Ten years ago on the 31st of October, a paper describing an electronic cash system was published thus bitcoin was born.
In the last ten years, we have seen the world’s first cryptocurrency go from being worth almost nothing, to peek at $20,000. In that same period, more than 3000 cryptocurrencies have emerged. Of these, only a few have managed to establish themselves and made an impact, but none have reached the same heights as bitcoin. All of this is history now, so what may the future entail for cryptocurrencies in general?
Cryptocurrency market set to increase by 5000% in the next decade.
Nigel Green, founder and CEO of UK-based financial consultancy firm deVere Group, predicts, in an interview with the independent, that bitcoin soon will be facing strong competition within the cryptocurrency industry.
“Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever. It all began with bitcoin,” however, Nigel Green adds: “I believe that bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for bitcoin and dent its market share.”
By his estimation, the $200 billion cryptocurrency market we have today, could reach the $10 trillion mark within the next decade.
“The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5,000 percent above its current valuation over the next decade… As such, the market will have grown beyond recognition when bitcoin celebrates its 20th anniversary.”
The long-term forecast of bitcoin.
Bitcoin has proven to be very volatile, as seen in the 2,000% increase in 2017 followed by a 65% decrease in 2018 so far.
In the last few months, however, it has been fairly stable at around $6,500, only ever fluctuating by a few hundred dollars.
Some say that this is due to the lack of destabilizing news in the world of cryptocurrency. And at the same time the knowledge and consensus, on how to address some of the challenges facing bitcoin, has broadened.
Cryptocurrency expert Iqbal Gandham, who works for the online trading platform eToro, believes the price of bitcoin will see a steady gain over the coming years, should the trend continue.
“Bitcoin has shown great resilience over the past decade. It managed to ride the wave of volatility and has started to address questions regarding scalability,” Gandham told The Independent.
He later added: “Its price, although volatile at times, will fall in line with other assets as its utility increases and speculation reduces. The next decade could see Bitcoin being accepted as the norm when it comes to money transfer and payments. As with any startup idea, early days are always risky, but I feel these are now few and far between.”
Short-term cryptocurrency prediction.
According to a new algorithm called “How Rich Would You Be”, bitcoin is on an upward trajectory over the next month. Using the algorithm to chart the market performance of cryptocurrencies, commodities, and companies, it is predicted that bitcoin will hit $10,104 by November 18.
Despite this, ethereum and bitcoin cash are predicted an even bigger short-term increase. The algorithm forecasts that ethereum will surge by 282% by mid-November, increasing its value up above $750.
“The future predictions reveal that the cryptocurrencies will experience the highest percentage increase, yielding more profit than commodities or companies,” a spokesperson for the tool said in an email to The Independent.
Written with assistance from Morten Nielsen.