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

Advertisement

Join our community of 10 000 traders on Hacked.com for just $39 per month.

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.

Follow us on Telegram.
Advertisement
Read more

Check Also

Amazon Reveals Blockchain Templates for Ethereum and Hyperledger Fabric

At the end of last week Amazon revealed its blockchain templates, which the company claims will make it easier for developers to create blockchain-based projects. Amazon Web Services (AWS) “blockchain-as-a-service” platform is set to compete with similar projects from Oracle, and IBM. Amazon Web Services AWS blockchain templates give AWS users working on blockchain projects a faster way to set up two versions of the technology, on the Ethereum blockchain or the Linux Foundation’s Hyperledger Fabric. The launch comes six months after Oracle unveiled its cloud service built on the Hyperledger Fabric and about a year after IBM announced its own Hyperledger-based blockchain platform. Both Ethereum and Hyperledger Fabric are popular among developers — the former is used by hundreds, if not thousands, of blockchain-based services. This move further into the world of blockchain, Amazon hopes, will help the company complete with its competitors: IBM, which is one of the leaders in blockchain development, reported $5.5 billion in revenue from its cloud platform in the fourth quarter of last year. For the blockchain industry, having the support of Amazon — one of the largest and farthest reaching companies in the world — could be considered to be a huge vote of confidence for the technology. “AWS Blockchain Templates provide a fast and easy way to create and deploy secure blockchain networks using open source frameworks,” Amazon said. “Blockchain is a technology that makes it possible to build applications where multiple parties can record transactions without the need for a trusted, central authority to ensure that transactions are verified and secure.” AWS’s Jeff Barr In a blog post about how to use its blockchain templates, AWS vice president Jeff Barr acknowledged blockchains general lack of clarity by referencing a 1976 Saturday Night Live sketch about Shimmer Floor Wax, a floor polish that is also a dessert topping. In the skit, a couple is fighting over whether a product is a cleaning product or dessert, and although it might not be obvious, it’s actually both things at once. “Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments. Others see blockchains as a distributed ledger and immutable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases,” Barr wrote. “Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively.” This is Amazon’s latest move into blockchain, but the company has been interested in the emerging technology for some time. Last month, the company announced a new partnership with Luxoft Holding. Luxoft and five other consulting firms are working together to roll out blockchain solutions that can operate on AWS. “Blockchain is about removing data silos, improving trust and operational efficiencies,” said Luxoft’s vice president of technology strategy Vasiliy Suvorov. “By using AWS to deploy and integrate DLTs into day-to-day processes, businesses can revolutionize how they operate.” In related news, a survey completed by LendEDU last month found that more than half of Amazon users said they would consider using an Amazon-built cryptocurrency on the site. Amazon Prime members were even more eager, with 58.3% in favor and only 21.9% opposed. Image from Shutterstock The post Amazon Reveals Blockchain Templates for Ethereum and Hyperledger Fabric appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.