Cryptocurrency is an asset in digital form which can be used in the exchange process for the security of financial transactions and to limit and verify the assets during transformation.
Bitcoin price predictions 2018
It is one of the critical issues whether Bitcoin will able to hit $500,00 this year or not. The cryptocurrency estimation is dependent on the latest predictions carried out by different managers. As per one research report, a normal cryptocurrency fluctuates by 70%⎯80%, and therefore, the current volatility should not be considered. The stock price and their stability depend on the company’s performance and their efficiency with respect to the new upcoming business model. If the cryptocurrency is highly volatile, then the risk is high, though this issue is irrelevant for long-term investments. As many investors feel insecure regarding the volatility factor of cryptocurrencies, they tend to think a lot before investing in Bitcoins. If Bitcoin shows an upward trend, investors will not hesitate to invest their money. Predicting the Bitcoin price is hence one of the most challenging issues even for the experienced analysts.
As per the current scenario, Bitcoin is valued at $4333.88.
Analysis by experts
As per John McAfee, founder of the McAfee antivirus software, Bitcoin price will hit $1 million by 2020 and to achieve this goal, Bitcoin’s value needs to grow at 0.4840957% per day.
As per a finance expert, Bitcoin investment is just like dot-com bubbles.
However, to ascertain the price in the short term is not easy due to the impact of emotions and disinformation cases like rumors which affect the price stability to the greater extent and hence, leads to higher risks.
As per Swiss-based financial expert Kristjan Dekleva, Bitcoin price can achieve stability after ten years.
However, Tom Lee, senior partner Fundstrat and ex-chief of JP Morgan, had predicted that Bitcoin price would reach $25000 by mid-2018 and the estimation was made when the price was just $10000.
Again, experienced cryptocurrency fund manager, Jeet Singh estimated that the price of Bitcoin would touch $50,000.
In 2014, when the Bitcoin price was only $413, then Tim Draper has expressed his opinion that the price for the same will reach $10,000 in the coming three years which is just more than double.
As per Llew Classon, executive director of Bitcoin Foundation, Bitcoin price will touch $40,000 only when there is no application of something new to make the cryptocurrency risky.
A group of cryptocurrency experts at Finder.com expressed that Bitcoin price will reach $43,000 at the end of 2018.
As per Cameron Winklevoss, co-founder of Gemini reviewed that Bitcoin will hit by $3,20,000 someday which is just 40% above.
From the above analysis, we can conclude that the price of Bitcoin will remain affected by the latest government regulations, development in technology or any other economic situation. However, these changes will not give a more significant impact on the long term.
Bitcoin has been considered as an asset like gold, silver, etc. and hence, creates value if stored for a longer time. As the concept of Bitcoin is new and tricky, investors are very cautious while investing their funds. Moreover, Bitcoin has also been used in illegal activities making it riskier.