What Can We Predict About The Future Of Bitcoin?

Bitcoins in sand

Many experts are predicting the future of bitcoin. What will be its value in 2030? What will happen to cryptocurrency in the future? These are some of the questions surrounding the future of bitcoin. Many experts are predicting that bitcoin will become a major contender to fiat currency. News about Bitcoins is all over the world. It is becoming a revolution. The symbol BTC has become a part of our day to day life.

The year 2020 is a bad year for small scale miners. We can mine a single bitcoin in a year. But things changed in 2020. Power consumption became heavy for Bitcoin mining. So, people are interested in mining pools. Mining pools have more power. Hence, there is a higher chance of solving puzzles and getting rewarded.

Sad news related to Bitcoinwas the loss of BTC earlier this year. A person lost 46 million euros in March 2020. The person did not use a hardware wallet. Normally, people hide codes of their bitcoin fortune.But he prints codes on paper. He lost that paper. Codes are missing, and Bitcoins cant be accessed.

Bitcoin price is very volatile this year too. In 2015, the price of BTC was increasing. But in 2018, the price of bitcoin has decreased significantly. Many users lost 80% bitcoin investment. In 2019, again, price increased, and in February 2020, this trend continued and reached a value of $10,300.From websites like Push Money Login, we get more information about bitcoin price charts.

Price of bitcoin in the future

Many economists have predicted the price of bitcoin in 2020:

  • A famous economist, Nouriel, is a critic of cryptocurrency. He is of the opinion that cryptocurrencies have no value.
  • American economist Schiff stated that BTC would drop in the future.
  • A research agency Bitmex has predicted that the price in 2021its price will be between $2,000 and $15,000.
  • Chinese entrepreneur Cheung predicted that virtual currencies could change the financial sector. He stated that the value would be $14,000.
  • Economist Lee predicted that the price of bitcoin would reach $25,000 by the end of 2020.
  • Peter Brandt stated that the price would reach $50,000.
  • Strajnar, the co-founder of Brave Coin, believes that the price of bitcoin will reach $200,000 by the year-end.
  • Trenchev, CEO of Nexo, believes that the price will be about $50,000 in 2020.

Predictions about the price of bitcoin in 2030:

  • Bobby Lee, a Chinese entrepreneur, stated the price of BTC would reach $1 million in 20 years. The value becomes $333,000 by 2021.
  • Famous economist Winklevoss predicted that the price would reach $320,000 in five years.
  • Mark Yusko stated that the value of bitcoin would reach $500,000 by 2030.
  • John Pfeffer predicted that the value would reach $ 700,000, and bitcoin will become a reserve currency.

What is the future of virtual currency?

Generally, all virtual currencies depend on bitcoin. If we go through the value of Litecoin or ether, we can see how much it relies on bitcoin. If BTC goes up, the price of others also goes up. New digital currencies are cominginto the market every month. One new digital currency is Akoin.

How the COVID pandemic has affected Bitcoin

After the outbreak of coronavirus, the relation between BTC and the equity market increased. The reason is that there is a sudden increase in liquidity, so a lot of traders cover their margin calls by liquidating BTC into money.

BTC is not a safe arena like gold. Some are of the opinion that bitcoin trading is a type of gambling. But some argue that it can be used as digital gold. In the present situation, BTC cannot replace the dollar. Now, the dollar is going strong. In India, people depend more on liquid assets. They are not keen on using cryptocurrency.So it is not easy for a nation to convert into a pro-crypto economy.

Coronavirus has a great impact on the virtual currency market. Bitcoin is already facing many challenges, such as regulations and scams. There is a lot of controversies surrounding bitcoin. Bitcoin is becoming the main asset now. But it is not controlled by any institution. Governments across the world are taking stringent measures for Bitcoin regulations. These regulations will help users to buy or sell BTC easier. Till these regulations came into existence, the bitcoin industry will struggle. These problems become worse in the COVID situation.