcoin will hit $500,000 by the end of 2020 and taking into account his earlier prediction that Bitcoin would hit $1 million by then, it becomes apparent just how severely Bitcoin has fallen. Although this is only a prediction, the fact remains that the untraceable cryptocurrency will continue to climb in value, making it attractive for any investor.
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