Ever since it came about, Bitcoin has done nothing but go from strength to strength, growing in usage, popularity and, more importantly, worth. Whereas before, Bitcoins were relatively cheap, you’ll now find yourself forking out a small fortune for just one Bitcoin- and this figure looks set to rise.
For the duration of 2016, one Bitcoin managed to have the value of around $600, give or take some fluctuation over the year. This was due mainly in part to natural inflation since there is only a limited amount of Bitcoin to go around! However, there are some other contributing factors, such as developments in blockchain technology adding more worth to the value of a Bitcoin. Now, experts are looking at these factors and predicting that for the duration of 2017, the value of Bitcoins will rise to around $1,000, if not double and reach as high as $1,200.
It is highly likely that the value of Bitcoin could double over the course of 2017 due to the global economy going through a bit of a rough time- of course, this is not something that affects cryptocurrencies such as Bitcoin, and their value only goes through the roof when there is a disaster in the financial world. Furthermore, more companies are choosing to make use of Bitcoin as a currency and a form of payment, and this has also increased the worth of the Bitcoin.
That’s just for 2017! By 2020, things could be happening on a much bigger scale. If it continues to grow at the rate it currently is, doubling each year, then by 2020 Bitcoin could be worth around $4,000! This is a huge number to comprehend and would really be quite the achievement for the cryptocurrency- it would probably also lead to more retailers wanting to accept it as a form of payment, which would only boost its worth even more.
However, it could go the other way. Having been predicted to double to $1,200 in 2017, this could be the peak year for the cryptocurrency, and it could gradually go into decline following this. Because there is a limit of 21 million Bitcoins, access to them is getting harder, and they’re becoming increasingly harder to mine too, which could lead to a slow in the growth of value, if not a drop in value.
It’s hard to predict the future of current trends because things change so quickly, but it seems more likely than not that Bitcoin will be worth a whole lot of money in 2020- and this figure will probably sit at around $4,000. Only time will tell.