Where Is Bitcoin Price Headed, Up or Down? An astonishing question in some quarters, a rhetorical question to the profound thought of hearts and as well a lingering doubt of delving into it thrills the doubters. But the bunch of incurable optimists will not stop giving figures that seems absurd to the reasoning of an ordinary individual who cares less about cryptocurrency or knows a little or nothing about Bitcoin. But the obvious and undeniable fact is that the more news Bitcoin and cryptocurrency alike generates, the more tendency to boom, and the underlying technology, Blockchain, validity is simply undeniable, as to more benefits it will give to the tech world.
Where is Bitcoin headed? The Opinion Game
The direction or perhaps the specific point Bitcoin would reach is still relative to the opinion of the optimists, even as the validity of the Bullish trend is still there. While Bitcoin is outrightly unprofitable to some Billionaires.
Many of the top billionaires in the world still see it as a scam. According to Warren Buffett with $84 billion worth, “Stay away from it. It’s a mirage… the idea that it has some huge intrinsic value is a joke. It’s a way of transmitting money.” likewise Ken Griffin, with $8.7 billion net worth states “It’s not the future of currency. I wouldn’t call it a fraud either. Bitcoin has many of the elements of the Tulip bulb mania.” Another Billionaire Antagonist also opined that “It’s not a real thing. It’s a fraud.” said Jamie Dimon.
While opposing opinions rattles the trend of doubters, there is still a significant trend of the optimists, who are unrepentant on the certainty of its bullishness. This year alone, we have seen Skye rocketing predictions of up to $1,000,000 by 2027 and 2033 from Wences Casares, founder and CEO of Xapo, and Chamath Palihapitiya, the founder of Social Capital and co-owner of the Golden State Warriors respectively. Another forecast of $500,000 from John McAfee, founder of McAfee Associates and Jeremy Liew, a partner at Lightspeed Venture Partners, both predicted the year 2020 and 2030 respectively.
Joining the league of projections for bitcoin are forecasts by various enthusiasts this year, that it would reach $12,000, $15,000 among others. The Bitcoin value just recently took a rising surge after months of the downward trend. But, the most pertinent questions to be answered is what determines the value of Bitcoin?
What Determines The Value Of Bitcoin
The history of the rising and falling trend of bitcoin seems to have little or nothing related to the gamut of predictions that have trailed it. What factors had sustained the tendency for it to rise again, despite the fall it has seen.
As noted by Spencer Bogart and Kin-Wai Lau of recent, predictions are not moving factor for the rise of value. Kin-Wai Lau, the CEO of Fatfish Internet Group, states that the rising trends of bitcoin are dependent on institutional acceptance and injection of funds as experienced recently. As the recent rise in the value of Bitcoin on July 19th, he attributes to the influx of Chinese affluent class investment into Bitcoin. So also is the determining factor of acceptance by institutions and government, with a recent bearish move attributed to the rejection of the Bitcoin ETF proposal by SEC.
Similarly to that of Kin is the opinion of Spencer Bogart, a cryptoanalyst that Bitcoin value depends on “Global currency wars, trade wars, and an ETF approval.”
Irrespective of peoples opinions about the price of cryptocurrencies, the fact is that its users determine the price of bitcoin. And because Bitcoin, for example, is seen as an asset of immense value, people are ready to pay as much as they can to lay their hands of few units or even fractions of the digital currency with the anticipation that demand for the cryptocurrency will continue to rise in coming days, months, or years. Of course, this rise isn’t going to be a one-way-up movement like people expect it to be. We should see rough days as well as good days.