What are the expectations for the future of Bitcoin? Amongst the strongest believers in the future of Bitcoin are industry leaders like Mark Cuban who used to disparage Bitcoin once upon a time. Bitcoin is the giant of the financial cryptocurrency market, and it continues to draw more investors, making the traditional financial space sit up and take notice.
Are you thinking about investing in Bitcoin? Perhaps you should consider the current state of Bitcoin as well as the opinions of industry leaders.
The Current State of Bitcoin
Cryptocurrency remains a highly volatile and risky market that operates much differently from any other financial product. It took Bitcoin 8 years to go from an idea to an incredible peak of $19,650.01 in December 2017, which opened the eyes of the masses to its potential. However, this high was followed by a dramatic crash which saw Bitcoin’s price drop below $4,000 throughout much of 2018. The market would pick up again, reaching an all-time high of $67,000 in November 2021.
Unfortunately, this amount proved challenging to maintain. With the interest rates being raised in the US, Bitcoin has been replicating the movement of the NYSE and has recently seen intense volatility. In addition, the collapse of major players in the cryptocurrency space caused a major shock to Bitcoin. At the end of 2022, the biggest cryptocurrency by market capitalization ended at $17,000 per coin.
With a brief understanding of the history of Bitcoin, it’s time to look at the future of Bitcoin prospects. What can people expect from the crypto economy in 2022? Various industry professionals have given predictions of the future movement of Bitcoin based on their market experience.
Bitcoin Predictions 2030: What The Experts Say About This Decade
Providing a thorough analysis of Bitcoin based on estimates is a challenging game to play. With the extreme volatility and uncertainty, no one, not even an “expert,” can provide specific and accurate forecasts about the future of Bitcoin. However, some professionals do have a slight ability to predict positive growth trends.
Here’s a list of leading experts and their predictions for the future of Bitcoin:
Bobby Lee – The first exchange (BTC China) CEO in China, Bobby Lee believes Bitcoin can reach $1,000,000 in 20 years. Back in 2020, Lee called for Bitcoin to break previous all-time highs and reach $25,000 by December, a prediction he got correct. However, his latest prediction that Bitcoin would reach $100,000 by 2022 did not come to fruition. In a recent interview, Bobby Lee addressed his failed prediction and reiterated his long-term conviction on Bitcoin.
Mark Cuban – While steering clear of making any price predictions, Shark Tank judge and billionaire Mark Cuban has been passionately advocating for Bitcoin. Most recently, Cuban was heard telling talk show host Bill Maher that Bitcoin is far superior to gold as a store of value.
The Winklevoss Twins: Cameron and Tyler, Olympic rowing champions and Bitcoin OGs, have made a massive impact on the crypto space through their exchange, Gemini. In 2020, Tyler Winklevoss set a target of $500,000 for Bitcoin, calling it ‘rather conservative’, although he didn’t specify a time frame.
Anthony Pompliano – This respected and well-known crypto enthusiast predicted a price of $100,000 in 2022. Pompliano is the founder of Morgan Creek Digital, a user-friendly cryptocurrency asset management organization. However, Pomp, as he is commonly known, has recently been quieter on the Bitcoin advocacy front after his prediction failed to materialize.
Mark Yusko – This former Bitcoin skeptic predicts a $500,000 price for the digital coin in 2030. Yusko also stated that he believes Bitcoin can reach gold equivalence in future years.
John Pfeffer – The Pfeffer Capital partner predicts a price of $700,000 in 2030, which he backs up with mathematical calculations.
Philip Swift – While Swift believes this currency is an early asset with many associated risks, he has Bitcoin forecasts between the range of $92,000 and $137,000 in 2023. Additionally, Philip based his prediction on previous cycles that have played out in the crypto market regarding this popular famous
Cathie Wood – With over $14 billion under management, ARK Investment Management is one of the most respected asset managers in the world, especially when it comes to the technology sector. ARK’s CEO Cathie Wood is massively bullish on Bitcoin, going on the record with a bold prediction that it will reach $1 million per coin by 2030.
Bitcoin as a Tool for Financial Freedom
One of the main reasons Bitcoin looks so appealing is because its market cap displays the dominance of the coin versus other coins, leading to an implication that investors are beginning to trust cryptocurrencies in general and Bitcoin more specifically.
Stepping back, the stated reason for the development of the Bitcoin blockchain was to assist individuals with regaining financial freedom, security, and privacy. For this reason, many investors do not want to allow the crypto market to disintegrate because of the potential the industry has displayed and its ability to make ordinary people wealthy and democratize the currency markets.
Everyone strives for a certain level of freedom, especially when people try to prevent or exclude others from increasing their wealth. Banks, the government, and other institutions have traditionally exercised tight control on financial factors, likely preventing individuals from expanding their wealth more efficiently.
This centralized system encouraged others to push the boundaries and find a more innovative and inclusive way forward so they did not have to be excluded or discriminated against based on their financial circumstances. Hence, advanced and modern technology such as blockchain decentralizes the process, making an attractive, alternative option more available to everyone.
Is There a Possibility of Bitcoin Disappearing?
It is no surprise that Bitcoin is now the most well-known cryptocurrency worldwide. Even so, you should learn as much as you can about it first. For starters, a man who assumed the identity of Satoshi Nakamoto created Bitcoin in 2009. The difference between this and fiat currency is that no specific value is assigned to this cryptocurrency. People can instantly engage in Bitcoin transactions without the permission or assistance of an intermediary.
The billions of dollars invested in Bitcoin and its infrastructure are driving massive adoption worldwide. In Nigeria, for example, 50% of the population uses Bitcoin and other cryptocurrencies. Compare that to only 0.5% that are using the central bank digital currency and you get the idea of the mass adoption taking place.
While it may not stay in the form most commonly known today, bitcoin is becoming a platform that has immense room for growth, hence why disappearance isn’t likely.
The Bottom Line
Is Bitcoin the future? As you have seen, the estimated prices and predictions for the future of Bitcoin from a cross-section of the industry appear very bullish. While we cannot specifically say what the years ahead may offer regarding this cryptocurrency, one thing is becoming more and more clear, and that is that crypto markets and blockchain technology have the potential to redefine financial products as we know them shortly.
People may save, earn, engage, and spend in Bitcoin trading of their free will. Advanced developments and applications are already being created and implemented to make this even more accessible. Here’s to agreeing that Bitcoin looks like the future!
