Internet and smartphone users are growing day in and day out. This has caused the users of the cryptocurrency to increase massively globally. Over a period of years, the number of merchants investing in Bitcoin has increased from 36,000 to 182,000 in 2017. Its fluctuation price is seen by few experts as bubble. The Deputy prime minister of Turkey sees Bitcoin as the most bubble currency of financial history.
Decentralization of Bitcoin Plays a Role in the Prediction
The rise of the Bitcoin again can be attributed to the fact that it is not controlled by any bank, government, country, cannot be manipulated and is also corruption free. The value of Bitcoin from 2010 to 2017 has multiplied 879,999 times.
This has caused a number of people to believe that the growth of the Bitcoin in some years to come will be overwhelming. A Hong Kong trader who fruitfully estimated the Bitcoin price unexpected year-end rise believes that the growth of the cryptocurrency is far from over.
Even though the uncontrolled nature of the cryptocurrency makes it difficult to predict whether the price will continue to increase or decrease, the trader was certain of his prediction.
His Prediction Was Mocked At
The managing director of cryptocurrency trading firm Octagon Strategy, Dave Chapman in an interview told the “squawkbox” of CNBC that many analysts made fun of him when he made the prediction that the Bitcoin price in the fourth quarter would not just double, but double massively and rise to $10000 before the end of the year.
“I was quoted back in August when the Bitcoin was trading at around $4000 that we would have a five-figure headline by the end of the year,” he said. “I think a lot of people thought I was crazy. A lot of people scoffed at me but that is ok”.
However, regardless of the patronizing looks from the Bitcoin bears, the Bitcoin price has indeed met and overpassed the prediction of Chapman. At the time he made this prediction, Bitcoin was trading at $16,615; the fresh off 20 percent rally was stimulated by the launch of CBOEs regulated Bitcoin futures contracts.
The bears briefed this movement as hypothetical hysteria, and Chapman acknowledged the fact that he is a bit concerned about the markets current “friction”. However, he didn’t agree that the value of Bitcoin is acquired purely from guesswork.
“Bitcoin allows the immediate transfer of value from one individual in the world to any other individual in the world, and it does that without any middleman. That’s it value”. He further said. “If you look at Bitcoin and its impact on finance, it is really not that crazy to think that Bitcoin could be a huge disruptor to finance as we know it today”.
It will not be Surprising if Bitcoin Hit $100,000 before 2018
Chapman continued to say that the launch of the Bitcoin derivatives is a signal that cryptocurrency is “growing up” and he included that he would not be shocked if the price of Bitcoin rises to $100,000 before the end of 2018. Nonetheless, he advised that becoming too obsessed with the cryptocurrency price will make people lose sight of the real revolutionary parts of the technology.
“The price to me is probably the most uninteresting component about Bitcoin. I am more excited about the application and more excited about what this means to people who do not have access to financial inclusion”. He finally concluded. “If we focus on the price, we are losing track of the big picture”.
Looking the rate at which the price has risen this year, $100,000 price mark is achievable if the price increase at the same pace. Bitcoin has been estimated to overtake fiat currency as it becomes 30th largest currency. However, few experts have also predicted that Bitcoin will crash in the near future.