How could worth a single Bitcoin after 2022? Why it is growing up?
This requires huge amounts of electricity which is not sustainable for this day and age.
28 October 2021 09:50 AM
Bitcoin price predictions
The last financial year was extremely fruitful for Bitcoin. The cryptocurrency skyrocketed by 1300% since January 2017 and reached $ 4,500 at the beginning of October before the correction. It is now hovering around $3,400 after a decrease in value due to disagreements about technology upgrades to its network.
Despite this temporary slowdown in growth, many people believe that Bitcoin is the ideal cryptocurrency and will continue to grow and reach unprecedented values.
With this in mind we decided to make a list of some bullish predictions for Bitcoin over the next years:
Tim Draper (billionaire investor) predicted an increase of $10,000 per coin by the end of 2017. With a current price of $ 4,400 for 1BTC, Draper's prediction may seem a bit too optimistic. However, he made the same prediction in April 2014 and the coin was trading at $4 at that time.
John McAfee predicts that 1BTC may reach $500,000 in 2020. The same prediction was made by him last year and we all know how much the value has grown since then (around 4 times). Although it was too much than expected, it could happen after 2030.
According to a forecast made by Saxo Bank, Bitcoin will end the year at $2,000-$3,000 having reached a maximum of $3,600 initially.
To support the increase in transactions, there will be an increased interest in mining. This requires huge amounts of electricity which is not sustainable for this day and age. If other cryptocurrencies are created to replace Bitcoin it would lead to a decrease in power consumption for this network.
Arthur Hayes, CEO at BitMEX, was said he believes Bitcoin will reach $50,000 in 2018. And currently, we know what is the approximate result of it, currently, one Bitcoin is worth nearly $62,000, So it is clear to us at the end of 2022 the Bitcoin could be worth $70,000 if there are no hacking attacks happened with Bitcoin.
According to Forbes, 2030 will be the year in which Bitcoin reaches $100,000 per coin. Here are the main reasons for this increase:
Lower transaction costs compared to other payment methods.
More public use and more transactions due to the limited number of Bitcoins in circulation (21 million).
Why Bitcoin is growing up?
There are three reasons for growing up Bitcoins
(1) There is a growing interest in Bitcoin and other cryptocurrencies as an investment.
(2) The limited number of bitcoins that can ever exist, makes them more valuable as more people want to acquire them.
(3) New technology will be created on the blockchain and this may lead to wider adoption and consequently increase the price.
The same person stated that, if Bitcoin becomes the strongest currency in the world, it is possible for 1 BTC to reach $500,000. This condition would require a considerable increase, approximately 10 times its current value.