Will bitcoin surge to $100,000 or drop to $100? In the last year bitcoin has surged to $20,000, dropped back down to $6,000 and found stabilization (as of late) in the $8,000 range. There are many predictions for the cryptocurrency and we would like to go over a few as they all have valid points.
I was browsing cointelegraph when I came across an article similar to the one that I am writing now. link: https://cointelegraph.com/news/bitcoin-headed-for-100000-or-100-ceos-big-investors-and-harvard-economist-predictions
Within the afformentioned article there are many statements that vouch for Bitcoin rallying towrd 100k. A statement from the article goes as follows.
Institutional investors’ money will increase Bitcoin’s price
"The CEO of American Express-backed startup Abra has predicted that big investors will make “all hell break loose” in a recent interview with Business Insider. He mentioned that there is currently little large-scale institutional money in cryptocurrencies and when this changes the impact on Bitcoin’s price will be very positive.
So, what is preventing this institutional money to flow into Bitcoin and cryptocurrency markets in general? The current technological limitations of Blockchain could be a key reason, especially those related to scaling. However, right now there are scientists and software developers building trailblazing innovations that could take Distributed Ledger Technology (DLT) to the next level, as pointed out by Don Tapscott, author of the book ‘Blockchain Revolution’.
Decentralization, scalability and security are the trilemma in DLT meaning that if you were to improve scalability then security would be compromised, and so on. However, this trilemma, which has been the limiting factor for the technology, is about to be overcome."
Do I agree with this atatement? Yes I do, I do think that big money from wealthy institutions will begin to and continue to bump up the price in BTC to record setting highs. In my opinion BTC is in its infancy and can only grow as more people become interested in the tech behind the coin iteself. Will this happen in 2018??? I honestly cant say.
Bitcoin tanking to $100
Bitcoin may be recouping some of its earlier losses, but there’s more likelihood it goes to $100 than $100,000 in the next 10 years, Kenneth Rogoff, a Harvard University professor and economists told CNBC.
Kenneth Rogoff was giving an interview with CNBC when he stated "Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small," Rogoff, He belives that this will be the deciding factor in bitcoins eventual demise. Do I agree with him? Absolutle not and here is why...
Illegal transactions and money laundering are not the biggest driving fctor in bitcoins price. I say this because bitcoin was the main currency used in the deep web since 2010. In the early years of btc the price never reached $1000 and this was during the deep webs higest grossing days using the currency. Since The decline of Silk Road ( deep web market) Btc and the deep web have been under consatnt watch. Not to say that btc isnt used on the deep web now I am just stating that btc was heavly used on the deep web when it wasnt in the lime light and the price stayed reletivly low. In fact BTC has only risen as it has gained mainstream recognition. The biggest deciding factor in Btcs current uptick isnt money laundering or illegal trade anymore it is the eager investor looking for a way to make an income from this seemingly untouched tech.
My Thoughts?
Eveyone involved in the crypto space is eager to see how this all unfolds and predictions are very poular but can only be taken with a grain of salt. If life was so predictable everyone would be rich and happy but it isnt that simple. The best thing to do is sit back and watch hat happens invest if you would like and take profits as it goes. Dont let this be the only egg in your basket but dont watch it go by without jumping in either. Life is about balance and in an ever so volitile market you may need to step away to get re-aligned.
