The current Bitcoin value has this year taken a nose dive from its highs in late 2017. From a high of $20k to a low $6,525.50 at the time of writing, Bitcoin is having a hard time disengaging from the powers of the bears.
While this is written all over the place, experts projections are indicating a positive momentum soon and the current Bitcoin value is marked to appreciate to even higher heights before the end of the year. Not to mention long-term predictions which are even more promising.
Below we look at the current Bitcoin value from the eyes of five experts.
Phillip Nunn: The current Bitcoin value is capable of rising 10X
A well known professional expert in the ICO and crypto space, Phillip Nunn, is positive that the price of Bitcoin will rise to $60K. Although Nunn said this at the beginning of the year, he has not deviated from his positivity.
“The truth is that we are moving from depending on the internet of information to depending on the internet of value. Everything will be disrupted from record-keeping, financial issues, to legal issues. This is why I will continue to stand by my predictions. My prediction was Based on market volatility which is currently high,” said Phillip.
Whether his projections will come to fruition and considering the volatility of virtual currencies, this will depend on how best the 10 years old cryptocurrency market will respond to regulations and security concerns.
Tom Lee: The current Bitcoin value will rise 4X
Tom Lee, a senior partner at Fundstrat, a cryptocurrency market analysis company, has never wavered from his $25K commitment.
Lee’s prediction is based on his belief that leading financial institutions will soon start flocking the cryptocurrency market. According to Tom, banks and other traditional firms will enter the market because of opportunities.
Also, Tom sees a maturation of regulations guarding the cryptocurrency market. This, for Tom, will bring both retail and institutional investors to the bright light of virtual currencies. The expert from Fundstrat also bets on the rise of the cost of mining Bitcoin.
Kenneth Rogoff: The current Bitcoin value is headed to more loses
For Keneth, an ex IMF chief and a professor at Harvard University, it’s not as promising as it seems.
Rogoff sees the current Bitcoin value headed to lows near the $100 mark. This is because Keneth sees financial regulators pouncing on cryptocurrencies and bursting the Bitcoin bubble.
“I think Bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now… I would see $100 as being a lot more,” indicated Keneth
Cameron Winklevoss: The current Bitcoin value headed towards $320K
Cameron, the co-founder of the Gemini cryptocurrency exchange, is positive Bitcoin will reach $320K although not in 2018. Cameron has set his eyes to more than 10 years.
The Winklevoss twin said that:
“Bitcoin is actually fixed in supply so it’s better that scarce. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”
Llew Claasen: The current Bitcoin value aims at $40K
The Bitcoin Foundation’s executive director is raising the adrenaline level in the Bitcoin community by noting that Bitcoin is well on its tracks to touch forty thousand U.S dollars. However, Llew distances himself from losses the crypto traders may encounter noting that virtual currencies have an equal measure of excitement and risk.
Other predictions
Other experts, eg, Tim Draper and Jeet Singh, are all positive indicating that the price of Bitcoin will be somewhere between $50K and $100K. Tim had in 2014 predicted a price of $10K within three years, something that came to pass in two years.
Final words
The above expert predictions as to where the current Bitcoin value is headed by the end of the year and beyond have one thing in common – even if Bitcoin rises or falls in value, it will be the industry standard. There will not be such thing as altcoins detaching themselves from Bitcoin.
Over the years, Bitcoin is slowly acquiring the ‘store of value’ tag which was fixed on assets like gold.
Since the supply of Bitcoin cannot exceed 21 million, the price is likely to appreciate once supply becomes lower than demand
