Ever since bitcoin was invented, it has attracted a mass following, has created space for new cryptocurrencies and drove a real digital gold rush. There are numerous experts that have made predictions about bitcoin, including its price and impact on the world. Here we cover five future scenarios about bitcoin.
The Price of Bitcoin
2020 was the year when bitcoin experienced its third bitcoin halving, which had an enormous impact on its price, before and after the actual event. Bitcoin halving happens roughly every four years, and it cuts in half the block reward that miners receive.
It also influences the price of bitcoin, as there’s a restricted supply of BTC. Hence, based on data from the previous halving, the price goes up. But, in 2020, it has reached new heights. It was gaining more than 50% months before the halving in May. Actually, the price of bitcoin is still in a bull run, and in November 2020 has soared and reached $17,000.
A lot of experts predict that it will reach $20,000, but at the end of 2020, and as the price is already chasing after $19,000, it’s very likely that this will prediction will come true. Otherwise, it’s predicted that the price will keep growing, and it will reach $341,000 in 2025, while by the end of 2030, it will be $397,727.
Thanks to bitcoin, there are many alternative cryptocurrencies on the market like Ehterium, Litecoin, EOS, and Libra. Not every cryptocurrency has achieved substantial success in this sphere, but there is a number of crypto startups and companies that are developing their own cryptocurrencies.
Online Exchange Platforms
As we mentioned earlier, the price of bitcoin is increasing; therefore, there’s an increased interest in investing in BTC and trading on online exchange platforms. For this reason, there are also a lot of new exchange platforms. Based on your personal goals, it is important to do your own research before you sign up. Otherwise, a site that is great for beginners is the Bitcoin System.
The site is intuitive and very user-friendly. When it comes to the performance of the Bitcoin System, you’ll be glad to know that it’s powered by a great AI robot. Furthermore, it has a 90% accuracy level, which means it’s not as risky as manual trading. What’s more, the Bitcoin System platform has received the Most Profitable Auto-trading Robot Award by the Global Auto-trading Society (GAS). In order to start trading, just register on the site and deposit at least $250.
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Bitcoin Mining Farms
Bitcoin mining, in the beginning, was done on personal computers, and it was easier than today. As the years went by and bitcoin grew more popular, mining became more difficult. It still requires a serious investment in good equipment while, on average, you can mine one bitcoin on a yearly basis.
However, in 2020, the stakes are much higher, and a lot of people are joining mining pools. In the future, we will see the rise of not only mining pools but also mining farms. The difference between mining pools and mining farms is that mining farms have more computing power and are equipped specifically for mining.
These data centers usually have large rooms with a great number of servers and computers. They also have an appropriate air conditioning system that prevents the equipment from overheating. We can definitely expect the number of mining farms to rise, especially since the reward that miners get will keep decreasing with each halving.
A lot of governments around the world also can’t avoid the hype and have started to hoard BTC. There are also governments that have made it easier for businesses to accept BTC payments, and for users to make purchases offline and online. That said, governments play a crucial role that impacts the mass adoption of BTC and other cryptocurrencies.
For now, there are 15,174 companies throughout the world that accept BTC payments. When it comes to the countries that are making efforts toward mass adoption of bitcoin, Japan is one of the few countries in the world where you can purchase almost everything with BTC.
Other countries are Australia, the USA, and South Korea. Of course, as more governments realize that there are many advantages of investing in BTC and blockchain technology, we expect the number of countries that support bitcoin to rise in the future.
Whatever the future it might bring, it is safe to say that bitcoin created the future of money. It’s very likely it will remain one of the largest cryptocurrencies by market cap. And although it is expected that the cryptocurrency will gain mainstream adoption in many countries around the world, there are still some challenges that need to be overcome for that to happen.