In 2017, bitcoin had its most massive bull market ever. Rising from almost $20,000 from just under $1,000 in less than a year, the first and largest cryptocurrency by market capitalization has since reached mainstream awareness.

But any future bitcoin price prediction must consider the potential for mass adoption rather than mere awareness.

It’s not enough for people to know that cryptocurrency exists.

The public at large needs to hold it as a store of value and use it as a medium of exchange in order for this new money to continue gaining value against fiat currencies created by central banks.

Mineable Cryptocurrencies Have a Fixed Supply

The key to understanding price trends of mineable cryptocurrencies like bitcoin is their limited supply. While many people refer to bitcoin as a scarce commodity, this is an understatement. The supply of bitcoin is fixed, meaning there is an unchangeable amount of bitcoin that can be mined. There can only ever be 21 million bitcoins in existence.

As of October 2018, there are about 17.35 million bitcoins currently in circulation, according to Coindesk. Unlike fiat currencies, mineable cryptocurrencies cannot just be created at the push of a button. New coins are only created as a reward to miners for solving complex mathematical problems using sophisticated hardware (the computers do all the work; no humans are actually solving anything themselves). Solving these math problems is how transactions are processed in a way that ensures security and immutability. The potential of receiving a “block reward” gives people an incentive to facilitate transactions.

It’s worth noting that this is how bitcoin’s proof-of-work (PoW) algorithm works, but there are other consensus algorithms that accomplish the same ends using different means. How does this lead to our bitcoin price prediction? For one, it helps to understand why people remain so polarized on the potential of bitcoin. Those who see the potential of this new asset class tend to make outlandish predictions. Those who know very little about crypto or the blockchain technology it has founded on tend to say it’s all worthless. We’re going to give you a prediction based on a consideration of several opinions and potential outcomes. We’ll look at previous predictions made by some notable experts while also speculating on certain events that could influence things one way or another.

Professional Bitcoin Price Predictions

Many experts have expressed their views with regard to a potential bitcoin price prediction. As mentioned, they tend to be rather skewed toward either end of the spectrum. Some believe the price will soar while others believe it will crater.

Here, we will look at what a few experts have said, why they said it, and what they might be missing. Keep in mind, however, that when it comes to crypto, no one is really a qualified expert. The technology is only ten years old. That being said, there are several notable financial experts and groups that have weighed in on the subject. Here are a few of their opinions.

Warren Buffet and Bill Gates

Some well-established titans of business like Warren Buffet and Bill Gates believe that bitcoin will hit $0 at some point in the near future. They have stated on the record that bitcoin is worthless and will soon reach its true valuation as a result of natural market forces.

Some well-established titans of business like Warren Buffet and Bill Gates believe that bitcoin will hit $0 at some point in the near future. They have stated on the record that bitcoin is worthless and will soon reach its true valuation as a result of natural market forces.

However, they have been making the same predictions for a number of years and some market observers argue that such a gloomy bitcoin price prediction is not often rooted in much more than a fundamental misunderstanding of the technology.

Investment Firm Satis

Investment advisory service Satis has claimed that bitcoin will reach $96,000 by 2023. Some have ridiculed this prediction while others have called it conservative. While the firm does have some credibility, no one is really a qualified expert on this new technology just yet, as mentioned.

Max Keiser created the Hollywood Stock Exchange and is the host of RT’s financial news show “The Keiser Report.” Max has been a strong crypto supporter since 2011.

He has repeatedly said that he believes bitcoin could capture up to 1% – 10% of the entire foreign exchange (FOREX) market. Using this metric as a guidepost, he estimates the value of bitcoin to be between $100,000 and $1 million.

Max Keiser

Charlie Lee

Charlie Lee is head of the Bitcoin Foundation. He believes that bitcoin could hit $60,000 by the time we enter 2019. This prediction looks somewhat unlikely given that it relies on a bitcoin market cap of about $1 trillion, almost ten times bitcoin’s current market cap.

Vinny Lingham

Vinny Lingham is a member of the Bitcoin Foundation and a co-founder of Civic. His prediction falls in line with Max Keiser’s. He includes an additional caveat, though. While Lingham believes we will see bitcoin valued at $100,000 to $1 million in the near future, he has also mentioned the harm that boom/bust cycles have on the maturity of the largest cryptocurrency.

While explosive upsides and devastating downsides have characterized the cryptocurrency market for years, there will have to be greater price stability for bitcoin to reach the level of adoption necessary for significant new capital inflows to occur. It’s interesting that this prediction is quite bullish, yet also warns against the potential consequences of rapid price appreciation.

While somewhat contradictory, Lingham makes a good point. The incredible price predictions of many mainstream pundits rely on massive new capital inflows. And new capital on such a scale only happens as a result of increased adoption. Adoption can come in the form of large numbers of ordinary people or a relatively small number of large institutions. This brings us to the next point – that of big events on the horizon that can affect the crypto market.

External Events That Could Affect Any Bitcoin Price Prediction

There are many fundamental factors that have the potential to impact any bitcoin price prediction.

If large institutional investors begin piling into the crypto space, for example, then the price could rise. It would also have more support for staying at those levels, given the large amounts of new capital being parked in the crypto asset class.

It’s interesting to note that this factor tends to be included in positive bitcoin price predictions but excluded from negative ones.

In other words, those who are bearish on bitcoin’s future don’t seem to consider the likelihood of big changes that could favor crypto. This suggests that the bulls may have more ground on which to base their predictions than the bears in general.

Here are just a few of the most notable events that could change the course of bitcoin’s price in 2019.

SEC Approval of a Bitcoin ETF

The Winklevoss twins, who have become famous for being bitcoin billionaires have been trying to get a bitcoin exchange-traded fund (ETF) approved by the Securities and Exchange Commission (SEC) for a number of years now. So far, they have been unsuccessful.

But some people believe that SEC approval is inevitable and that it draws closer with each passing day. It’s widely agreed upon that approval of a bitcoin ETF would be most beneficial for the crypto community at large.

This event would mark a major milestone in the adoption of crypto and lead many more investors to feel comfortable putting capital into the space.

The Beginning of Bakkt Exchange

One of the biggest pieces of cryptocurrency news in 2018 so far has been the creation of Bakkt.

Bakkt is a company created by the owner of the New York Stock Exchange (NYSE) in partnership with large corporations like Starbucks and Microsoft. Their plan is to make it easy for cryptocurrency users to make everyday purchases with currencies like bitcoin.

A large and legitimate criticism of crypto has always been that it can’t be used for everyday transactions. Bakkt could change that in a huge way.

And while most blockchains still need to be built to scale (meaning they can operate on a larger scale serving more people in a faster way), companies like Bakkt represent a significant first step towards mass adoption.

Your Bitcoin Price Prediction Is as Good as Ours

In the end, the markets will have their own bitcoin price prediction for 2019.

It’s possible that the price could remain stagnant throughout the entire year. If the third quarter of 2018 is any guide, then such an outcome could definitely come true.

Bitcoin has become much less volatile overall in 2018.

Could we see the volatility that the cryptocurrency market is infamous for return in 2019?

Only time will tell.

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