Bitcoin made cryptocurrencies pop up in the world and created a lot of hype around the digital money. It was priced around $20,000 for 1 bitcoin which was surprising to almost everyone around the globe. Considering the fact that it is only digital money, it got a lot of popularity and worth which is nothing less than stunning. However, the recession phase for bitcoin began soon in 2018 and as of now, we are looking at the end of the first month of 2019 where bitcoin is currently priced at USD $3399. But the question is, what is going to be its future?
Is bitcoin never coming back?
It has certainly been some time since we saw the bitcoin prices spiking up in the market. Considering what has been with the cryptocurrency in the past, things aren’t going well for it. Many experts say that the bitcoin is hitting its bottom. While most of the individuals have lost hope about bitcoin recovering from the current downfall and rising in worth once again, there is still something left in it.
If the institutional investors enter the market and put their money on bitcoin, it has all the chances of going up once again. However, these giants are not taking interest in cryptocurrency because of the risks associated with its trading. It is one of the reasons why any major investor is yet to be involved in this market. However, if they come up, we make see a spike in its price once again.
Bitcoin coming up
There are some individuals that are being very positive about bitcoin. The founder of McAfee antivirus software, John McAfee, came up with a statement that bitcoin will hit the price and pass $1 million mark as we head into 2020. He predicted that at the end of 2017, bitcoin will rise up to $5000 which pretty much surpassed his expectations by a great deal. Considering that, and his model to which he refers in his tweets, the bitcoin would surely hit $1 million by 2020.
Bitcoin going down
On the other end of the spectrum, we have individuals who believe that bitcoin has hit bottom and will shrink to as much as $100. Kenneth Rogoff, a Harvard professor and ex chief of IMF, has stated that it will go down to $100 only. He is known for his disparaging remarks against bitcoin and is never seen as an individual who supports cryptocurrency. In one of the statements he gave, Rogoff said that in 10 years from now, the bitcoin is likely to shrink down to $100 only.
Bitcoin becoming stable
Kristjan Dekleva, who is a Swiss based financial expert, said that there will be 10 years of swinging here and there, or what we can list as 10 years of turbulence, before the bitcoin becomes stable. He stated that now is the phase where a small rumor can have a huge impact on the value of bitcoin and till the time institutional investors are absent from the market it will be marked as unstable.