Bitcoin hit a record price of $19,796 in December. Following its meteoric rise, experts predict that the future of Bitcoin looks bright.
If its price hikes are any indication, 2017 has arguably been a successful year for Bitcoin. Just how much higher could this cryptocurrency go? Futurism reached out to experts to find out: Is Bitcoin a bubble, or is it here to stay?
A Year of Highs
There’s no doubt about it: Bitcoin has proven itself to be the most resilient cryptocurrency around, overcoming a number of hurdles, including hard forks, in 2017. The currency hit a new record price of $19,796 per coin on December 17, before falling to its current price of $13,164 per coin (at the time of writing). Naturally, the record year has observers rife with speculation about the future of Bitcoin.
Experts predict that, a year from now, the price of bitcoin could grow more than triple its record value. “Bitcoin can reach $60,000 by [December] 2018,” Mike Dumont, a senior editor for Bitcoin.com, told Futurism.
Medicalchain COO Mohammed Tayeb shared a similar prediction. “Bitcoin could reach $50,000 by this time next year, if not more,” he told Futurism. “I think all of us are less and less surprised by the headlines that are coming out nearly monthly about the breakthrough Bitcoin is making and it should come as no surprise when it does reach $50,000.”
Bitcoin’s meteoric price hike has already gone beyond what some experts have previously predicted. Just a few months ago, one estimated that it could hit a now-modest-seeming $6,000 before the year ends, while another said Bitcoin would reach $10,000 by April 2018.
Jeremy Epstein, the CEO of Blockchain startups marketing firm Never Stop Marketing, believes that the price of Bitcoin could go up to $18,000 before the end of 2017. “Like anyone, I’ve been mega-surprised by how quickly Bitcoin has hit the mainstream,” he told Futurism.
“As far as the price goes, I tell everyone the exact same thing. It’s not about a year price horizon. It’s about a 5-year price horizon and there’s a 50-50 chance,” Epstein added, saying that he wouldn’t be surprised if Bitcoin reaches $250,000 or more in the next 5 years. He did note, however, that it’s still “a coin toss between huge success and total failure.”