Bitcoin is a digital currency and it also referred to as a cryptocurrency. Bitcoin is best known as the world’s first completely decentralized digital currency. Bitcoin is traded on a distribution ledger of peer-to-peer basis, called the Blockchain and the Bitcoin exchange rate to the US Dollar and other major currencies are determined by supply and demand according to other global exchange rates. The trading value of Bitcoin has proven volatile through various ups and down in demand. This eventually, may see Bitcoin as a store of value against government-backed fiat currencies.
Bitcoin Predictions by Famous Investors
As there is a volatile condition experienced by the market, we should have a backup as a prediction with the market experts, who have been the mind and heart of the cryptocurrency market.
So, let’s have a look at the famous Bitcoin predictions:
John McAfee Bitcoin price prediction
John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million by 2020 following last year’s prediction of $7000, which was well surpassed.
According to John’s tweet
“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5000 at the end of 2017. BTC has accelerated much quicker than my model assumptions and now I predict Bitcoin at $1 million by the end of 2020.”
Kenneth Rogoff, is a Harvard professor and also known as an ex-international Monetary Fund (IMF) chief, puts ice water on the hopes by saying that the Bitcoin bubble will burst and it would reach from low to $100 and not, $100,000
According to reports, on 28th August 2018, The Bitcoin price has increased by $200 and this increased in just a matter of 35 minutes. It is noticed that this sudden increase happened just after the statement of Tom Lee, who is the head of research at Fundstrat Global Advisors. He said in an interview that ‘Trading Nation’ that Bitcoin ‘could end the year explosively higher’, targeting a year-end price as high as $25,000. The motto of this prediction is to predict the correlation between the price of emerging market equities and Bitcoin. This could be lead to a major rally for Bitcoin.
In the year 2014, when BTC was valued at $413, none but Tim Draper, the popular Venture Capitalist predicted that the Bitcoin would reach up to $10,000 in a period of three years. Although he didn’t categorically predict that the Bitcoin price $100k in 2018, but rather he said, he was expecting the Bitcoin to continue its growth drastically, in an interview with Bloomberg last year.
Finder sought opinions from 13 cryptocurrency experts and concluded that Bitcoin price will witness a 300% growth to land at $43,000 by December 2018