Prior to going mainstream in 2017, Bitcoin was mostly associated with drug dealers, libertarians, and tech-savvy individuals. It wasn’t until 2017 that Bitcoin started to attract the attention of the world and became a household name due to its rapid increase in value. On the 3rd of January, 2017, the value of Bitcoin had for the first time in three years managed to cross the $1,000 mark to a price of $1,020.47. However, by December 18th, 2017, the price of one Bitcoin had steadily risen to a new price height of $19,783.06 which was awfully close to $20,000 (crossing that mark in some exchanges).
Mass media coverage and an increased interest by professional investors lead to an influx in the number of Bitcoin users which apparently managed to raise the price of Bitcoin throughout 2017 significantly. As of March 2017, the number of Bitcoin users ranged from 2.9 million to 5.8 million according to a University of Cambridge report. However, despite the impressive performance in 2017, the same has not been the case in the first quarter of 2018 as the crypto has faced a lot of sharp price volatility, including a large drop from 2017’s record peak. The price of Bitcoin took a massive price dip to around $15,126.31 by the 5th of January, 2018. The price further went down to $7,906 by the 8th of February, 2018. On the 2nd of March, 2018, the price of Bitcoin had managed to recover by an increment of $2,784.70 to hit $10,691.04. However, by April 4th, 2018, the price of Bitcoin had plummeted down to $6,790.86.
Prices of Bitcoin in 2018
Despite the massive price shifts, most experts are positive that the price of Bitcoin will continue to rise. Others are sure that the prices will continue to drop and eventually the cryptocurrency ‘bubble’ will eventually pop. Below we take a closer look at some of the Bitcoin price predictions set for the year 2018 by notable individuals and websites.
- John McAfee
John McAfee was the original inventor and founder of the McAfee Antivirus software. He is also a widespread Bitcoin enthusiast and supporter. Being a Bitcoin investor himself, John has pushed for Bitcoin investors to continue holding on to their bitcoins despite the recent price dip witnessed at the start of the year. John had earlier predicted that the price of Bitcoin would hit an all-time high of $500,000 by 2020. He later adjusted his prediction to double the initial price, thereby, predicting that Bitcoin will be worth $1,000,000 by 2020. He cited its low circulating supply and increased blockchain and Bitcoin use as reasons for the huge price growth.
- Kristjan Dekleva
Kristjan Dekleva is a Swiss finance analyst at Project Hedge. He predicts that Bitcoin’s price will remain volatile for the next ten years until it achieves price stability. He explains that in order for this to happen, lower and weak cryptocurrencies such as DentaCoin will need to be cut out so that only the stronger cryptocurrencies remain. Also, he points out that there will need to be a worldwide acceptance in order for it to work. He compares the cryptocurrency craze to that of the 1990s DotCom bubble and suggests that investors are headed in the same direction. However, before that, investors need to fasten their safety belts for a bumpy decade of price fluctuations.
- Tom Lee
Tom Lee, a Wall Street guru, Bitcoin investor, and Fundstrat Global co-founder, has also come up with a prediction for the future price of Bitcoin. Tom predicts that the price of Bitcoin will rise to $25,000 by the end of 2018, 91,000 by March 2020, and $125,000 by 2022. He cites increased interest from institutions in the cryptocurrency space and growth and usage of crypto accounts as factors that are likely to spur the upward price growth. Tom is quoted saying the recent price drop will be the only price floor for Bitcoin this year and the situation will rapidly change towards the end of the year. He termed the low prices as the biggest opportunity for investors to buy Bitcoins at their cheapest before the price shoots again.
- Jeet Singh
Jeet Singh, an expert crypto-portfolio manager for 6 years, is positive that the price of Bitcoin is bound to rise by the end of 2018. He predicts that the price of Bitcoin will rise to $50,000 by the end of the year. He says that this will happen as more merchants learn, understand, and accept cryptocurrencies. He also compares the price volatility of cryptocurrencies to the stocks of Microsoft and Apple soon after they went public. The stock prices weren’t mature at the time but, they stabilized once the market had matured.
- Saxo Bank
Saxo Bank, a leading online trading and investment guru, predicts that the price of Bitcoin will rise to above $60,000 by end of the year. It says that the price of Bitcoin will steadily rise, however, the price will suddenly drop due to increased sanctions by governments against cryptocurrency. They predict that China and Russia will orchestrate a crash for Bitcoin and other cryptocurrencies leaving Bitcoin at a low price of around $1,000. They have warned investors about investing in Bitcoin in 2018. They expect a lot of people to lose their hard-earned cash.
Finder.com took the predictions of several panelists or experts on what the price of Bitcoin will be at the end of the year, and the reason behind it. Their combined advice had Finder.com estimate that the price of Bitcoin will hit $43,000 by December 2018. Some of the reasons that would lead to this include Bitcoin’s limited supply, upcoming technological developments (Lightning Network), media hype, ease of use, and increased acceptance.
- Kenneth Rogoff
Kenneth Rogoff is a Harvard professor and an ex IMF chief economist. Kenneth predicts that the price of Bitcoin will continue to decrease until it hits $100. Known for being a major cryptocurrency critic, Kenneth argues that governments will rise against cryptocurrencies through sanctions leading to the cryptocurrency bubble bursting.
As much as there are varied opinions on the future of Bitcoin, we at DinarDirham are hopeful and optimistic that the price of Bitcoin will continue to rise and pave way for the rise of other cryptocurrencies. However, regardless of Bitcoin’s fate, we have created a variety of gold and blockchain-based products, including our DinarCoin, a gold price-backed token on the Ethereum blockchain. You can find out more about our products on our main website, and more about our DinarCoin by going here.