The future of Bitcoin (BTC) might not be all that bright as investors have been led to believe, according to a recently published research carried out by Juniper Research.
The published findings conclude that Bitcoin might find it increasingly difficult to bounce back from its long drag after failing to do so in less stringent and favorable conditions. The long-term success of the Bitcoin is dependent on diverse factors that might be worth considering before bold predictions are made; and right now, the signals don’t really look good.
The research report titled ‘The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023’ was compiled and written by author Per Windsor Holden. Holden goes on to discuss the soft spot that even figures like JP Morgan’s CEO have hit before. He surmised that the lack of ‘intrinsic value’ of the Bitcoin might come back to haunt it if it continues to slide down the hill. The fact that the Bitcoin itself has no value, except a value determined by the trader is a slippery slope. He wrote:
“Bitcoin has no intrinsic value. Like any asset, it is worth whatever someone is prepared to pay for it, but it has no meaning or existence beyond the confines of the ledger. It is a bubble, and there is a strong possibility that this bubble could burst in the near future.”
Bitcoin’s Depreciating Statistics
The continuous decline of Bitcoin’s market determinants is meant to be a cause of worry at this stage, according to the report. Results from the study purported the daily transaction volumes of bitcoin was fast dropping, as well as its daily transaction values.
As of the end of last year, Bitcoin’s daily transaction volumes had an average of about 360,000. However, this year has seen it hit a new low with the average volume barely hitting 230,000 in a day. Asides that, Bitcoin would record more than $3.7 billion in daily transaction values in 2017, but this year has seen the value barely make up to one-sixth of its previous record, with a meager return of less than $670 million.
Not everyone is having the fate-prediction saga though, with advisor Tom Lee still maintaining his $20,000 per BTC prediction by the end of the year, and Billionaire Tom Draper giving a bullish estimate of $250,000 by 2022.