Cryptocurrencies like Bitcoin have changed the way the world sees investments in the past few years. Many people are caught up by this wave and have invested heavily in Bitcoins. The price of Bitcoin increased considerably and then it reduced to a two month low driving investors to tears. From then on, people are quite sceptical about investing in cryptocurrencies like Bitcoins.
Many investment analysts wrote down on Bitcoin in the first couple of months of 2018.The value of this cryptocurrency reduced to a two month low of $7695.10.This brought down people’s sentiments and investors became wary of investing in cryptocurrencies such as Bitcoin. But experts are of a different opinion altogether. Some of them predicted that the price of Bitcoin could raise to levels of up to $50,000 in 2018.The price will rise more or less because of the institutional back up of Bitcoin. Many institutional investors have invested heavily in the market and they try to wait and play around because they do not want the prices to drop.
Some experts are of the opinion, that it is impossible to forecast the prices of Bitcoin because of the significant difference in the field of supply and demand. While many people are predicting that cryptocurrency like Bitcoin will achieve a more mainstream status in 2018.Now only the currencies provided by Governments of countries through its central banks are accepted as mainstream currencies throughout the world.
Some experts are quite optimistic and are vouching for Bitcoin to be the currency of the future. They are also saying that, the value of Bitcoin might reach much beyond $100,000 in the next 20 years. If one goes through the pages of history,they can see that, the price of Bitcoin surged 85 fold way back in 2013.The price however crashed the following year much to the annoyance of investors. All these kept investors away. But by November 2017, Coinbase which is one of the biggest U.S. Bitcoin exchanges had around 12 million customers on its rolls who had invested in Bitcoin. Within weeks the app of Coinbase emerged as the most downloaded app on iPhone.
Bitcoin was finally hailed as one of the biggest wealth creation opportunities of the century. Many laymen became millionaires over night, such was the draw of Bitcoin. Then Bitcoin started influencing institutions and eventually they invested a lot of money in Bitcoins. Even though, no one is sure about the future trends of Bitcoin, everyone has their own theory when it comes to forecasting Bitcoins.