The enigmatic Satoshi Nakamoto invented Bitcoin, the first cryptocurrency in the world, as the first peer-to-peer electronic cash system. Bitcoin is seen as decentralized and doesn’t need a central authority because it is peer-to-peer. Bitcoin miners, who receive payment in BTC for each block that is validated and added to the blockchain, confirm transactions. This payment encourages miners to keep confirming transactions and expanding the Bitcoin network. Bitcoin has a deflationary aspect and an asset with a scarcity similar to gold because its supply is hard-capped at 21 million BTC and is reduced by half after each block. In reality, digital gold has been a typical description of Bitcoin.
Until now, cryptocurrencies have been additions, rather than substitutes, to the global inventory of
money. Over the next decade, this may change. Overcoming regulatory hurdles will broaden their appeal and raise the potential to eventually replace cash.
Bitcoin Price Action
Although cryptocurrencies have been around for a while, they did not really come to the attention of the world until 2017 as the price of a Bitcoin soared. to nearly $20,000 The buzz over Facebook’s new cryptocurrency payment system, Libra, reached all spheres of society and politics when it was first unveiled in 2021. With a potential user base of over 2 billion, Facebook has the power to upend the financial system and bring cryptocurrencies into the mainstream, still there is big potential that we may see Bitcoin might see out of reach from most of the people by 2030.
It’s predictable that as inflation spreads across global economy, concerns about the long-term viability of fiat money may grow. Therefore, by 2030, there will probably be a major increase in the demand for alternative currencies. Will fiat currencies survive the policy conundrum that the government will face, but Bitcoin is expected to greatly rise during the next decade.
At the beginning of 2019, Bitcoin growth resumed. A strong rally lifted the price back beyond the bear market lows of $10,000 to $14,000 before tumbling below $6,500. In 2021, Bitcoin reached a brand-new record high of $69,000. Since then, the price of bitcoin has fallen more than 50%, back to the low $15,500 range. The price of one bitcoin at the time of writing is hovering around $17,000.
To become widely used, cryptocurrencies must overcome three major obstacles. They must first earn the approval of authorities and regulators. This entails stabilizing the pricing and offering benefits to both businesses and customers. They must also permit the payment market to be accessible globally.
To do this, partnerships must be established with important players, including retailers like Amazon and Walmart, card issuers like Visa and Mastercard, and mobile apps like Apple Pay and Google Pay.
BTC to New ATH in next cycle and by 2030
Because of the current context, when more people are considering hedging and keeping value when there is a lot of money printing in the world, Bitcoin may not need greater institutional adoption to reach $300,000.
Given that Bitcoin is currently trading for close to $17,000, it is simple to see how its growth might be massive based on the expectations of prominent investors and crypto industry professionals. Every four years, Bitcoin typically experiences a halving. The price of Bitcoin will start to rise once again as the supply is further reduced in 2024, when there will be another halving. This might trigger a new bull market, resulting in prices of close to $300,000 or $500,000. Similarly, by 2030 we may see the $750,000 or million levels.