Crypto currencies, including Bitcoin (BTC) have been around for the last ten years, and it is fair to say that they have all had their ups and downs. However, even though there are many people out there who do not want to believe that Bitcoin and other alt-coins will succeed, the reality is, there is inevitability to the success of the crypto space, and this concept-shifting revolution will harvest power with the world over.
There are many cynics, including Warren Buffett and many other sceptics within the Wall Street posse who claim that Bitcoin will eventually bite the dust. Although, the success of Bitcoin seems inevitable if we look closely at what is going on around us with the governments in the world, and the decentralised moneys value proposition is as apparent as ever.
Wall Street expert and CIO of Ikigai, Travis King believes
“it will live up to everyone’s expectations, becoming a globally-secured transaction settlement layer that is immutable, decentralised, censorship-resistant, and cost and timing effective”.
King further goes onto explain that
“As governments continue to enlist the use of questionable fiscal decisions, that gives Bitcoin a sort of inevitability, citing quantitative easing and sovereign debt concerns”.
The hype recently around Bitcoin not being a successful asset has stemmed from the recent loss it has faced, dropping from $20,000 USD to $3,150 USD in 2018. However, as crypto personality $carface has pointed out, “this is far from the first time that BTC fell dramatically”.
We only need to take into account the history of the bear and bull runs of Bitcoin, and the trend is right in front of us. Each time BTC has crashed 70 per cent or more, the following cycle peak has been 5.1 – 16.89 times higher than the previous.
In June 2013 BTC saw a market bottom price of $70 USD, coincidentally in the same year it also had a major peak taking the price surging over $1,200 USD, that is over a 1,700 per cent increase.
So we can only assume, based on history, that when it happens again the next all time high has been estimated to hit between $102,000 USD – $336,000 USD per coin.
Tim Draper, Tech Billionaire, stand firmly by his
“$250,000 USD Bitcoin target price for 2022”.