With the (very) recent dip in Bitcoin, we can all benefit from being reminded that it's better to hold for the long term. According to The Merkle, the analyst who predicted bitcoin's rise to $2,000 is now predicting over $100,000 per BTC within the next 10 years.
Kay Van-Petersen, the analyst who predicted the Bitcoin price going up to $2,000 now has another prediction, and this time, it’s even more astonishing. According to his newest prediction, the price of Bitcoin might even reach $100,000 during the next decade. If true, this newest prediction would mark a 3,483% rise.
Furthermore, Bitcoin is poised to replaced 10% of ALL fiat currency trading volume, or roughly $500 billion a day, a monumental achievement.
Van-Petersen explains this rise like this. He assumes that cryptocurrencies (including Bitcoin) will account for 10% of their ADV (Average Daily Volumes) of fiat currency trade in the next 10 years. The ADV for the foreign exchange is over $5 trillion at the moment. Now, 10% of $5 trillion is $500 billion, which is the potential ADV for the cryptocurrencies.
Cryptocurrency is here to stay
We'll make it through this bump, just like all the other hard times, and soon we can all be grateful (and well rewarded) that we held firm. To the moon!
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