Home / Crypto Currency / Experts Predict Bitcoin Price to Reach $25,000 by 2018, $250,000 by 2022

Experts Predict Bitcoin Price to Reach $25,000 by 2018, $250,000 by 2022


Bitcoin price

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The bitcoin price crossed the $8,000 mark earlier this week, supported by a massive spike in buy volumes across all major cryptocurrency exchanges. Analysts explained that a sudden surge in demand from institutional investors and inflow of new capital may have triggered the surge in the bitcoin price.

$250,000 by 2022

On April 13, CCN reported that billionaire venture capitalist, early investor in some of the most successful technology companies like SpaceX, and cryptocurrency angel investor Tim Draper predicted the bitcoin price to achieve $250,000 by the end of 2022.

A price of $250,000 would lead to a $5 trillion market valuation of bitcoin. At its peak, the cryptocurrency market was valued at around $900 billion. It would require the bitcoin price to increase by more than 31-fold within a 4-year span for it to surpass $250,000.

When Draper initially released his long-term goal for his bitcoin investment, the cryptocurrency community and investors within the market shared the sentiment of Draper and agreed the $250,000 price target for bitcoin is a realistic goal, especially in the long-term.

Many investors in the cryptocurrency market are not in it for short-term profits. If that had been the case, the vast majority of investors should have cashed out in December 2017. Economists can argue the cryptocurrency market was in a bubble and that investors did not cash out at the all-time high of the market in December because of greed.

But, investors like Peter Thiel and Tim Draper disagree. Investors did not pull out of the cryptocurrency market in December after seeing massive profits. They did not pull out because investors truly believed the maximum potential of the cryptocurrency market will not end as a $900 billion market.

For bitcoin to evolve into a reserve currency as said by Twitter CEO Jack, Draper, and Thiel, it needs to hit a multi-trillion dollar market and compete with traditional assets like gold in terms of market valuation. The liquidity of the entire cryptocurrency market is nowhere near the liquidity of stock markets like the New York Stock Exchange (NYSE) and Nasdaq.

If bitcoin can evolve into a major currency that is used by billions of users, retailers, merchants, restaurants, cafes, businesses, and more, it will easily achieve a multi-trillion dollar market valuation. This potential of bitcoin is shared by investors like Draper, who truly understand the vision of cryptocurrencies and decentralized financial networks.

Mid-Term

In the mid-term, Wall Street analyst and Fundstrat founder Tom Lee stated that the bitcoin price will likely achieve $25,000 by the end of 2018, as it rebounds from its correction and achieves a new all-time high.

“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year,” said Lee.

Already, within a three-day period, the bitcoin price has recorded a 15 percent increase in value, from $6,900 to $8,000. If the momentum of bitcoin can be sustained throughout April and throughout the rest of the year, a recovery above its previous all-time high is possible.

Featured image from Shutterstock.

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The Jigsaw Ransomware Has Been Revived to Steal Bitcoin from Unsuspecting Users

The Jigsaw malware is back and it is ready to steal Bitcoin from consumers once again. Jigsaw is Back to Scare Bitcoin Users ZDNet recently reported that the “Jigsaw” ransomware has recently been revised by hackers to steal Bitcoin from unsuspecting users through a “simple-but-effective trick.” According to the technology news source, Jigsaw first appeared in the cryptocurrency scene in April 2016 as a form of ransomware, holding the files and information of users hostage until a ransom of Bitcoin was paid. The reason why it is named Jigsaw is due to the fact that the piece of code displayed the likeness of the Saw horror film villain. However, with this most recent revision, the ransomware has been re-purposed to steal Bitcoin in a fairly innovative and non-intrusive manner, modifying the addresses inputted by a user. Once the piece of malware alters an address, the Bitcoin payment will then be redirected to the hacker’s wallet, resulting in lost crypto for the victim. Jigsaw, or “BitcoinStealer,” as it is known by references in the code of the program, accomplishes this by altering Bitcoin addresses in someone’s clipboard, or the area where copied pieces of text lie. However, the ingenuity of the program does not stop there, as BitcoinStealer is able to the intended address of the payment to one that looks very similar, using a program such as VanityGen to trick the user into thinking the hacker’s address and the original address are one and the same. Image Courtesy of Fortinet This ingenuity has proven to be rather successful, with researchers from Fortinet, who first broke the news about Jigsaw, saying that cyber attacks utilizing this method have garnered over 8.4 Bitcoin, or approximately $61,000 at current market prices. Fortinet also discovered that there were many similar projects for “modifying cryptocurrency addresses” being advertised on dark web forum sites, presumably by hackers enlisting the same method of attack. Crypto-Related Cybercrime is Still Prevalent Despite Price Decline However, this method of cybercrime, which the cyber researchers called the “clipboard-substitution malware family,” was not mentioned in a recent threat report from the cybersecurity firm Malwarebytes. According to the report released on July 17th, ransomware and cryptojacking were by far the primary sources of crypto-related cybercrime, with “cryptominers continuing to dominate” the threat landscape. Despite starting to slow down due to declining cryptocurrency prices and mining profits, the Cybercrime Tactics & Techniques Report for Q2 2018 still found that cryptominers are as prevalent as ever, noting: “Cryptomining detections are slowly declining; however, as one of the top two detections for both businesses and consumers, they still dominate the threat landscape” Nonetheless, moving into Q3 of 2018, Malwarebytes expects for cryptojacking cases to slowly fade, as cybercriminals follow the industries where they can make the biggest profits. The security firm wrote: “Ultimately, many criminals aren’t getting the return on investment (ROI) from cryptomining they were expecting. The cryptojacking craze will likely stabilize as it follows market trends in cryptocurrency… Until changes in the cryptocurrency market cause a spike or swift downturn, expect to see cryptomining hum along at its current slower pace into Q3.” It is likely that the propagation of clipboard-substitutions will become a growing threat for cryptocurrency users moving into the future, as it is a much more reliable, non-intrusive and profitable way for hackers to get their hand on consumer crypto. So watch out, double, triple or even quadruple check the address when you send your next Bitcoin transaction. Featured image from Shutterstock. The post The Jigsaw Ransomware Has Been Revived to Steal Bitcoin from Unsuspecting Users appeared first on NewsBTC.

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