When the Covid-19 pandemic hit, economies were toppled, stock markets crashed and the entire global economy as we know it came to a standstill. Except, there was one market that not only survived the ordeal but thrived in it despite all circumstances. This market is none other than the cryptocurrency market.
The cryptocurrency market has continued to grow over the years at a steady pace even when people thought it would crash down and lose value one day or the other. Bitcoin has been an integral part of this rise and has been one of the most important cryptocurrencies out there to date even when the crypto market is flooded with different cryptocurrencies now.
What started at a value of a few cents in 2009 has now grown into a commodity worth $60k per bitcoin this year. Those who had faith in bitcoin and invested in it early are now reaping its rewards with relish as bitcoin billionaires. Inspired by their success, many new investors have started investing in bitcoin in hopes to get a bite of the bitcoin pie. If you too are considering investing in bitcoin, you can click here and get started on your bitcoin journey.
That being said, there are many investors who are concerned about investing in bitcoin because of its future. What the future might have in store is anyone’s guess, and considering the volatile nature of the market, no one can say for certainty what will happen.
However, we can have some general ideas about Bitcoin’s future that are bound to happen one day or the other. In this article, we will discuss what future events will play out for Bitcoin and what’s their importance. Read the article till the end so that you don’t end up missing out on crucial details.
The peak value of crypto
One of the most frequently asked things about bitcoin’s future is what value it will hit, especially by the end of 2023. While experts don’t have a set quote, they do have a peak value range that goes anywhere from $100,000 to $300,000. As apparent, many experts have varying opinions of the value bitcoin will hit.
Some are overly optimistic while some claim that bitcoin will go down in value without ever hitting a new peak. The optimism comes from the events of February and April 2023 where bitcoin’s value broke all previous records and hit the $60,000 mark. Many crypto investors have been on a positive note ever since.
However, the value soon dropped to almost half the amount in the following days and as of the moment we write this, the value is still hovering around the $30,000 mark. It has led many experts to think that bitcoin’s slump has already come. Does that mean the value will never rise again? Not at all.
Given the uncertainty and volatility of Bitcoin, getting a peak value of at least $100,000 before the end of 2023 is still in the realm of possibility. The main reason behind this is that Bitcoin tends to achieve peak value after exactly one and a half years. Well, the last halving was just in the middle of the year 2023 which means peak value can be achieved anywhere by the end of 2023.
The crypto winter
However, that being said, there is one huge phenomenon that experts say is bound to occur after bitcoin reaches its peak – the crypto winter. The crypto winter is one of the most infamous occurrences in the bitcoin market and there is no crypto investor in the world who likes them. Crypto winters are periods when the entire bitcoin market slumps from its peak value into the deepest oblivion possible.
It is known to happen every time bitcoin’s value increases rapidly. It happened in 2016 when bitcoin’s value was increasing steadily from 2013. Then again it occurred in 2018, as a break from bitcoin’s steady rise in 2017. Bitcoin’s value drops as much as 90% of its peak value, which is an absolute catastrophe for any investor who has pre-existing investments in bitcoin and fails to recover them in time.
And the winter will come again this year, according to the founder of the BTCC, when bitcoin hits a value of $300,000. This bitcoin winter will hit the most and may cause bitcoin’s value to fall more than the 91% threshold mark. According to the founder, it may even last for several years before Bitcoin starts regaining its value.
The crypto winter, especially the bitcoin winter, has always been a cause of concern for many investors and one may soon be coming. That is why bitcoin investors need to prepare for the future and keep a steady eye out on the market.
Integration into government economies
The Bitcoin market has always had its pride in its decentralized nature. This very aspect of Bitcoin is what keeps bitcoin transactions tax-free and anonymous, which is ideal for many businessmen and investors. This very fact has frustrated governments all across the world who wish to have some semblance of control over the market.
However, while complete control is impossible, the talks of integration of bitcoin in the various economies of the world have already started taking place. Various corporations have already incorporated Bitcoin as a completely valid form of payment into their system. Many consumers are now given the option of paying in Bitcoin if they wish and it has proved to be a lucrative option for many stores as it helped them hike sales.
Bitcoin as a digital currency boasts several advantages over normal, FIAT currencies. These advantages include bitcoin’s versatility in commodity and stock exchange, non-reliance on banks or any central authority, and the ability to be accessed anytime anywhere as long as you have a system and an internet connection.
Due to this, many experts claim that governments would be bound to make bitcoin a legal payment option. As more people start using cryptocurrency, so would their governments be forced to accept it as a globalized form of payment.
While bitcoin’s future is truly unpredictable, we can figure out the essential events that are bound to happen one day or the other. If this article was insightful for you, please consider following our website for regular updates as it will help us out immensely.