We have seen some very wild Bitcoin price speculation over the past few years. There are those who compare cryptocurrency to the tulip bubble. Others feel BTC will hit a five-digit price before the end of 2018. The latest price prediction puts Bitcoin at US$50,000 by 2027. A very bold statement, but is it even a realistic price target? If so, what must be done to get the price to increase by 2,000%?
All Bitcoin holders would like to see the BTC price go up. The past year has been quite bullish for Bitcoin, to say the least. The BTC price has gone up by quite a bit, and there is still room left for future gains. However, things will not shift into a higher gear overnight out of the blue. It will take time until Bitcoin comes even close to a five-digit price. Reaching US$10,000 per Bitcoin would be quite significant, assuming that will ever happen.
Quite an Ambitious Goal for Bitcoin
Ronnie Moas predicts Bitcoin can hit US$50,000 in ten years. He also feels the price will hit US$5,000 at some point in 2018. That latter part of the statement may be more realistic than the first. While it is evident BTC has a lot of upward potentials, things may not go as smoothly as Moas predicts. It will all depend on what happens to the global economy. Speculating on the BTC price will only get us so far, after all.
Bitcoin’s scarcity certainly needs to be taken into account. Fewer coins will be generated on a daily basis when the next block halving goes into effect. Even so, the total supply is limited to 21 million, barring any radical changes by the developers. It is impossible for 22 million people to own one full BTC each. There will be some fierce competition in this regard, which may drive up the price. Then again, this will only happen if people appreciate Bitcoin enough.
It is true cryptocurrency adoption is on the rise as we speak. That alone will not push the price to US$50,000, though. There will be ups and downs along the way, to say the least. Then again, a target of US$50,000 may not be all that unrealistic in the long run. A lot can happen over the next ten years. It will take a combination of financial decay, proper regulation, and global demand for alternative solutions to get us there, though. We all want to see it happens, but no one can predict the future.