Current Bitcoin price and where will the value go?
The Bitcoin price is always closely monitored. As the largest crypto currency, it is an indicator of the entire digital money market. In the past, the price has shown great volatility, with support and resistance being repeatedly broken by market sentiment. These are the typical characteristics of an entirely new asset class that is still in its infancy compared to many other existing financial products. What is the Bitcoin price based on and what will it do in the future?
What is the BTC price based on?
Only 21 million coins will ever come into circulation. And that is not a large number at all. For example, there are already more millionaires in the world, so that not even all of them can own a whole Bitcoin in the future. At the moment there are almost 18 million coins in circulation, which means that only 3 million will be added in the next 100 years. The supply of new coins is becoming smaller and smaller, while demand is expected to rise, and then scarcity and rising prices are a given. Bitcoin is extremely popular, and we can honestly speak of a genuine fan club, fully convinced of the usefulness and necessity of a digital currency that can be used to transact by everyone worldwide. Developers cannot build anything on the Bitcoin blockchain, and only the use of Bitcoin as a payment method can be further improved. Smart contracts and applications cannot be placed on the Bitcoin blockchain.
The Bitcoin price is completely dependent on the law of supply and demand. The amount of Bitcoin coins is fixed and the only thing that changes is the demand for the coin. And there we see exciting things happening because Bitcoin gets more in the news with a higher price and as a result there is even more demand for the currency. This will happen in a period in which Bitcoin holders will hold and not sell, because they also expect a higher price. This together leads to very rapid increases in price. Precisely because BTC is so incredibly popular with users, there are now many companies, web stores and providers of online content that accept payments in Bitcoin. This crypto currency is actually used worldwide. The total value of Bitcoin is now larger than the total value of the coins of most countries in the world. That is a good foundation for the Bitcoin price, which until now has always returned to new all time highs after a period of decline.
Where will the Bitcoin price go in the future?
There are two predictions that are both interesting. Critics point out that Bitcoin is no more than a pile of coins and that this blockchain only has one use case and will therefore lose to its competitors. Proponents point out that the Bitcoin was set up as a payment network and has succeeded particularly well. With Bitcoin, you can pay directly for anything anywhere, anytime without permission, and this seems to ensure that the Bitcoin exchange rate will only continue to rise in the future. When regulations on ownership and trading in Bitcoin are more clear and large financial institutions can start investing in this exciting new financial product, demand will really take off and may we remind you again, there will only be 21 million coins, ever.
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