Bitcoin Price at $1 Million by ? Looking at historical cycles is a good way to make predictions on future ones. The caveat is that BTC is only a decade old so we don’t really have a great deal of data to go on.. In his latest video, analyst Benjamin Cowen has extrapolated data from the bitcoin logarithmic regression model to attempt a realistic prediction as to when prices will reach. Oct 12, · Market Cap: $,,, Bitcoin to $1 million by And it seems that this has ignited some analysts’ spark, who continuously come up with models and charts with million-dollar forecasts for Bitcoin. And if a few years ago people laughed at John McAfee for saying that Bitcoin could easily reach a million dollars, today many. Sep 09, · While Bitcoin is evidently anti-fiat, the community has made a habit of denominating milestones in U.S. dollars, presumably to show its progress in overtaking traditional finance. In , Bitcoin’s market capitalization surmounted $1 billion and $10 billion; in late-October of , the same metric passed $ billion.
1 million dollar bitcoin market capBitcoin Can Reach $1 Trillion Market Cap & $50k Per BTC
A number of Bitcoin and cryptocurrency influencers have arisen as it has become a fashionable way to gain notoriety on this hot-button conversation. The media loves a story, and Bitcoin has given them one they can run wild with. The Sovereign State and the Role of Government. It is not possible to overlook or underestimate the nature of sovereign states as it relates to cryptocurrency in general and especially Bitcoin. Each nation state whether they hold Bitcoin at an organizational level or not has been forced into this dialogue as Bitcoin has the potential to impact banking, capital controls, monetary policy, and even the law enforcement and national security.
We have seen in countries that are experiencing hyperinflation such as Venezuela that Bitcoin has become part of the national conversation as the people there struggle to maintain a stable store of wealth and secure medium of exchange. Bitcoin has been a partial solution to that problem.
And in the case of China, the country has maintained very tight capital controls that Bitcoin has poked a hole in thereby creating a financial regulatory enforcement issue there. Of course, we can define additional stakeholders and interests of various shapes and sizes, but regardless of where these players fall in the ecosystem, Bitcoin has become a phenomena where it is nearly impossible not to take a stance.
Not knowing more about this conversation is becoming socially reprehensible. There are a lot of Bitcoin bulls out there, but many of their arguments are either undisclosed or purely based on hype. Few of them are actually discussing barriers need to avoided or mitigated in order for Bitcoin to continue to thrive.
Favorable Regulatory Environment. Bitcoin and cryptocurrency need to remain in a favorable or at least permissible regulatory environment that does not curtail or stifle adoption and interaction with Bitcoin.
The crypto industry hopes for fair and balanced regulation that will allow for continued growth of the larger blockchain-based cryptocurrency markets and the tech solutions that they are bringing to market. Collaboration with Banks. Banks need to support transactions to companies such as Coinbase. If banks prohibit fund transfers to and from these institutions, they are effectively blocking the linkage between the crypto-financial and fiat-financial world.
We have already seen a number of banking institutions globally that have limited or no relationship with cryptocurrency-based businesses.
Long-Term Technological Success. To date the Bitcoin network has not been hacked. Yes, there have been a number of hacks which have resulted in the loss of Bitcoin to individual users and companies, but more importantly, no fatal flaw has been acted on in the Bitcoin network. Institutional Support. Bitcoin is currently a sexy asset to talk about and trade. When people are making money they tend to be giddy and enthusiastic about their winner.
If Bitcoin falls out of favor with institutional players, they will likely decrease volume in their newly created derivatives markets, sell off their actual Bitcoin holdings and effectively drive down the price of the asset.
Media Support. While Bitcoin is not a company, it has enjoyed an unprecedented amount of media hype, prompting people to learn more and in some cases consider adding Bitcoin to their retirement portfolio.
Regardless, the more Media pushes the issue, the more people will be compelled to talk about it. The more people talk about it, the more they are likely to invest. If the media promotes fear in this space that is founded on actual loss, this could introduce a mass sell-off.
Growth of Value-added Blockchain Solutions. There is an entire ecosystem of software solutions that are leveraging the technology which the Bitcoin network operates on, namely blockchain. As more and more production networks and applications are built on this technology, the unique crypto assets that these projects launch generally been promoting speculation and in some cases blockchain software-based interoperability.
Wide-scale Tokenization. There is an early movement to tokenize real-world assets. These can include physical property such as cars and real estate, but it can also include financial assets such as stock and bonds.
More Commercial Use Cases. We have seen a handful of companies accept cryptocurrency as a method of payment. These include Overstock. We have already seen some high end real-estate and vehicles such as Lamborghinis purchased with Bitcoin.
Addressing the Scaling Problem and Transaction Costs. Bitcoin has a scaling problem. It is not unusual to see over , unconfirmed transactions sitting in the Bitcoin queue. Additionally, the cost to transact in the currency has seen a stark increase along with the price of Bitcoin.
There are efforts underway to address this scaling issue, but it will take time before it is successfully addressed. The next bitcoin price peak according to this theory would be around 5.
This has all been plotted using logarithmic regression under the assumption that there will not be a halving rally this year. Cowen added that this is purely hypothetical and based upon long term movements ignoring the market pumps and dumps of a couple of thousand.
The peaks are getting closer to the regression band as market cycles extend. Assuming BTC stays on this course it could realistically arrive at the next peak which is a million dollars by or By then it will have gone through four more halvings which will have dramatically decreased the supply, potentially increasing demand through perceived scarcity.
The prices have been derived by adding a number of logarithmic regression lines for potential support and resistance zones as time goes on. Each cycle drops 2. The next cycle is expected to produce massive gains over the next 3 years or so but subsequent ones will be a lot slower in terms of potential returns on investment. So there you have it, another price prediction which puts BTC at a million dollars in the late s, by which time John McAfee will have already had his phallic lunch.
Could you be next big winner? The exchange saw a broadening of adoption and ownership of crypto assets this year as more people continued to want in on acquiring the token.
As many as million people own crypto assets today, according to Hileman. He noticed a lot of the recent price action was driven by institutional investors, based on transactions that occur on the chain, and is unlike the retail investor frenzy of On-chain demand and other metrics suggest that the rally was driven more by institutional hedge funds, family offices, and money managers.
Hileman expects to see continued buy-in from retail and Wall Street investors going forward, rather than corporates.
That's because it is harder for bigger players to participate than professional investors who already have accounts and easy access to major exchanges, he explained. As for the US dollar, the researcher expects the world's most popular reserve currency to be digitized sometime in the next five years.