Before knowing the Bitcoin price prediction, we need to know about Bitcoin cryptocurrency.
What is Bitcoin (BTC)?
Bitcoin is the first decentralized cryptocurrency, which was originally describe by a person(Satoshi Nakamoto, true identity remains unknown) in year 2008, and was finally launched in January 2009.
Bitcoin is person to person online currency, and is independent of network participants.
Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
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Founders of Bitcoin
Bitcoin was originally elaborated by Satoshi Nakamoto. As of 2021, true identity of Satoshi Nakamoto remains unknown.
Bitcoin’s whitepaper was published on October 31, 2009. How person to person online currency could be implemented was also mentioned in that whitepaper.
According to coinmarketcap, They proposed to use a decentralized ledger of transactions packaged in batches (called “blocks”) and secured by cryptographic algorithms — the whole system would later be dubbed “blockchain.”
After two months, on 3 January, 2009, Satoshi Nakamoto mined the first block on Bitcoin network, that is known as the genesis block, this launched the world’s first cryptocurrency.
The first Bitcoin’s commercial transaction was held on May 22, 2010, when Laszlo Hanyecz, a programmer, traded 10,000 BTCs for two pizzas. And due to this event , it is known as “Bitcoin Pizza Day”.
Total Number Of Bitcoin
There is limited supply of Bitcoin. This is limited by its software. Bitcoin never exceed the the number of 21,000,000 coins. New coins are mined by the process known as “Mining”. And 2,300,000 Bitcoin are left to be mined.
Security Of Bitcoin Network
Bitcoin is actually secured using the SHA-256 algorithm, which is part of the SHA-2 family of hashing algorithms that is also used by the Bitcoin Cash network and other cryptocurrencies.
Bitcoin Price Prediction
The current price of Bitcoin is $20,260 and its 24 hours traded volume is $48,584,612,397. Bitcoin has increased by over 5.7 % in the last 1 week.
According to an important analysis from Deutsche Bank, Bitcoin could Boom back up to $28,000 by the end of the year 2022. Also, the panel of 53 experts predict that Bitcoin’s price will reach at least $25,000 by the end of 2022.
But not of any expert is convinced bitcoin has hit its lowest price of this year.
Bitcoin Price Prediction for 2023
Crypto experts predict Bitcoin to end up far away from the $100,000 mark in 2023. But It’s more sensible for bitcoin to be in the $40,000 to $50,000 territory in the following year, says Jurrien Timmer, head of global macro scale at Fidelity Investments.
He says “If the demand model says that bitcoin’s intrinsic value is $50,000 today and $100,000 two years from now (my thesis), then at $30,000 bitcoin is going to look a lot better than at $70,000.”
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After a survey by intelligence company Morning Consult on about 4,400 Americans, crypto investors expect that by the start of 2023, Bitcoin will bounce back to $38,000.
Bitcoin Price Prediction for 2025
According to some crypto experts, Bitcoin destroys all its record and climb to $1,000,000 or more. It was predicted last year.
Commodity strategist of Bloomberg, Mike McGlone expects that price of Bitcoin could climb to $100,000 by 2025.
Bitcoin Price Prediction for 2030
Founder and CEO of Digital Assets marketing and consulting firm Parallax Digital, Robert Breedlove, predicts bitcoin will be valued at $12.5 million by 2030 because inflationary pressures will drive interest in cryptocurrency, pushing the value of bitcoin up higher than previous projections estimated. Known as more of a philosopher type among crypto enthusiasts, Breedlove speaks often about the broader social implications of crypto as a form of more transparent, decentralized currency — but his price predictions haven’t exactly been spot-on.
Ian Balina, founder of crypto research and media company Token Metrics, anticipates bitcoin can go up to $150,000, but the timeline is unclear. Balina says the release of new altcoins and hype about the metaverse will continue to drive the demand for crypto, and bitcoin will therefore bounce back eventually.
Big financial institutions have made their own predictions, as well, with JPMorgan predicting a long-term high of $150,000 and Bloomberg predicting it could hit $400,000 if the currency climbs at rates comparable to the past.
credit : Time.com
What Impacts Bitcoin’s Cost
There are many factors that affects the Price of Bitcoin. Economic factors like Supply demand chain of Bitcoin, sentiments of public, different market events, scarcity of Bitcoins and many more. Yes, scarcity of Bitcoin, because there are only 18.7 millions of coins in market and about 2.3 million of coins yet to be mined. And surprisingly, it may take about 120 years more to mine it completely. This will happen because of regular decrement of rate of mining of Bitcoin.