Bitcoin is just up a modest 270% since we last discussed it. Just thought I’d stop by to say “I told you so.”.
My next prediction is that this bubble will burst, but bitcoin will not drop below $400 mark, the price will continue to climb, perhaps not to the highs we’re reaching now but it will eventually settle well above $650 which was the market price as of the last halving on July 9, 2016. The next halving, predicted to be on or about June 24, 2020, will be another big opportunity for new entrants.
In the long run, if bitcoin becomes a widely adopted global standard, expect prices in the 6 to 7 figure range measured in USD. Widespread adoption is still a big if though, bitcoin will need to adapt itself to be able to handle transaction volumes similar to those of credit cards in order to support widespread adoption and the network is nowhere near ready for that now. Contrary to popular belief, bitcoin is not anonymous, and that’s a problem. Some startups such as Zcash and Monero are working on the problem of privacy. There is always a significant chance that even if one or more cryptocurrencies gain widespread adoption, bitcoin could lose its status as the dominant player sending its value crashing back down to Earth or even potentially to zero.
Invest wisely, but consider that putting a couple of bitcoins in your digital back pocket might be well worth the risk.