We have a good week, so far, so what do you think?
In January 2016 when Bitcoin was trading around $300+, I predicted it was going to bump to $1,000 by the next January (2017). It almost did as Bitcoin ended January 2017 at more than $900, few dollars shy of my actual prediction. Then I predicted again it was going to hit $20,000 in December 2017. Again, my prediction came short with less than $400 USD at $19,650 in 15 December 2017. After that, Bitcoin began a downward spiral and people started panicking. Everyone was prediction the end of Bitcoin.
Then again, in 14th December 2018 when Bitcoin was trading at $3,100, I held a seminar where I encouraged people to start saving up some Bitcoin, that the price was going to hit $10,000 within the next 12 months. Everybody in the room thought it was a joke. Here we are, just 9 months after the prediction, Bitcoin has traded at $11,000+. It is important to note that I made those predictions base on pure instincts and by observing market trends.
Now, I am making another bold prediction. This time, a long-term prediction, that Bitcoin will finally hit $100,000 before December 2022. Who agrees with me on this?
I was expecting Bitcoin to crash in July this year when Trump Tweeted his lack of faith in Cryptocurrency, but it didn't. That was a clear indication that Bitcoin has come of age. That no single person nor single policy is capable to bring the price down, rather the price is decided by the people's sentiments.
Effects of USD - One thing that will push the rise of Bitcoin to 100k per coin is the number of dollars in circulation. Bitcoin’s price (in dollars) will continue to rise exponentially as the number of dollars in circulation rises exponentially.
If the Federal Reserve continues printing dollars exponentially, the dollar price of Bitcoin will continue to rise exponentially, so eventually it will reach $100,000 per coin. And that is what is going to happen over the next few years. Why? Because the Fed and other central banks around the world believes that printing more currency bills will help boost the economy.
The effect of printing so many dollars is that the price of all goods and services (measured in dollars) will eventually rise to match the number of dollars printed. And Bitcoin is no exception, even though it's not a consumable asset.
Increased Awareness - As more and more people become aware of Cryptocurrency, the demand to buy into Bitcoin will increase, and that will help push the price even higher. Report shows that only 11% of Americans currently owns Bitcoin, while 88% have heard of it. It is estimated that the percentage of Americans who will own bitcoin in 2022 may increase to 50%. If the price continues to rise base on demand, 400% increase from the current number of ownerships will put the Bitcoin price at $50,000.
Time to Buy and Hold Some
While I am a strong advocate of releasing Bitcoin into circulation. I find it hard to resist the temptation to encourage you to start holding some amount of Bitcoin for the impending payday as we continue to watch and see where the market is heading to.
This may not be the best time to buy but you can still buy anyways.
Cheers!
