The opinion of the general public and various crypto investors shows optimism that Bitcoin will increase in both value and use, but no one has made a solid prediction yet. Bitcoin has remained one of the largest and most popular areas of investment in the 21st century and perhaps even in this millennium.
When it first arrived in the year 2009 its value was a mere $0.06 per coin whereas now it more than three thousand U.S. dollars. The digital currency has also surpassed the twenty thousand U.S. dollars mark per coin. Even though since its surge in value during December last year, Bitcoin has lost more than half of its worth, people still remain optimistic about the cryptocurrency now more than ever. Bitcoin moved out from the shadows of the dark web out into the mainstream and its applications have tremendously increased ever since.
Investors and analysts are now betting on Bitcoin on a much larger scale than before and Bitcoin seems like it will stick around for quite some time. In a recent interview given to CNBC, on Friday December 14, finance company Circle’s co-founder Jeremy Allaire asserted that Bitcoin’s worth in the future will be significantly greater than what it is now. When he was asked about what the value of Bitcoin will be after a period of three years, the co-founder told Squawk host Andrew Ross Sorkin that he did not only make notable predictions about prices but also he added that Bitcoin would be worth a lot more than its value nowadays.
Allaire also said that despite Bitcoin being alluring as a non-state store of value, number of various other cryptocurrencies would also enter the crypto sphere, and the basis of their prices would be spread across a wide range of figures. He went on to further explain that:
I do not think it’s a winner-take-all [situation]. We have the phrase ‘the tokenization of everything,’ and we think cryptographic tokens are going to represent every form of financial asset in the world. There will be millions of them in years.
Allaire argued that the cryptocurrency and related areas needed much clearer and adaptable regulations, while pointing out the fact the United States already has better clarity as compared to almost any other market around the world.
The co-founder of Circle also mentioned the requirement for an officially recognized clarification of whether crypto assets are commodities or currencies, and that which crypto assets should be eligible as securities. Moreover he was of the belief that the industry needed to define whether it needs rules for secondary trading of digital securities or a “kind of commodity spot market supervision for the crypto space.”
Previously this week Tom Lee, who is the co-founder of Fundstrat Global Advisor and major crypto bull, stated that the appropriate value of Bitcoin is much higher as compared to its current value and it should be something in between the range from $13,800 to $14,800. Additionally he still believed that Bitcoin’s true worth could reach a sky rocketing $150,000 after it has been widely adopted by the public and properly regulated by governments.
When you look at news like the one presented above, it seems that there is a lot of optimistic beliefs harbored by people that Bitcoin would rise to a much higher value. Despite all the positive sentiments there still are some who do not have high hopes of Bitcoin’s high value in the future. There are people who believe that the cryptocurrency would fall to very low prices and would be worth some pennies.
Owing to the anonymity provided by Bitcoin in carrying out financial transactions, it has been often used to perform illegal activities hence adding to the cryptocurrency’s bad image. Analysts are of the opinion that the controversial image of Bitcoin will adversely affect its adoption by the public and eventually its possible future applications.
However these opinions also come from people who missed out on the first surge in Bitcoin’s value hence the general opinion is to jump on the next ride as Bitcoin is here to stay for good.