Ever since Satoshi Nakamoto published his famous paper detailing how Distributed Ledger Technology (DLT), which is another nomenclature for Blockchain technology, can underpin a digital currency, the first of which would later be known as Bitcoin, the world has been taken by storm by this new form of settling financial transactions. The general sentiment alternated between fascination and awe on the one hand, and skepticism and incredulity on the other.
Bitcoin and the cryptocurrency craze has had a rocky start to 2018 plunging to a two-month low of $7,695.10 according to CoinDesk.com
But that does not mean it is all bad news for the bitcoin. Here are some experts predictions on where the digital currency mania is going:
At the start of the year Blockchain Capital partner Spencer Bogart predicted that bitcoin’s price could rise to levels of up to $50,000 in 2018, over double its highest price in 2017.
Mr Bogart said the Bitcoin price will rise with the help of institutional investors. He told CNBC: “Institutional investors that want to play in this market, even if they do, they are going to wait a little bit and either dip their toes in the water or just wait on the sidelines until they see the products themselves function.”
Bitcoin has strong economic incentives to prevent this," he said. "If the last two years of healthy contention and debate lead to a conclusion, it's that bitcoin is incredibly resilient and stable. In fact, the bitcoin blockchain has operated for seven-plus years with no downtime, a feat no other back-end system operating at this scale can claim."
But the cryptocurrency sees violent price swings uncommon among the more traditional currencies. Bitcoin rallied 20% in the first week of 2017 before crashing 35% on word that China was cracking down on trading.
However, regardless of what the naysayers have to say, it is now apparent that Bitcoin is here to stay. In early December, a Bitcoin’s price has surpassed 19,000 $, going well beyond plenty of predictions out there, and the underlying Blockchain technology has been used to create multiple forms of cryptocurrencies, including Ethereum, Litecoin, and Ripple. Despite Bitcoin’s price being extremely volatile over the past couple of years, this article will attempt to make a few Bitcoin price predictions for 2018, in the hopes of shedding a little light on this fascinating subject.
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