Bitcoin is currently trading at around 38 883 USD from a peak of 64 400 USD several months ago.
I forecast Bitcoin's price could fall to 20 000 USD before recovering. In fact, in the next 5 years I believe Bitcoin's price could surpass 120 000 USD.
The current global insecurity will only speed up the adoption of a new, unique and effort saving store of wealth like Bitcoin. Due to its hashing algorithm and scripted nature Bitcoin is virtually untraceable.
What is more, Bitcoin can be transferred all over the globe without much effort.
In addition, Bitcoin's underlying blockchain algorithm has the disruptive potential to revolutionise almost every industry known to man by safely storing via distributed nature virtually any piece of information.
Finance has needed a new asset class for decades. Finance has historically been one of the most innovative industries so the latest around 30 years hiatus without any new major financial product breakthrough was unusual. Fortunately, Bitcoin was invented and slowly, but surely even institutional investors like asset managers and hedge funds started investing in Bitcoin and other cryptocurrencies.
Even Warren Buffett who is known as a renown sceptic of Bitcoin recently invested a large sum in Nubank, which is basically a crypto bank.
Crypto is here to stay because it saves people time, money and effort in a big way. Cryptocurrencies make preserving wealth, raising funds, storing and transferring information much more quicker, reliable, easier and safe.
Actually, in the next 10-12 years, in my opinion, Bitcoin's price could surpass 250 000 USD.
In addition, Bitcoin's underlying blockchain technology stands to transform many industries by providing a safe ways to store, transfer and verify information
Our world is being digitised and digital money like Bitcoin and other cryptocurrencies is just another step toward creating a more efficient and prosperous everyday life. Leading global central banks are talking about regulating the cryptocurrencies market. Actually, I am of the opinion that central banks should only regulate any stable coins, a kind of cryptocurrencies themselves would issue. As far as the larger cryptocurrencies market, regulatory bodies should police it so that there is general rule of law.
Bitcoin and cryptocurrencies are simply the most exciting development in the finance industry in the last 30 years.
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