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Although it’s no longer receiving as much interest as last year, Bitcoin has been holding up well for several months before it recently resumed its downtrend.
For many, the fall is just a temporary correction and an opportunity to load up on more Bitcoins. For others, it’s a bubble that has finally burst and they are not even thinking about touching it.
Bitcoin rose to as high as $19,800 in December of 2017 and many began to predict that its value could reach 100,000 USD while there others who said that it could even go to one million Dollars.
However, only a few months later, its value dropped to $11,000, even giving the impression that it was to be expected. Some predicted that BTC would fall to $4,000 before an increase to $10,000 by 2019.
It was also said that if there is not much resistance from governments and the market adapts to this technology, it is very likely that the value of Bitcoin in 2019 will sit between 20 and 70 thousand USD.
Currently, Bitcoin has a value of around 3,000 Dollars and the constant variations in its price make it nearly impossible to predict what will happen with it in the future. If we are to invest in it we must do so by being aware of all the uncertainty that comes with this digital currency in the future.
It shows that Bitcoin is considered a big financial bubble, maybe one of the biggest in history. It does not make much sense to think that a Bitcoin can reach the value of four or five digits because there is not anything that supports this presumption at the moment.
Most users who have invested in Bitcoins did so only with the goal of making money by selling it higher than they bought it. Every day new investors entered the cryptocurrency market and prices went up without control.
The shift of the trend to the bearish side was inevitable after the meteoric rise seen over the course of 2017. It wouldn’t be surprising if within a decade its value is not even close to the one seen during the best times in its history.
On the other hand, its decentralization and anonymity could make it a valuable means of storing and transferring value. In a world where everything is constantly changing, independent of any Government or authority, Bitcoin could be used as an alternative to the traditional market currencies side by side.
Transaction costs in Bitcoin could go down and it could also be used to send money to another country without commissions.
Perhaps for all this to happen five, ten or twenty years will be needed, but the possibility is nonetheless real. New generations are becoming increasingly digitalized and cryptocurrencies could become something normal in the future.
However, all these innovations are not fully ready yet. The vast majority of investors, both institutional and retail as well as companies and banks are still evaluating the different possible scenarios and risks for this technology.
