After an incredible and completely unforeseen year, Bitcoin finally crushed the $10,000 mark, proving once again that cryptocurrencies are very real and that they are here to stay. But how high can the Bitcoin price actually grow? Is there even a limit?
It has been a nerve-wracking year for everyone who’s invested their money in Bitcoin. The cryptocurrency has experienced highs and lows that have never been recorded before on any market. This year, Bitcoin has consistently broken new records on a monthly basis. We have followed the development closely, reporting on its many record-breaking prices, but even we were still doubting that the $10,000 mark was attainable up until a few weeks ago.
Today the big moment finally happened, Bitcoin broke the magical $10,000 mark just a few days after breaking the $8,000 and $9,000 mark. In fact, Bitcoin shot up to $10700 just hours after breaking the record, and the latest cryptocurrency surge has put the market in shock. Never before has anything like this happened, and considering that Bitcoin is growing increasingly faster, no one knows where this will end.
According to legendary hedge fund manager, Michael Novogratz, Bitcoin could “easily” reach $40,000 by the end of 2018. He also claims that he is expecting the total market share for all digital coins to reach 2 trillion dollars during the same period. Novogratz is not alone in sharing that view.
The other day, the marketing chief for The Hong Kong-based cryptocurrency exchange Gatecoin, stated that he thinks Bitcoin is highly undervalued.
“I would still argue that it is highly, highly undervalued. If you look at the long-term potential of the technology in the next 10, 20, 30 years, $10,000 is cheap in my opinion.” He said in a broadcasted Interview with Bloomberg.
We couldn’t agree more. Bitcoin has experienced an astonishing year but this is only the beginning. Considering how much Bitcoin has increased in value over the last few days, we would be surprised if Bitcoin didn’t close in on $15,000 before the end of the year.
Many are claiming that 2017 will be “the year of the cryptocurrencies,” but we think it’s too early to say. In our opinion, it’s more likely that 2018 will get that coveted title and there is no doubt that it’s the perfect time for a Bitcoin investment.