Bitcoin is a worldwide decentralized cryptocurrency and digital payment system invented as open-source software in 2009 by the pseudonymous Satoshi Nakamoto. It is a peer-to-peer digital cash system. Bitcoin’s highly volatile nature has undergone various cycles of bubbles and bursts. In 2011, its value rose rapidly from about US $0.30 to US $32 before returning back down to US $2. In mid-2012 and during the 2012–2013 Cypriot financial crisis, its price started rising to a high of US $266 on the 10th of April 2013, and then plunged to around US $50. Bitcoin’s price rose to a peak of US $1,242 on Nov 29th of 2013, which then fell sharply in price again during April of 2014. As of August 2014, it was under US $600.

The price dropped even lower to around US $224 in January of 2015. At the time, there were concerns by some that freaked out darknet drug dealers might try to sell off reserve BTC to stay in business, and thus drive the price lower, as they were losing profits being unable to convert their Bitcoin revenue to cash quickly enough as the price declined. 

Beginning on January 1st, 2017, Bitcoin was just above US $960 per BTC, according to It started to look slightly more stable than gold as of April 2016, and later on the 3rd of March 2017, the price of 1 BTC surpassed the market value of an ounce of gold for the first time ever, as its price surged to an all-time high of $1,268. At the beginning of May, the cryptocurrency was trading at US $1,437 per BTC, and grew for the whole month.

Bitcoin prices rose steadily over the first two weeks of August, following a hard fork that gave birth to Bitcoin Cash. The event also spiked a Bitcoin price soar to a record-breaking high of US $4,500 per BTC, due to the high demand in Japan. However, it did slump back to just below $4,000 after a wave of record highs on the 15th of August.

Bitcoin Short Term And Long Term Price Predictions
The cryptocurrency universe has divided experts’ opinions and views right down the middle. While one group says that Bitcoin is in a bubble, the other group says this is only the start of a multi-year trend.

Short Term Bitcoin Price Predictions
GateCoin’s CEO, Aurelien Menant, a regulated cryptocurrency exchange, told CNBC that Bitcoin could hit $6,000 by the end of 2017 due to the legalization of the currency in Japan for payments, boosted interest from Korea, as well as the conclusion of a debate about the future of cryptocurrency-scalability.

According to an article by, written on the 16th of August, 2017, a renowned Veteran Bitcoin trader PentarhUdi (with a reputation for accurate predictions) projected that Bitcoin will be worth $15,000 before the end of the year. He believes that the current Bull Run will continue into 2019, at which point Bitcoin’s price will hover between $40,000 and $110,000.

According to his bright futuristic notions about Bitcoin, the independent stock analyst and founder of Standpoint Research, Ronnie Moas, predicted a potential 80% rise in Bitcoin price by 2018, reaching prices of around $5,000. He also projected that Bitcoin will reach a value of $15,000 – $20,000 by late 2020. He pointed out, however, that it was hard to predict factors such as hacks and regulations that may cause the price to collapse, although he optimistically said that it was still a good time to invest in Bitcoin.

The Economy Forecast Agency predicts Bitcoin’s prices for the years 2017, 2018, and 2019. The agency’s closing Bitcoin price predictions for June & July of 2018 are $11,544 and $10,584 respectively. The agency also predicts closing prices for June & July of 2019 as being $21,356 and $17,939 respectively.

Sheba Jafari, the head of technical strategy at Goldman Sachs predicted in June of 2017 that Bitcoin’s price will hit $3,915 in the last months of 2017. She added that Bitcoin would also have to fall under $2,935 “to signal that a top is already in place.”

Long Term Bitcoin Price Predictions
Kay Van-Petersen, an analyst at Saxo Bank, roughly, but conservatively, calculated Bitcoin’s growth predictions, that it could hit $100,000 in the next 10 years – around a 3,483% rise resulting from the recent bull rally. Van-Petersen assumed that cryptocurrencies in general will account for 10% of the average daily volumes (ADV) of fiat currency trade in 10 years; Which according to the Bank for International Settlements, foreign exchange ADV stood at just over $5 trillion as of May 2017. Meaning that cryptocurrencies could have $500 billion of the ADV. Bitcoin will account for 35% of that market share, which would be $175 billion of the $500 billion figure. The analyst concluded that $175 billion worth of bitcoins would be traded every day.

According to an article by on the 4th of May 2017, Jeremy Liew, the first investor in Snapchat, and Peter Smith, the CEO and Co-Founder of Blockchain stated in Snapchat that Bitcoin could hit $500,000 USD per BTC by 2030. Liew and Smith said increased political uncertainty in the UK, US, and developing nations would help elevate the level of interest in Bitcoin. They also added that the percentage of non-cash transactions would climb from 15% to 30% in the next 10 years as the world becomes more connected through smartphones – a positive move for Bitcoin.

Jerry Banfield thinks that Bitcoin may go over $5,000 dollars in 2018. However, over the 10-year period, he thinks that Bitcoin is going to be replaced by other altcoins. He views the Bitcoin network as not being able to handle global payments as it continues to scale, but other altcoins may. He predicts the forks will knock Bitcoin out of number one and Ethereum will take it’s place in the crypto market.

Some Negative Views
Some analysts and opinion-makers are not quite so positive about Bitcoin, despite the phenomenal performance of the digital currency market as of recent. They’re not all that convinced about its long-term feasibility. One of the skeptics is investor Peter Schiff, who previously predicted the 2008 mortgage crisis. According to Schiff, Bitcoin and other virtual currencies are in a bubble and are merely a Ponzi scheme driven by plain greed.

No one truly knows what the future holds. The crypto space is considerably more dynamic than it was four years ago. The future of blockchain technology is likely one of growth, with an extremely volatile upward trend likely continuing, with many ups and downs. Bitcoin and other cryptocurrencies could likely continue to grow, though many will fail.

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