The price of Bitcoin, the top value cryptocurrency remains a subject of discussion since its inception, and the bearish trend it has taken since the beginning of this year has initiated more aspersion and pessimism on its status.
Amid the trends of aspersion on its future are still many optimists who still foresee the digit skyrocketing to $25,000 this year, and also some seeing it skyrocketing to the tune of $500,000 by 2020 and some envisaging it to rise to the tune of $1 million shortly.
Most of the predictions of the cryptocurrency enthusiasts on the future of bitcoin are mostly based on an emotional forecast to stimulate more investors, to salvage the future of their investment, while only a few give the prediction based on empirical or hypothetical findings.
Coupled with the volatility of the cryptocurrency market, the market has become subjected to the fears of intending investors or those that are just learning of the details of cryptocurrency.
Why Bitcoin Will Sky Rocket To $500 thousand Or More
Predictions of Bitcoin rising high to the tune of $500 thousand seem impossible but checking through some recent occurrences and events makes it a possible target.
Firstly the recent trade war creates an unfavorable market for global trading. Most of the multinational cooperations are feeling the effect of high tariffs on their products because high tariff leads to increase in the cost of production and also the sales price of their products, which will translate to their products unaffordability in the global market. Added to this is the rising effect of interest rate in Europe and also in the United States and the rise in the price of oil. All these set for a possible economic crash, similar to 2008 and previous ones.
Of recent, there have been predictions of a possible economic crash, which financial experts claimed will be higher than the market crash the global market has seen. Robert Kiyosaki while making a prediction stated the specifics of the crash is not known, but there is certainty of a crash ahead. A Similar prediction came from Warren Buffett and others.
While Robert Kiyosaki made the prediction, he called cryptocurrency the people’s money, which will put the dollar into oblivion. The dollar which is mostly inflated in the world market. This situation gives the cryptocurrency a haven of storage from the impending economic meltdown.
A possible scenario of the future salvation that cryptocurrency has to offer got played out in Turkey on Friday. Trump placed sanctions on the Turkish market which led to the loss of value of Turkish Lira. Gold that used to be the usual salvage for investors was not used, but Bitcoin was reverted to, as Bitcoin got sold for $7,000 in Turkey on Friday.
The volatility that the war trade has placed multinational corporations into and the impending economic crash due to it will feed on Bitcoin, saving the face of the future economic market. And the impossible $500 thousand will become possible. However, the times and events will justify this assertion.