In this article, we’re also going to take a look at 3 Bitcoin catalysts and price predictions towards the end that will have some massive implications for bitcoin going forward into 2021.
Now Bitcoin is the coin that’s the most talked about in the media and the one that everyone knows about.
But in terms of getting started into cryptocurrency Bitcoin is by far the easiest and best to understand and get into as there is so much market adoption both from institutional investors and retail investors.
We also have Bitcoin EFTs in the works and major banks starting to accept Bitcoin and just like the traditional us dollar.
Bitcoin has a market value based on the goods and services it can be used to purchase. Bitcoin is widely acknowledged across the world and its popularity and demand are growing by the day.
Let’s get into it now.
Bitcoin like all cryptos began from very humble beginnings with a value of almost zero. It skyrocketed from about one thousand dollars to over twenty thousand dollars in 2017 then dropped to four thousand dollars within a year.
It began going to the moon again in late 2020 this time from ten thousand dollars all the way to its peak of sixty thousand dollars before plummeting this past few weeks from a combination of China food government fund and Elon Musk fight.
Now before we go over some price predictions and catalysts that might surprise you. We need to go over the most current and up-to-date Bitcoin news now bitcoin has dropped below 30 000 dollars for the first time since June 22nd.
Pulling other digital currencies with it. According to the coin market cap, the whole cryptocurrency market has lost over 89 billion dollars in 24 hours.
And according to Coindesk Bitcoin was down more than 5 Ethereum was down more than six percent and XRP was down almost nine percent.
Even though the market is going down unchained data shows that whales are accumulating BTC around one billion dollars worth of bitcoin has been withdrawn from crypto exchanges in just the last month. And we have to remember that a year ago bitcoin was 11 000 dollars and a year later everyone is panicking. Because Bitcoin is 29 000 remember not to worry about the short-term press movement when you’re in it for the long run.
As we also have jack Dorsey's square which it’s said to be launching a new business-focused decentralized financial service now the centralized finance or DeFi apps use bitcoin to replicate traditional financial systems like banks and exchanges.
And the majority of them are based on the Ethereum blockchain. Now MasterCard has also announced plans to overhaul its cryptocorp program allowing traditional banks and crypto businesses to provide cars to their customers for Digital asset transactions.
The updated card program will allow the master to make use of its vast payment network to not just reduce friction between fiat and cryptocurrencies but also give new options for cryptocurrency users. Not only that but we also have JPMorgan chase a Major American investment bank that is said to be ramping up its blockchain hiring by announcing a ton of new blockchain-related job vacancies.
Now JPMorgan has posted job openings for blockchain-focused software developers engineers marketers and auditors in order to further its worldwide blockchain development initiatives. Many of these new blockchain-related job listings were published in the previous few days according to the company’s available jobs on LinkedIn.
Now the new job listings are looking for blockchain expertise in a variety of locations across the world including the US, Singapore, India, Hong Kong the United Kingdom, and others.
And over the last seven days, JPMorgan has advertised more than 30 positions in the United States alone. Now stick with me here because all of this that I have mentioned is going to be some of the reasons why I believe you should own at least .02 Bitcoin today.
Now according to a recent study conducted by personal finance comparison sites half of the participants in this study predict that Bitcoin will overtake fiat money or central bank-issued currencies by the year 2040.
And according to the study 50 of the responders also believed that Bitcoin would overrun world banking in the next 20 years. And one-third of the people in the study believe it will happen before the year 2035.
Now according to the majority of the responders' El Salvador's decision to recognize Bitcoin as legal money is just the beginning of the adoption of other countries to use BTC as their principal currency.
And within the next 10 years, 33% of crypto analysts believe that Bitcoin will become the most popular form of Money in emerging markets. But we also have to talk about the Bitcoin supply as this is going to play a major role as to why you need to buy at least .02 BTC today.
Now we need to realize that a single Bitcoin cannot be owned by every person on the planet. And as a matter of fact, it was never the case because only 21 million Bitcoins will ever exist. And that is all there is to it. There’s going to be no new Bitcoins in circulation once they’ve all been mined.
Which should happen around the year 2140. A total of 18 million Bitcoins have been mined as of today accounting for 86 % of the total supply. And over the next 120 years producing the remaining 3 million or so Bitcoin will grow progressively more difficult.
Other digital currencies may be getting all the attention these days because they just have better use cases greater acceptance and they have far more improvements. But that doesn’t mean that Bitcoin will lose its popularity because while acquiring 0.01 Bitcoin today may only cost you around 300 proving trends in the global wealth distribution and the eventual realization of Bitcoin’s limited supply may one day make 0.01 bitcoin worth close to 1 million.
Now despite accounting for just one percent of the world’s population billionaires control 43% of the world’s wealth. And Bitcoin’s total supply is 18 million Bitcoin as of the making of this article leaving around 2.3 million coins to be mined.
And in 10 years the supply will have grown to 20 million coins accounting for 98% of the entire quantity of 21 million coins so the wealthy will have to compete for just 0.01 or 0.02 BTC in the near future.
And this shows that in the future investors will only need .02 BTC to be among the world’s top 13%.
And while 0.1 BTC may only cost you 300 dollars right now existing global wealth distribution tendencies and the inevitable realization of limited Bitcoin supply might lead to .01 BTC being worth one million dollars in the future.
Now to conclude buying .01 or .02 Bitcoin today at 600 dollars for point zero two Bitcoin will guarantee a top thirteen percent holding status.
When comparing the relative wealth concentration of fiat money and Bitcoin markets being in the top thirteen 13% of Bitcoin holders have the same status as being a billionaire in fiat currency.
And so in 10 years 98% of all Bitcoins ever created will have been mined and individuals are now seeking to secure their part of the Bitcoin pie. But corporations and even governments are aggressively competing for their piece of the Bitcoin pie as seen by the rapidly rising worldwide demand.
As a result, it’s not unreasonable to believe that .01 BTC or 0.02 will be worth a substantial fortune in 10 years. With growing inflation rates and the only reason as to why there is so much fun is because wells are trying to accumulate more Bitcoin so don’t get fearful just because of the drop BTC and other major cryptocurrencies are still positive year over year.
And in terms of what the price of Bitcoin will be at the end of the year. Well there was a recent study done and over 61% of analysts believe that Bitcoin is way undervalued and oversold.
And could see a price of close to 66 000 dollars by the end of 2021. And we have more for the CEO predicting a year-end price of 160 thousand dollars per Bitcoin.
So there are many out there that believe Bitcoin’s price will continue to rise as we have a lot of catalysts coming in the second half of 2021. And in my opinion, we could see Bitcoin’s price and going towards 2022 with a price target of 80 000 to 100 000 and even 400 000 in the next 10 years.
All thanks to Bitcoin halving more market adoption and Bitcoin’s limited supply causing a bigger demand.
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