Bitcoin has turned out to be perhaps the hottest investment commodity of all time. Once upon a time you could pickup bitcoins for less than a penny. Now? A single coin costs hundreds of dollars ($410 at the time of writing this). Still, some people are worried that bitcoin has peaked and that investing now would be like investing in fool’s gold. I have to disagree.
Digging deeper shows that bitcoin is just starting to pickup steam, and several underlying factors suggest that the cryptocurrency will only continue to gain value in the future.
Mind you, I’m not the only one arguing that bitcoin will rise in price over the coming years. If I had to pick a very conservative number, I’d wager that by 2020 bitcoin will be worth at least $1,000 dollars. According to the currently available information and the opinions of other experts, this number appears to be on the cautious side.
Respected cryptocurrency consultant Richelle Ross is predicting that bitcoin will hit $650 dollars this year, a reasonable prediction. Daniel Masters, a co-founder of the Global Advisor’s multimillion dollar bitcoin fund, is predicting that bitcoin could test its all time highs in 2016 ( the all-time high so far is $1,124.76 dollars), and could reach $4,400 by 2017. If Masters’ prediction turns out to be correct, investors who snatch up bitcoin now could see their wealth grow ten fold in just a few years. course, nobody knows the future. That’s why it’s important to understand the underlying factors that could cause bitcoin to increase in value in the weeks, months, and years to come. Bitcoin is different from other currencies in that it has been designed from the code up to appreciate in value, rather than depreciate. Understanding what this means is essential for investing in bitcoin.
