As the first half of 2018 has passed, both crypto-pundits and mere enthusiasts are trying to predict the “Big Daddy’s” price before the advent of 2019. Opinions have divided: some believe that it may take years for bitcoin to soar to a “hundred-thousand” benchmark, whereas the others say it may take bitcoin a year to skyrocket to $1 million.
At the same time, some experts try to remain realistic, and they have given up on their $50,000 predictions to $25,000 instead, which bitcoin might see by the end of the year.
But what if it does reach $150,000 before 2019, what will happen? Let’s take a look at predictions of experts and imagine the future where bitcoin has hit the record.
The Most Unbelievable Bitcoin Price Forecasts
The Bull of Wall Street, Fundstrat’s Tom Lee used to predict at the beginning of 2018 that bitcoin could double in price and reach the mark of $50,000 before the New Year comes. However, other his forecasts concerning bitcoin’s growth in spring weren’t able to withstand the critics, so, perhaps, that’s why Lee has lowered his expectations of bitcoin.
Recently he has confirmed that his New York-based equity research provider stands by $25,000-prediction:
“We still think bitcoin can reach $25,000 by the end of the year or something like that.” Said Lee.
McAfee is one of the most prominent personalities in the world of cryptos. Last year he wrote on his Twitter:
“Bitcoub's low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?”
After that, he added:
“I have a doctorate in point-set-topology. It predicts BC at $2,431,013 in 3 years. Other math systems - between $1,900,000 and $2,600,00.”
Even though it is not clear whether McAfee is certain bitcoin could reach any significant results before 2019, it is understood that there should be some gradual increase… However, it is bitcoin, who knows.
Another down-to-earth bitcoin’s fortune-teller is Jeet Singh, a cyber-assets portfolio manager. Speaking in winter at the World Economic Forum in Davos, he predicted that bitcoin could easily go to $50,000 by the end of the year. Interestingly, he also compared this project to such early tech titans as Microsoft.
Tim Draper, just like John McAfee, is another crazy bitcoin-believer. This spring he said:
“I’m thinking $250,000 a Bitcoin by 2022.”
This prediction was quickly caught and spread by the media and became a top discussion in the crypto community.
The Greater Fools Theory
Nevertheless, there are lots of opponents of such bitcoin-price speculations.
For example, the real “Wolf of Wall Street,” a former stockbroker Jordan Belfort has condemned all the hype surrounding bitcoin. He called it a product of the Greater Fools Theory in which an asset buyer hopes that the next buyer would pay more for the crypto-equity. On his YouTube, he posted a video which says:
“There's no fundamental value [with bitcoin], it's all based on the next guy and the next guy. Get out if you don't want to lose all of your money because ... there's a very good chance it's going to crack. And when it really cracks, you're not going to be able to sell on the way down, there will be no liquidity.”
Interestingly, this is almost the same what world’s top billionaire Warren Buffett previously said about bitcoin. The mogul roasted bitcoin by explaining why it can’t be considered an asset.
What Will Happen If Bitcoin Soars to $150,000?
As usual, when bitcoin’s price grows, the number of people who want to buy it grows too. These crypto-believers just hope that the coin will keep growing even more, so when some holders start selling it off massively, others keep purchasing it.
At some point, bitcoin’s blockchain will get overloaded with all the transactions. Sure, crypto-enthusiasts are hoping for the full release of the Lightning Network which is expected to put bitcoin at ease. This solution will move transactions out of bitcoin’s core to the upper layer, process them there and send them back to the blockchain for the recording. But if it doesn’t happen, the overload, related to the growth of price, will lead to the increase in waiting time and the transaction fees as well.
If it all goes the same way, the number of transactions between people who use bitcoin not as a store of value but means of payment will significantly drop. At the same time, it can’t be predicted that as bitcoin skyrockets to $150,000 fewer people will desire to purchase it. Bitcoin will still be affordable for everyone unless they don’t buy the entire unit but the fraction.
But this is just a theory – what happens in reality only the time will tell. Meanwhile, as of writing, Bitcoin is sold at $6,386, which is 3.48% lesser than 24 hours ago, according to Coinmarketcap.com.
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