Bitcoin in 2018: What to expect from bitcoin in coming year
Dr. Julian Hosp, founder of fintech firm TenX, forecasted that Bitcoin would see even sharper rises and lower falls in the coming year, saying:
“I think we’re going to see Bitcoin hitting the $60,000 mark, but I also think we’re going to see Bitcoin hitting the $5,000 mark. The question is though, ‘Which one is it going to hit first?’”
Short term Bitcoin investors
This is attributable to the fact that Blockchain as a technology fundamental to Bitcoin is sound, innovative, trustworthy and truly ground-breaking. The long term belongs to it. Bitcoin is credible, no doubt. But over the past few months it has got some real big loose cash invested into it- mostly by profit making short term investors who may well be just waiting for the right time to cash out. This makes the Bitcoin volatile. That said, apart from an occasional correction, Bitcoin remains sound, posing little risk to the long term investor who truly believes in its innovative strength.
Hosp further adds and clarifies-
“I don’t think it’s going to be a bubble that’s just going to burst and everyone is going to lose their money, but I think it’s going to be that all the coins and all the assets with very little use or value are going to get sorted out. The money is going to flow into those assets in this cryptocurrency space that really deliver value, have new technology, and are being used by people.”
Also, as per Moas, who is known for Bitcoin predictions, says-
“Bitcoin would have to jump 20x from where it is now to hit that number one spot. That would put its valuation at around $6 tln, which is near where Gold and China are right now.”
He says Bitcoin is more reliable than Gold as one knows how much Bitcoin is there in the world while no one can be sure about Gold. It is technologically sound with clearly defined and respected value in the financial market.
Profit making through Bitcoin
It is believed those who just wanted to make some quick money out of Bitcoin have probably already gone out of the market booking profit as the Bitcoin rose in 2017, leaving only those who believe in its vales truly.
Rise in Bitcoin’s value will pose a challenge to the banking system. They will have to find ways to survive in the Bitcoin era. Tech giants will need to invest heavily in the R&D related to Bitcoin and Blockchain to keep pace with the changing market. New start-ups would come manifesting the Blockchain technology more and more and solving the world’s problems in a ground breaking way. Forbes also bets for Bitcoin in 2018.
Bitcoin’s future APART from it’s price
Honestly, the future price of the Bitcoin is NOT the most interesting thing about the Bitcoin or the Blockchain. How they change and revolutionize the market, bring new aspects to it is what one should look for. The total Dollar volume may decrease, banks may shut down, Bitcoins may be the daily pocket change in your e-wallet and you may buy grocery using it, government may control and tax crypto trades, some new crypto currency may surpass Bitcoin and what not. The true potential of Blockchain and Bitcoin is far from realized already and only sky is the limit. If we keep focusing on the price we are definitely missing out on the big picture.
Gone is the academic conservationist’s era of those Bitcoin naysayers. Bitcoin has taken off thanks to its revolutionary value and has no stopping it.
More splits may happen in Bitcoins to make transactions faster and more manageable. It will remain volatile but will eventually rise. Wall Street may join in and finally fall in love with Bitcoin, taking it to skyrocketing highs. One major risk is that it should survive the crash if one were to ever happen. Another fear is that China is after it, will it regulate it again and even more, that will harm Bitcoins future. Another big coin may take over Bitcoin too in 2018. Lastly, Bitcoin may gain traction as a regular currency too.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.