The future of bitcoin | Analysis of the future of Bitcoin 2023

 The future of bitcoin | Analysis of the future of Bitcoin 2023

You plan to invest in Bitcoin, but want to be sure of the future and potential of Bitcoin. In this article, a detailed guide about the future of the Bitcoin digital currency during the coming period, whether in the short or long term.

In 2021, the cryptocurrency market has witnessed a great boom and development in terms of value. Bitcoin is the leading digital currency whose movements and price developments affect the movements and developments of the entire market. The volatile nature of this market itself leads us to wonder what the future might bring for this currency, and therefore the market as a whole.

We have seen before that Bitcoin has reached sky-high prices with all the hype it is starting to know from regulatory schemes that could greatly affect the whole industry and more institutional adoption from big corporations. People’s interest in cryptocurrencies has increased a lot this year, as it has become a major topic of conversation and discussion not only for longtime investors like Elon Musk, but even for the general public and in popular culture.

Many people in the field consider that the year 2021 has been a breakthrough for digital currencies, whose levels of acceptance in all fields and industries have begun to increase and rise. “There is an enormous focus and interest being directed to the cryptocurrency industry right now,” says Dave Abner, head of global development at Gemini, the popular cryptocurrency exchange.

Bitcoin future prospects

Bitcoin is an indicator of the cryptocurrency market because it is the largest currency by market capitalization in a way that makes the rest of the market tend to follow its trends and movements.

The price of Bitcoin has been declining at the beginning of 2021, it fell from $60,000 last April to less than $30,000 recently in July 2021. The price of Bitcoin then rose again to around $50,000. But it also recently fell to less than $35,000 on January 24, 2022. This volatility is a major reason why experts and analysts recommend that you should allocate less than 5% of your total portfolio in this type of investment.

But how high can the price of bitcoin go up? Bitcoin’s past may provide some clues, according to Kiana Daniel, author of Cryptocurrency Investing for Dummies.
The young millionaire says that there have been a lot of huge spikes followed by real declines in the price of Bitcoin since 2011. “What I expect from Bitcoin is volatility in the short term and growth in the long term,” she says.

Some other analysts are more optimistic about bitcoin’s growth in the short term. Bill Noble, chief technical analyst at TokenMetrics, a cryptocurrency analytics platform, believes that the price of bitcoin will rise over the rest of the year: “I think bitcoin is more likely to reach $75,000 than $25,000,” he says.

What do bitcoin price volatility mean for investors?

Bitcoin’s volatility is one more reason for investors to prefer a long-term and steadfast investment strategy. If you are going to buy Bitcoin and invest in it wanting to take advantage of its long-term growth potential, you don’t have to worry about short-term fluctuations. The best thing you can do is to avoid constantly checking your investment’s movements, or you can adopt an “invest it and forget” approach. And while experts keep telling us every time there is a swing in the price of this market or currency – either up or down – the emotional reaction can cause investors to act recklessly or make investment decisions that could lead to real losses.

The future of bitcoin in the next ten years

When Bitcoin was introduced to the world more than a decade ago, it was meant to revolutionize the financial ecosystem. But that revolution has not happened yet. The turbulent first decade of digital currency was riddled with scandals, missteps, and wild price swings. After achieving a record high price of over $63,000 in April 2021, Bitcoin is down again by 24% to nearly $48,000 as of August 30, 2021.

But the faith and optimism of investors and fans of this digital currency about its future has doubled now more than ever. Therefore, the next decade of this digital currency’s history and trajectory could be pivotal on a broad scale that includes all other digital currencies.

The next decade could be very important for the future and development of Bitcoin. Regardless of the revolution of the financial ecosystem, there are two aspects of the bitcoin ecosystem that investors should pay close attention to.

Right now, Bitcoin is poised to be somewhere between being a store of value and a medium for everyday transactions. Individual and institutional investors are eager to participate and benefit from the fluctuations in the price of this currency especially with some governments around the world, such as Japan declaring it an acceptable way to pay for commodities.

But scalability and security issues prevented both. “It can be said that the biggest failure of Bitcoin and other cryptocurrencies over the past years has been the issue of security,” said Chakib Buda, chief technology officer of payment firm Rambus. Boda points to the billions of dollars worth of bitcoin and other cryptocurrencies that hackers have stolen from exchanges. According to him, a secure Bitcoin ecosystem will lead to widespread adoption. He added, “We expect that within 10 years from now, Bitcoin will become mainstream and have a good reputation.”

Bitcoin will not be popularized and adopted as a payment mechanism (which is the reason for its growing attractiveness as an asset class) without the technological improvements that need to be made in its ecosystem. To be considered a viable investment asset or payment method, the Bitcoin blockchain must be able to handle millions of transactions in a short period of time. And many technologies now such as the Lightning Network promise broad scale in their operations. New digital currencies formed as a result of forks of the Bitcoin blockchain, including Bitcoin Cash and Bitcoin Gold, aim to fine-tune the ecosystem in order to increase scalability and ensure that more transactions can be made at a faster pace.

On improvements to the Bitcoin blockchain, Ripple’s CTO David Schwartz compared Bitcoin to Ford’s Model T in 2018. The automaker had heralded to revolutionize transportation by developing an entire ecosystem, from highways to Gas stations, for the car service sector. Thanks to intense media coverage, the beginnings of this ecosystem have really taken hold over the past two years.

As the organization evolves to keep pace, it is very likely that the ecosystem will expand. Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform the exchange of value in the same way that the Internet has transformed the exchange of information.”

In 2021, the bitcoin price would have crossed $60,000 before dropping to around $40,000. The interest of large banks in cryptocurrencies continues to increase, especially as Goldman Sachs reopened its cryptocurrency trading desk and BNY Mellon started offering its cryptocurrency custody services.

Citi said that bitcoin could become the currency of choice for international trade. This comes as PayPal (PYPL) and Tesla (TSLA) made investments in the digital currency in early 2021. Tesla bought $1.5 billion worth of Bitcoin, while PayPal bid for Crypto Custodian Curv. Citi notes that the future of Bitcoin is still uncertain, but it is on the cusp of acceptance and leadership. Citi notes that institutional investor interest is driving widespread interest in the digital currency, but issues related to custody, security, and capital efficiency remain headwinds and limits to the development of this digital asset.

Robert Kiyosaki predicted the future of Bitcoin

Robert Kiyosaki, bestselling author of Rich Dad Poor Dad, predicts that the future of Bitcoin is “very bright,” after predicting a “giant stock market crash” that could also crash the cryptocurrency market. Robert further stated that he is waiting for the next downturn before investing more in Bitcoin.

Robert tweeted last Friday that: “Bitcoin is rising above $60,000 and the future is very bright. Celebrate after being careful. I am waiting for a pullback before investing more.”

While the famous investor has been recommending bitcoin to investors for some time, he also predicted that a “giant stock market crash” was coming in October, adding that the gold, silver and bitcoin market could also crash. In July, he warned: “The biggest bubble in world history is getting bigger. The biggest event in world history is coming.”

However, he saw bitcoin as the bullish investment, noting that “with the dollar down, bitcoin and silver make the best investments.” In August, he had tweeted that America was “on the verge of bankruptcy” and recommended that investors “keep buying gold, silver and bitcoin”.

At the time of writing, on October 17, the price of Bitcoin had reached $62,362 based on data from Markets.

Moreover, on Friday Kiyosaki also tweeted his reason for investing in Bitcoin, posting: “I love Bitcoin because I don’t trust the Fed, Treasury or Wall Street.” This tweet backed up what he said in August, where he indicated that his main reason to invest in Bitcoin, Gold, and Silver is “because I don’t trust our leaders, the Fed, the Treasury, or the stock market.”

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