Will Bitcoin (BTC) Hit $100,000? We Look at the Prediction of Bitcoin Price by Infamous Investors
Here we’ll answer the question of who is correct in their prediction of the Bitcoin price. In addition, we’ll explain what Bitcoin is, the Upside and Downside of Cryptocurrency and Discuss Some Famous Predictions on Bitcoin Future Price.
Bitcoin (BTC) Explained
The King of Cryptos, Bitcoin is a Peer-to-Peer Cryptocurrency Payment System That was Founded in 2009 by Satoshi Nakamoto
Bitcoin is an open-source, block chain-based technology that was designed as a peer-to-peer payment system. It is designed to be a decentralized electronic payment method that can be conducted semi-anonymously amongst individuals. It is intended to be a digital cash. The other intent of Bitcoin is to solve the double spend, trust problem that had been encountered in the past with electronic currencies.
Bitcoin uses block chain technology to maintain its function. In order for users to send and receive bitcoin, the block chain depends on miners. Computers are used by miners to complete complex calculations which build blocks on the block chain. As a reward, the miners receive Bitcoin as payment when each block is completed.
Bitcoin was introduced to the world in January 2009. It is unknown who invented bitcoin; however, a developer named Satoshi Nakamoto (probably a pseudonym) released a 9-page white paper entitled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” The Bitcoin white paper describes Bitcoin’s purpose and how it works.
Bitcoin was the first cryptocurrency to experience widespread use and adoption. However, its use case has evolved over the years from a peer-to-peer payment method to a store of value model. Many Bitcoin users hold bitcoin much like you would hold silver or gold in an investment portfolio.
Bitcoin Limited Supply
There is a limited supply of Bitcoin. Only 21 million Bitcoins will ever be mined and produced for circulation. Therefore, by definition, Bitcoin is a deflationary money. This is in stark contrast to how central banks around the world like the Federal Reserve Bank print more money, continuously creating inflation.
Currently there are approximately 18.5 million Bitcoins that have been mined for circulation. In theory, there are only 2.5 million Bitcoin left to mine. This means that 88% of all Bitcoins that will ever be produced are already circulating. When 21 million Bitcoins have been mined at some point in the future, no more coins will be produced and the mining of Bitcoin will cease. In addition, limited supply of Bitcoin is what is so exciting about the prediction of Bitcoin price.
Upside of owning cryptocurrency
Owning Cryptocurrencies Requires Belief That They Will Save a Failing System
Let’s be honest: owning Bitcoin and other cryptocurrencies requires some dogmatic belief that they can save our failing system. In addition, cryptocurrency is inherently risky for investors. Furthermore, Bitcoin and other cryptocurrencies are highly volatile. If you believe that the financial system is failing, then crypto might save it. Finally, many believe that cryptocurrency may be a solution to many other new technological problems.
When Bitcoin was born in 2009, it wasn’t necessary. Banks were working fine and a new currency didn’t solve any immediate problems. But there was a small group that had the foresight to know that we deserved something better. The truth was that the banks, along with big governments, had a stranglehold on our financial system.
Along comes Satoshi and Bitcoin. Bitcoin doesn’t require using a bank; the bitcoin holder is the bank. Making borderless payments between friends became easier and more private. The currency uses cryptography to secure transactions on a network. In addition, Bitcoin is deflationary, with only 21 million Bitcoins available for use. And if you are starting to have doubts about government money printing and overspending, then Bitcoin is an obvious candidate for safe haven status.
Downside of Owning Cryptocurrency
Cryptocurrency Markets Have Encountered Problems Such as Fraud, Theft and Volatility
There are some downsides to owning cryptocurrency. Cryptocurrency and the block chain space are a very new industry. Bitcoin is only 11 years old and there have been growing pains in the space. First, cryptocurrency has been vulnerable to fraud in the past. For example, $800 Million in Bitcoin was stolen from the infamous Mt. Gox crypto exchange in 2014. Second, scams have been a problem in the industry, especially with new projects. Finally, price volatility has frightened away many new potential Bitcoin users. The prediction of Bitcoin price has been very difficult as a result.
On a personal note, I believe Bitcoin will eventually find an important place in the future of money. When I first heard about bitcoin around 2012-2013, one Bitcoin could be bought for $60. At the time, I thought that $60 was too expensive and didn’t buy any.
Currently, in late 2020, Bitcoin is trading around $10,000/Bitcoin. It peaked in price at approximately $20,000/Bitcoin in late 2017. There are many analysts who believe it could go much higher. But even more importantly, Bitcoin and other cryptocurrency may break the banking chains that imprison us today. And it’s no longer a conspiracy theory to discuss cryptocurrency. Respected investors are taking it seriously like never before.
Will Bitcoin go to $100,000? Cryptocurrency Predictions 2020
Anthony Pompliano: $100,000-$400,000
Famous investor Anthony “Pomp” Pompliano of Morgan Creek Digital made the prediction of Bitcoin price hitting $100,000 in late 2021. Well, there’s not much time left for that to happen, but anything is possible. However, in August 2020 Pompliano doubled down on his bitcoin prediction. He’s now predicting $400,000 Bitcoin with an overall market capitalization of $8 Trillion. At this level, Bitcoin would be more valuable than the gold market.
Max Keiser: $100,000-$400,000
Much like Pomp, Max Keiser has also made a very bold prediction of Bitcoin price. Max has been in the Bitcoin space for many years and has been bullish for years. He originally began predicting that Bitcoin would shoot up to $100,000. However, recently he has moved up his prediction to the $400,000 range like Pomp.
In February 2020, Max spoke with radio host Alex Jones about Bitcoin. He stated,
“I am officially raising my target for Bitcoin and I first made this prediction when it was $1. I said this could go to $100,000. I’m raising my official target for the first time in eight years. I’m raising it to $400,000.”-Max Keiser, February 2020
Bitcoin Future Value Predictions – Prediction of Bitcoin Price – 2025 and Beyond
Mike Novogratz: $350,000-$400,000
Former hedge fund manager, Mike Novogratz, has gone on the record several times predicting bitcoin market capitalization. Furthermore, he believes Bitcoin will ultimately surpass the market capitalization of gold and reach approximately $7.5 Trillion. This equates to approximately $400,000 Bitcoin.
Chamath Palihapitiya: $1,000,000
The founder of Social Capital, Chamath Palihapitiya, has been trading bitcoin since 2012. He allegedly owned approximately 5% of the total volume of Bitcoin in existence at one time. Mr. Palihapitiya predicts that Bitcoin will hit $100,000 in the next few years. He also believes Bitcoin will reach $1,000,000!
Bitcoin Price Prediction: Epic Fail! John McAfee: $500,000
One of the most famous Bitcoin predictions of all time was McAfee Associates founder John McAfee. As much as we all wanted to believe John, he predicted that Bitcoin would be at least $500,000 by 2020. Additionally, John famously stated that he would defile himself (we can’t say exactly what he said here). As a result, Bitcoin is not going that high by the end of 2020 and John won’t be embarrassing himself either.
Bitcoin Exchanges and More Information
There are many exchanges that can be used to purchase cryptocurrency. Binance, Gemini, Kraken, Coinbase and so many more. Please do your research if you decide to invest. There are many scams in the crypto industry that are searching for an easy mark. If you want to learn more about Bitcoin and cryptocurrency, one place to start might be Investopedia. Good luck!
Disclaimer: It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any cryptocurrencies or investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, including, but not limited to Bitcoin and Ethereum.