It is astounding how much the price of Bitcoin has shot up. It was considered to be completely valueless only a decade ago. A single bitcoin now trades for approximately $33,520 and this is not even close to the highest amount Bitcoin has ever traded at. Bitcoin has risen to become a very valuable asset albeit a very volatile and risky one. On the other hand, this is also a reason why many people and experts make frequent Bitcoin price predictions.
In recent weeks, Bitcoin’s value has been falling with some investors speculating that the price is crashing. However, judging from past performances, the drop in value may well be just a passing wind and very soon you might be hearing that the price of Bitcoin is shooting up again. In fact, some experts predict that, at some time this year, a single bitcoin might trade at over $80,000, an all-time high.
Surprisingly, it is not only Bitcoin that has been affected by the price fall as some other top digital currencies like Ethereum have suffered the same fate. Year in, year out, the price of Bitcoin has been going up and down constantly and this is a reason why one seems to agree on what level Bitcoin might trade in the future.
How the Bitcoin price has changed previously
The first recorded transaction involving Bitcoin was a man who exchanged 10,000 bitcoins for two large pizzas. Later, traders in the black market began using bitcoins as a payment method due to their decentralized nature and anonymity. Soon after, Bitcoin would go on to become more valuable than the US dollar. This is the time people started making Bitcoin price predictions, buying bitcoins, and waiting for prices to go up before selling.
In the past, the Bitcoin prices crashed to nearly zero several times. However, Bitcoin would regain its footing and eventually become extremely valuable. External market conditions don’t seem to affect Bitcoin as was evident in 2021 when the Bitcoin price hit an all-time high of around $69,000. This was at a time when the world was plagued by the COVID-19 pandemic. You can browse around this website and learn how Bitcoin’s price has been moving and what the future holds.
Why Bitcoin prices might rise
The inventor of Bitcoin—Satoshi Nakamoto, believed that Bitcoin can be used to solve the major deficiencies that had been experienced in the traditional financial infrastructure. Although many people were skeptical at first, Bitcoin has now been widely accepted by many people and several big companies as well. There are several huge companies such as Tesla and Microsoft that are now accepting bitcoins as a means of payment.
What does the future have in store for Bitcoin?
The future prices of Bitcoin will be largely dependent on whether cryptocurrencies do well as financial assets. This does not seem to be a problem as some billionaire investors who were previously largely skeptical about Bitcoin have now made a U-turn. Elon Musk, for instance, has publicly stated that his company bought bitcoins with some people even speculating that he is Mr. Nakamoto. As these corporate leaders continue to embrace Bitcoin, the confidence of people in Bitcoin goes up leading to people predicting that the price of Bitcoin will rise.
How much will Bitcoin be worth by 2023?
There are several conflicting opinions on what the value of Bitcoin will be next year. Based on the recent price falls some think it will continue to fall, but a large number of experts believe Bitcoin will trade at over $100,000 per bitcoin. It is hard to tell who is right, and only time will tell.