A lot of developments have occurred since 2009, when Bitcoin was first launched to the public. Many people have started investing in Bitcoin since the price continues increasing over time. Bitcoin started at a humble beginning of $0.9, which for many seemed worthless to invest in. But then, Bitcoin surprised many by hitting $19,345.49, a value that was once a dream. Its value has continued on an upward trajectory since then.
Here is an interesting fact about Bitcoin; its price is very volatile. This means the price keeps changing regularly. The future of Bitcoin’s price is not that clear, but some factors may help predict it. Here is an overview that will help you learn about the future of Bitcoin’s price.
What Is the Future of Bitcoin’s Price?
As we look back on Bitcoin’s value over time, there have been a lot of changes in the past years. The price of Bitcoin started merely at nothing and then unexpectedly rose more than what was predicted. Now, the main question is, will the value remain high, or will there be any shortcomings? Much has not been reported, apart from various predictions made by different researchers.
Bitcoin is well known for its volatility, and if you have followed it closely, you will notice that there has always been an undulating graph when it comes to the price of Bitcoin. If the price were to go up tomorrow, there would be a good chance of it dropping soon before climbing again.
There are a lot of predictions about the future of Bitcoin’s price, but all of them add to the fact that Bitcoin will remain volatile and increase significantly in value. For additional information on the topic, visit Loop and learn more.
What Factors May Influence the Future of Bitcoin’s Price?
Various factors may affect the price of Bitcoin in the coming years. They include these considerations.
- Bitcoin’s rules and regulations – As the value of Bitcoin has risen over time, most government officials have begun to take notice. This is the polar opposite of the decentralized system that governs Bitcoin. Third parties, such as government agencies, are not permitted to be involved in any way in the functioning of Bitcoin, but this does not stop governments from regulating people who use Bitcoin. The government is now enacting rules and regulations that may hurt Bitcoin’s price, which has led some investors to seek other investments, causing the value to fall.
- Supply and demand – Only 21 million Bitcoins can ever be created, and as of now, 18 to 19 million Bitcoins have already been supplied. The protocols of the Bitcoin blockchain will make it increasingly difficult to mine Bitcoin as a decreasing number of remaining Bitcoins are available. This will decrease the future supply of new Bitcoin and put pressure on the price to rise if demand remains constant or increases.
- Influence of the media – Various studies show that social media has a significant impact on the future of Bitcoin’s price. We live in an era where social media has taken communication to another level. If a crypto investor comes across an interesting Bitcoin story, they will share it with others. Hence, the news will spread. Positive media coverage raises Bitcoin’s price and value, while negative media coverage lowers its price and value.
Conclusion
Bitcoin is a game-changing digital currency with a future that is unknown. Numerous factors could have an impact on the future of Bitcoin’s price, both positively and negatively. However, Bitcoin continues to be the top cryptocurrency in terms of price and value.
Hello, My name is Shari & I am a writer for the ‘Outlook AppIns’ blog. I’m a CSIT graduate & I’ve been working in the IT industry for 3 years.