Road to $10,000: How Bitcoin Price Broke $3,000 and What’s Ahead
Fork
Bitcoin price continued in its upward movement by conquering the $3,000 mark. This happened just days after the cryptocurrency was forked and Bitcoin Cash emerged.
Bitcoin is the first and always leading cryptocurrency. According to Kumar Gaurav, Founder of Cashaa - Auxesis Group, it had the longest time to successfully establish and mature when compared to any other cryptocurrency.
This success cannot only be seen in the continuous growth over the past years but also in the speed of recovery after so-called “crisis.” The fork has eventually turned out in favor of Bitcoin, with investors dumping Bitcoin Cash, buying more Bitcoin and altcoins, with almost all top 100 cryptocurrencies gaining massively.
Other reasons outlined by Gaurav for his positive outlook towards Bitcoin include the fact that more institutional money is going into Bitcoin, with the price increase in itself attracting more investors.
He tells Cointelegraph:
“There is increasing legal recognition, increasing media attention, a growing usability and acceptance, while the original, political reasons leading to Bitcoin's popularity are strong as ever. Most recently the EU announcing the possibility for it to freeze bank accounts to prevent banks from failing, reminding of what caused the first ever Bitcoin rally, the Cyprus savings raid.”
Bitcoin will be $10,000 in three years
Gaurav continues by noting that when looking at what Bitcoin has already become during its early years, despite having only a tiny fraction of the population alone supporting it for just some of its many advantages, most important of which is the freedom it brings to people in any troubled system, then we can only imagine how big of an impact we are starting to see now with established institutions and mainstream media finally embracing it.
He also notes that over the past years, Bitcoin price can be seen as a parabolic curve, which sooner or later will take it to over $10,000 in the next three years.
Bitcoin is not controlled by anybody
Another strong believer in Bitcoin, Simon Dixon, CEO BnkToTheFuture.com, emphasizes that Bitcoin is the only cryptocurrency in the world that is not controlled by anybody, is secured by the largest network of computer power in the world and has a sound monetary policy.
Dixon explains to Cointelegraph that Bitcoin has faced many challenges the latest of which was scaling. He notes that because nobody controls Bitcoin, it took three years of debate to reach the next phase for scaling solutions given the huge increase in demand over the years.
Now with more scaling, Bitcoin can fill the huge demand that it is receiving as more and more use cases emerge and large pockets of money enter the market.
Dixon also notes that Bitcoin will definitely encounter more challenges in the course of its development as the community works to improve scalability further, solve more privacy problems and other features the community feel is important.
There is an increasing demand for Bitcoin
About the rally in Bitcoin price, Dixon says that we are pushing past $3,000 as it has been proven that Bitcoin truly is controlled by nobody. No matter how hard people try, the money supply is being sucked up by higher and higher demand as Bitcoin becomes more and more useful.
He also says:
“I remain bullish as alternatives to Bitcoin keep adding value to Bitcoin and proving there is only one store of value in the crypto market. At the end of the day, people speculate and invest in alternatives, but there is only Bitcoin that they run to as a store of value to lock in any profits or losses they make from alternatives.”
Dixon concludes by noting that central banks and governments will soon realize that holding Bitcoin on their balance sheet could be a wise move as financial institutions are realizing today. They will also create their alternatives to compete, but they will all be controlled, centralized and follow a similar monetary policy as traditional fiat money, providing more value to Bitcoin.
“This type of financial innovation will only happen once in many people's life time,” he says.
Bitcoin is robust and diversified
For Michael Vogel, CEO of Netcoins, ignoring market hysteria and looking just at the fundamentals of what Bitcoin is clarifies its value proposition.
Vogel describes Bitcoin as a very robust and diversified cryptocurrency. He notes that the fact that Bitcoin has a variety of use cases which include remittances, online payments, store of value, Blockchain applications etc., makes it clear that Bitcoin is not a one-trick pony.
Coupled with the free marketing and publicity that Bitcoin receives in the mainstream media (even if mainstream publicity is negative, it still contributes to Bitcoin awareness), and it is clear that Bitcoin is the gold-standard in cryptocurrency.
$3,700 is in sight
Vogel likens the development of Bitcoin to how the internet fared in its early years. Vogel notes that even the Internet itself has gone through its own scaling challenges beginning from the days of dial-up Internet.
He concludes by predicting even a higher price rally for the cryptocurrency in the near future:
“Now that the Bitcoin civil war is over, I think we'll see a rapid influx of investors that had sold off in July rushing back into the market. Goldman Sachs has predicted that Bitcoin is headed for $3,700, and it seems we're well on the way there.”