"$ 1 million in 10 years." Why Bitcoin will rise in price in the long term

What factors already indicate that in the future the value of the main cryptocurrency may increase many times over Over the past two weeks, the value of bitcoin has increased by 23%. The price of …

What factors already indicate that in the future the value of the main cryptocurrency may increase many times over

Over the past two weeks, the value of bitcoin has increased by 23%. The price of the main cryptocurrency is recovering after the collapse in mid-May, when its rate fell by more than a third during the day. In mid-April, Bitcoin reached a historic high at around $ 64.3 thousand.At 19:55 Moscow time on August 3, the cost of a digital coin is $ 38.4 thousand.

Pantera Capital founder Dan Morehead said in an interview with Yahoo Finance that Bitcoin looks undervalued at the moment. According to Morehead's forecast, within ten years, the main cryptocurrency may rise in price to $ 700 thousand (an increase of 1742% from current levels). The head of Pantera Capital stressed that every smartphone owner will use Bitcoin in ten years.

A similar forecast at the end of July was made by the co-founder of Digital Assets Data (a subsidiary of NYDIG) Mike Alfred. In his opinion, in ten years the price of bitcoin will rise to $ 1 million.

Topplabs.org experts explained how realistic such predictions are and how the first cryptocurrency could rise in price in ten years.

Development and growth

The likelihood that in ten years bitcoin will cost $ 700 thousand – exists, says Mikhail Karkhalev, financial analyst at Currency.com cryptoexchange. According to him, the popularity of bitcoin continues to grow, and as the crypto market is adequately regulated, even more players will enter it, the analyst is sure.

"The development of technologies and various blockchain projects will make working with bitcoin easier and possibly faster," added Karkhalev.

The expert also recalled that few analysts could predict the growth of bitcoin to $ 64.3 thousand in the spring of 2021. According to Karkhalev, the story of the ban on mining in China and the collapse of quotations in May showed that one should not forget about the risks.

“I am still inclined to believe that in theory Bitcoin can cost $ 500,000, the only question is what dollars, digital or ordinary,” predicted Karkhalev.

Not fiction

On the horizon of 10-15 years, bitcoin may well rise in price to $ 700 thousand and even up to $ 1 million, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. According to him, such a forecast does not seem to be some kind of fantastic and requires an incredible coincidence of the necessary conditions.

“This is a very realistic and feasible target for Bitcoin, which is already approaching $ 65,000 this year. On the horizon of 10-15 years, reaching $ 700 thousand is a real scenario for bitcoin, I would not even call it overly positive, "Soshnikov added.

According to the expert, this forecast may reflect the demand for a digital independent currency among retail and institutional investors.

Market shifts

On the horizon of 10-15 years, there will be shifts in the entire cryptocurrency market, leading analyst at 8848 Invest Viktor Pershikov is sure. According to his forecast, the capitalization of bitcoin will reach the level of $ 5 trillion, but it will not become the most capitalized digital asset.

“Another digital currency will take the first place in the rating. We also expect a multiple growth of institutional participants, the launch of Bitcoin-oriented exchange-traded funds and the strengthening of the role of global regulators, ”the analyst predicted.

As bitcoin acquires the status of an investment exchange commodity, its payment functions will be leveled, Pershikov said. According to him, technological imperfection, low network bandwidth, combined with regulatory risks, makes this asset of little use as an element of the global financial system.

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