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Will bitcoin touch $1,00,000, the expert’s expectation?

Updated on February 16, 2022 | by Alex Smith

bitcoin

Introduction

There are a lot of predictions about the bitcoin price that the price will touch up to $1,00,000, and some people say that the value of bitcoin will stay between $50,000 to $60,000, and there may be a slight increase in value near 60,000 dollars. Bitcoin is an uncertain cryptocurrency that means people cannot predict whether the bitcoin price will increase or decrease, but some facts will help predict whether the bitcoin price will increase or decrease in the future. For example, the price of bitcoin was up to $40,000 a few months later, but now the bitcoin price is 57,645 dollars at the time of writing this article. In two weeks, the price of bitcoin touched 68,000 dollars, which is the highest streak of bitcoin ever. So you can imagine from the data how volatile a cryptocurrency is? In this article, we will discuss the expectation of experts that predict that the value of bitcoin will hit 1,00,000 dollars. So without wasting time, let’s explore the expert’s bitcoin price prediction.

Bitcoin in brief:

Bitcoin is a volatile digital gold that means every second, the price of bitcoin increases or decreases, and it depends on many factors. And the primary factor that influences the price of bitcoin is demand and supply. There are no third parties involved in the bitcoin system, which means the government, banks, and monetary institutions cannot control or manage the process of bitcoin. Furthermore, Bitcoin is a cryptocurrency that we can stop since the backend function is blockchain, and it will never stop in the future. 

The price history of bitcoin

Bitcoin was started in 2008 by Satoshi Nakamoto, whose name is listed on bitcoin’s white paper. The initial price of bitcoin was less than a dollar since no one knew about cryptocurrency, and cryptocurrency was the latest term to people in the financial ecosystem. A few years later, the price of bitcoin started increasing rapidly. In October 2013, the price of bitcoin was 196 dollars, and in December 2017, the price of bitcoin jumped to 13,062 dollars, which was rapid growth in four years. In the starting year of 2021 (January), the price of bitcoin was 34,622 dollars, but the current price of bitcoin is 57,645 while writing this article, and it is a very rapid growth of this digital gold. Check the details – click here

In regard to Bitcoin payment, also read about: Bitcoin wallet

How can bitcoin touch up to $1,00,000?

According to the experts, the price of bitcoin will touch up to $1,00,000 because bitcoin is a volatile currency that purely depends upon the demand and supply, and simple news about bitcoin can fluctuate its price. So bitcoin is a currency that everyone can use in the world, and the biggest reason for increasing the price is, increasing the number of users because it is for everyone. There are some following reasons, according to the experts, that the price of bitcoin will increase in the future.

  1. Limited supply:- The first reason for the rise of the bitcoin price is a limited supply. Bitcoin is limited in supply compared to other cryptocurrencies, and by increasing the users, the price of bitcoin is increasing. Bitcoin is very complex to produce because it requires a lot of computational power, and miners have to solve the complex mathematical equations to produce or broadcast new bitcoin on the network. You know the economy’s rule; if the supply is low and demand is high, that means the price is high. 21 million worth of bitcoin is lying on the blockchain platform, but the remaining bitcoins are near 18 to 19 million because many are burned in anonymous wallets.
  2. Uses are increasing:- Today’s era is the digital era, and people are more aware of the technology. Everyone knows about the bitcoin technology’s benefits and tries to use it as fiat currency. That is why the users of bitcoins are increasing and prices also.
  3. Multiple uses:- You can use fiat currency only for the medium of exchange, but bitcoin currency will help you do several things with it. You can invest, trade, mine, earn, do online shopping, send, receive, etc.
  4. Best investment:- As we read bitcoin’s price history, Bitcoin is the best investment than other crypto-investments. The price of bitcoin will double year after year, and people are investing in bitcoin. More people or bitcoin users means double the bitcoin value.

Next, read this: Bitcoin is becoming 100 trillion assets – CEO of Microstrategy

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