Ever Since the Bitcoin currency began to use in the year 2009, no one would have thought it can reach such an extent that it will turn into a major player in the world economy. It is a huge achievement for any cryptocurrency to reach such a state where it can possibly break the $1 million mark. But is it really going to happen? Well, the answer is most probably YES! Today, with the help of this article we are going to share with you some key points and factors which will describe how it is possible. Other than that we have also tried to enlighten your knowledge about Bitcoin in order to make you understand every detail that we have mentioned below in this post.
Before starting anything further, there might be some readers who are new to the term ‘Bitcoin’ and they must be looking forward to knowing more about this new kind of currency. So for them, Bitcoin is a cryptocurrency that was invented way back in the year 2008 by an unknown person/group using the name Satoshi Nakamoto. The transactions are confirmed by the network nodes via cryptography and are made with no middlemen (no banks). Also, these transactions are recorded in a public distributed ledger which is known as a blockchain.
This cryptocurrency is mainly stored in a digital wallet, which is present in the cloud or else on the computer of the user. This wallet is a type of virtual bank account that let its users send or receive bitcoins, to pay for goods or else to save their money. It is not like bank accounts as this digital wallet is not protected by the FDIC.
Bitcoins are now mostly used everywhere, however, trading or investing it is now becoming a trend in order to become rich instantly because its value is now going up day by day. Furthermore, making international payments using Bitcoins make it very easy and inexpensive as this cryptocurrency is not tied to any country or else subject to any law. Many small businesses like this currency as they don’t have to pay any credit card fees using Bitcoins. Now, Bitcoins have gained much hype, particularly since 2017 when their price suddenly shoots up into the thousands and their value increased to such a great extent. A few years have passed, as the value of the currency has been hiked up that it can reach $1,000,000 any time soon.
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Interviewing Jesse Powell on Bloomberg Television
In a recent interview with Jesse Powell on Bloomberg Television, who is the leader of crypto exchange Kraken, has said that Bitcoin may possibly reach 1 million Dollars in the upcoming years. He further added his statement by saying that there are many factors that will make Bitcoin more beneficial than fiat currencies and may possibly replace it in the end.
He said in the interview, “We can only speculate but while measuring it based on dollars, you have to think it’s going to infinity. He further added that the true supporters are going to tell you that it’s going all the way to Mars and ultimately, is going be the world’s currency.”
He also pointed toward the devaluation of the dollar by saying that it is only 50 years old but has started showing great signs of weakness already, and he believes that people are soon going to “start measuring the price of things on the basis of Bitcoin.”
Bitcoin Price prediction 2023, 2024, 2025
In light of the expectations of industry specialists and large-name financial backers, it’s not difficult to see that Bitcoin development could be gigantic considering current costs of close to $40,000. Be that as it may, how and when Bitcoin cost will arrive at such elevated forecasts is hazy. Crypto examiners frequently perform specialized examinations to anticipate value developments and when they may happen. We’ve accumulated probably the best-specialized investigation from the business’ best experts to additional assistance with seeing how high Bitcoin can go.
Bitcoin Price Prediction 2021
However bullish as everybody seems to be on Bitcoin, the cryptographic money is probably going to enter a transient bear stage similar to what it did mid-way through 2019. Bitcoin cost couldn’t contact right to the highest point of the log development channel, proposing that after another pullback, new highs are still ahead before the positively trending market is finished. The MACD likewise flipped negative and the RSI put Bitcoin in a difficult spot at obstruction. A negative disparity could frame at another push higher. The highest point of the channel is around $325,000 per BTC.
Bitcoin Price Prediction 2022 – 2023
When the allegorical bend completely separates, the main digital money by market cap will dive into another bear market. Be that as it may, not before Bitcoin arrives at costs of many thousands for each coin. The fall could return Bitcoin to the current level, around the mid-$30K area.
Bitcoin Price Prediction 2024 – 2025
Bitcoin bulls will place in another base, purchasing at the current level as the positively trending market last “plunge” into a bear market. Another allegorical bend will shape, and Bitcoin will take off toward millions.
Could Bitcoin Reach $ 1 Million?
Well, the increasing valuation of bitcoin is not the only reason but now there are several reasons related to bitcoin reaching 1 Million US dollars. The major problem related to government-issued currency or in other terms fiat currency is that it devaluates over the years which turns into inflation. In order to go beyond this money concern, many people are now finding several ways to escape the finances’ centralized system and this is making them move towards cryptocurrency, most precisely bitcoin.
Also, bitcoins are now easily available through online exchanges as there are several marketplaces which are known as “bitcoin exchanges” that let people purchase or sell bitcoins via different currencies. Some of the leading online exchanges are Coinbase, Bitstamp, and Bitfinex. The easy accessibility of Bitcoins is also encouraging more people to buy them and enter the crypto world. In a few clicks, you are going to get proper tutorials that will educate you about trading and how you can buy and trade this cryptocurrency.
As the exchanges using cryptocurrencies is increasing drastically, it is now making other people realize the easiness and real potential of bitcoins in the upcoming years. People can now easily send bitcoins to another one by simply using some dedicated mobile applications or else their PC. It is quite similar to sending someone cash digitally. Also, the government has now made btc legalized in their financial systems which is adding more points and factors in the favor of bitcoin that it may eventually get a high valuation.
Bitcoin and Govt Regulations from Countries
However, Bitcoin is mostly unregulated but we should also not forget that there are some countries where the government has started considering regulations on this cryptocurrency. Some countries are concerned about the taxation and the lack of control over their currency due to Bitcoins and these countries are Japan, China, and Australia.
At the same time, there are also some countries whose governments are looking forward to regulating bitcoin in order to make this cryptocurrency an active part of their financial system. There are many organizations that are capitalizing on cryptocurrencies which are also increasing the popularity among several other retail investors very drastically.
Conclusion
This was all about Bitcoins and a lot of factors that are favoring this cryptocurrency to reach 1 million US dollars. Over these years, the decrease in supply and the increase in demand are signaling the drastic high valuations for bitcoin in the upcoming years. All these key points make us safe to say that there’s a high possibility that Bitcoin can reach $1 million, though, it will take time but in the coming years it is quite possible.
