In January 2009 Bitcoin was launched by a Japanese pseudonymous Satoshi Nakamoto. The idea of a decentralized digital currency under a whitepaper titled: Bitcoin: A Peer-to-Peer Electronic Cash System was presented by Satoshi. Ten months later after the presentation of the Whitepaper, The Market worth of Bitcoin first appeared at the rate of $1 US Dollar equivalent to 1,309.03 BTC. First, electricity for mining a single coin is what determines the price of crypto.
In the year 2020 Bitcoin gained an extraordinary rise regardless of its temporal breakdowns that made investors be on alert, Which includes an international pandemic, Brexit, and of course The US-China tensions. On the daily charts from a year-low it was at the rate of $4,748(£3,490) as the fear of pandemic took over, Bitcoin increased a bit below $30,000 US Dollar just before the year ended.
Ever since then Bitcoin has increased so high above $38,000 US Dollar, making waves on News headlines pushing up other cryptocurrency prices all at once.
So in this piece, we will be having an in-depth analysis on the pandemic influence on Bitcoin and the future of Bitcoin Price, as well as giving you predictions from the Crypto Experts.
Pandemic Influence On Bitcoin
We were able to conduct an observational analysis on how the covid-19 pandemic outbreak was able to affect the Crypto market. A year later into the outbreak of the pandemic, the Crypto Market appears to have flourished. For example, when the Covid-19 Pandemic first erupted, The world’s first Crypto Currency which is Bitcoin could be purchased for about $7,300 US Dollars.
In recent days the same Bitcoin tokens cost more than $47,800 US Dollars, An overwhelming 641 percent increase.
The theoretical aspects of this uppermost trend are not significantly apparent, As there may be various enforcements that may push demand up or down in reaction to a catastrophe.
Bitcoin’s Current Price
Kick-started to the beginning of 2021 Bitcoin was worth a rate of $29,048.39 US Dollars amongst high interests and demands from companies and institutional investors. The Crypto market was still and unstable, due to short and sharpened price movements. The CEO and founder of Tesla made it known that the company had purchased $1.5 billion US Dollars worth of Bitcoin and has decided to accept it as a mode of payment. Therefore, it made Bitcoin’s worth increase to an extraordinary all-time high rate of $63,729.5 US Dollars as of April.
In mid-May Crypto’s worth began to go down, holding to the extreme crackdown on mining activities going on in China. Further notably unfavorable headlines, Elon Musk Tesla’s CEO making a U-turn on his decision to accept Bitcoin as a mode of payment. He went further and labeled mining activities in Bitcoin as bad for the surroundings. Furthermore, this made the coin lose almost fifty percent of its market value, selling at the rate of $30,895.42 US Dollars at that time.
The year 2021 is possibly the most discomforting year in Bitcoin’s trading history, with volatile prices and extreme movements in the market.
How Much Will Bitcoin Be Worth In The Future
Bitcoin has still got its comforting expectations, despite losing more than fifty percent of its value. Various companies and institutional investors around the world persist to embrace Bitcoin after discovering its expansive capabilities. Bitcoin has been considered to be a long-term conventional investment by several companies in the world.
Since its ten years of existence 18.5 million have been mined already and Bitcoin supply is capped at 21 million. Taking into consideration, gradually increasing demand accompanied by diminishing supply, without doubt, lead to a big cost in the long-term. This is because at this moment Bitcoin becomes less available to mine.
Expert Predictions By Crypto Experts
Various crypto experts have researched to map out the future perspective of Bitcoin with regards to its price in the future, a board of 42 crypto experts. They predicted that the price of Bitcoin in four years(2025) to come would be $318,417 US Dollars and rise to $4,287,591 US Dollars within the space of additional five more years(2030). The predictors include panelists, crypto asset managers, and cryptanalysts.
They made it known that they were able to predict the price of Bitcoin in the long-term because the rise in adoption was increased by institutional investors, loose monetary policy, corporations, and increased asset inflation. Aside from that, propelling BTC to this price end requires halving the next Bitcoin as an instrument for this cause.
The CEO of Nominex exchange- Pavel Shkitin highlighted in a tweet that industries around the world are anticipating deeper adoption of crypto by the world’s main corporations so it may increase the cost of Bitcoin to 6 figures before the year ends. The next cycle halving will expand the total adoption of Bitcoin as a legal tender by growing nations.
However, Pavel feels that this trend will continue moving up until in four years (2025), as a stored resource Bitcoin will have replaced gold. It will kick-off as an expansive bull market and guide the cost of BTC as high as $500,000 US Dollars.
BTC will end trading in the next four years (2025) at the cost of $210,000 US Dollars per BTC according to Justin Chuh’s prediction- Wave Financial’s senior trader. He declared Bitcoin as a tested and trusted haven of electronic assets. He went further to state that Bitcoin will get to the price point due to the events of halving and great inflation.
In four years (2025) to come, Bitcoin will be worth around $100,000 US Dollars and $400,000 US Dollars in the next additional five years (2030) respectively, according to Keiser’s predictions- The Host of The Keiser Report.
The best-selling New York Times book Rich Dad, Poor Dad, author- Robert Kiyosaki once predicted that Bitcoin will be worth around $75,000 US Dollars by 2020.
Numerous crypto experts around the world are confident enough that there will be an increase in the Value of Bitcoin by the year 2025, with its cost varying between $100,000 US Dollars to $400,00 US Dollars per Bitcoin. The year 2025 is more likely to favor Bitcoin with a convincing probability of increasing its price by two folds. Increased flat currency inflation and dwindling supply and upcoming halving events are part of the motives that Bitcoin will increase more in value by the year 2025.
Despite the positive predictions, the CryptoCurrency market is extremely unstable. It is encouraged by many more components like business interest, global economic performance, global politics with other components having roles in determining the price of Bitcoin. The Bitcoin price in the Crypto market can be highly determined by big investors like Elon Musk CEO of Tesla. Investors like that can give rise to remarkable shifts in price by just a twitch.
Whether you should depend on these predictions from crypto experts or should not all depends on your investment strategy and personal goals. Although, one thing is nearly definite: Bitcoin’s value adoption will increase by the year 2025.