Will Bitcoin Reach One Million Dollars?

April 7th, 2018

Bitcoin may have just taken a hit recently, but cryptocurrency experts have no doubts that Bitcoin will quickly make its way back to the top. Bitcoin’s recent price increase quickly grabbed the attention of many around the world, seeing this trend many Bitcoin users invested in this new digital currency. Cryptocurrencies are still new to the market and it has a long way to go before it can be considered an alternative to traditional currencies. Seeing the recent trend, many Bitcoin experts are claiming that this digital currency price will hit the magic 1 million dollar mark in just next few years. As of now, this may seem a dream, but you never know what could happen.

As of now, the price of Bitcoin is hovering somewhere around the 10,000 mark and it will surely( according to experts) reach 100,000 soon. Half a million will be a great milestone,then eventually the price will cross magic $1 million mark for Bitcoins. The time it will take to reach that magic figure is tough to determine, but experts believe within 20 years it may reach somewhere near that mark. Bitcoin is a cryptocurrency which is not controlled by any government or single administrator-it is used globally to buy  goods and services from smartphones, laptops or tablets. The popularity of this digital currency is increasing at a rapid pace, thanks to Bitcoin acceptance among popular business around the world.

Bitcoin’s Rise in Popularity

The sudden increase in popularity has skyrocketed its price throughout 2017. This digital currency was successful in creating ripples around the globe, Bitcoin news even broke headlines in all popular newspapers around the globe. However, not everyone is as enthusiastic about Bitcoin’s future. Some business groups and market experts are warning that Bitcoin and other cryptocurrencies are certain to end badly. This seems to be a vague claim as it has already created a huge following globally. Some believe that cryptocurrencies are like bubbles and it can burst anytime taking along with it, everyone’s hard earned money.

One of the most interesting things about Bitcoin is that it is capped at 21 million units. Experts believe the last Bitcoin will be mined somewhere around 2050 and till then it will replace many traditional currencies. Market experts believe one reason why Bitcoin price will consistently keep increasing with time is that of its finite supply. Bitcoin proponents believe that Bitcoin value will only increase with time. The only concern about this digital currency is that its borderless nature is making it ideal for all shady business ventures. To help control such illegal transactions, many new rules are expected to arise in the future, thereby helping Bitcoins become more secure and safe.

The One Million Dollar Mark

As of now, such statements may sound irrelevant and even like false claims, but somewhere down the line people will start to realize that this digital currency has tremendous potential. Experts believe if Bitcoin lives up to its expectations and its potential, it has all the ingredients to rule the financial market. Some are so excited about this concept that they expect it to replace many traditional currencies around the globe.

Will Bitcoins Replace Traditional Currencies?

If in future the price of Bitcoin touches that magic mark, some experts believe it will replace traditional currencies. Experts believe Bitcoin won’t replace sovereign fiat currency anytime soon, but it will always be there to supplement all national currencies. Bitcoin may turn out to be an effective and most reliable mode of payment. The best thing about this digital currency is that users won’t have to depend on a handful of banks for completing their transactions and pay high fees for transactions. All these features will help to gain trust in Bitcoin and its popularity will reach new heights, thereby increasing the value.

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