Bitcoin price has increase almost 400% since this time last year and reaching to over $60000 and propel combined crypto market to over $2.6 trillion.
Now a panel of 50 crypto and crypto experts has predicted that bitcoin price will continue to rise through 2021,reaching as high as $80,000 and $250,000 by 2025 and shocking to $5 million per bitcoin by 2030.
Tim Frost, the chief executive of the trading app Yield said that the highest price of bitcoin from $70,000 to $90,000 is likely more realistic to the end of this year and may go to the first quarter of 2022.
But there are some risks assosiated with it also.Earlier Jon Cunliffe, influential central banker and deputy governor of Bank of England's warned that massive collapse of crypto-asset prices is a likely scenario and called for urgent regulation of fast growing bitcoin and crypto market to prevent a threat to wider financial system.
A group of researchers also warned that bitcoin is susceptible to systemic risk (entire system breakdown resulting in a severe economic downturn) due to bitcoin concentration among a handful of holders (be it bitcoin holders,large miners, or exchanges).90% bitcoin mining capacity is controlled by 10% miners with just 0.1%—about 50 miners in all—contributing 50% of this.The researches also suspect that some early mined bitcoins and 20000 bitcoin addresses are controlled by the same entity (possibly by mysterious bitcoin's creator Satoshi Nakamoto) thus increasing systemic risk to bitcoin.The reearches also warned that such high levels of concentration means the bitcoin network is susceptible to a so-called 51% attack, where miners could collude to reverse transactions.
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