Bitcoin will celebrate its tenth birthday this week, with October 31st marking 10 years since the publication of a document describing an "electronic cash system".
Since then, the price of the bitcoin has almost $ 20,000 yo-yo to less than one cent. So, what does the next decade reserve for the price of the first cryptocurrency in the world?
L & # 39; Independent he talked to cryptocurrency experts and analysts to hear their predictions for the next weeks, months and years.
$ 20 trillion market by 2028
Since the beginning of the bitcoin almost a decade ago, more than three thousand other cryptocurrencies have emerged. Of these, only a handful actually had a significant impact, and none managed to reach the same heights as the bitcoins. But some analysts believe this is about to change.
Nigel Green, founder and CEO of DeVere Group, a UK-based financial advisory firm, predicts that bitcoin will soon have to face fierce competition within an industry that is experiencing cryptocurrency.
"Bitcoin is what started the crypto revolution and changed the way the world handles money, makes transactions, does business and manages assets, among other things, forever.It all started with bitcoin", He said.
"However, I believe that the influence and bitcoin dominance in the cryptocurrency sector will decrease dramatically in the second decade. This is because with the increase in the mass adoption of cryptocurrencies, more and more digital resources will grow from organizations in both the private and public sectors. This will increase competition for bitcoins and reduce its market share ".
According to Green's estimates, the $ 400 billion cryptocurrency market could reach $ 20 trillion by the next decade.
"There is a continuous shift from fiat money, and the impetus of this is set to increase in the next 10 years," he said.
"The pace of mass adoption is accelerating and it can reasonably be assumed that the cryptocurrency market capitalization will reach at least 5000 percent above its current valuation in the next decade … As such, the market will have grown beyond recognition when bitcoin celebrates its 20th anniversary. "
A constant increase over time
Bitcoin is notoriously volatile, having seen a 2000 percent price increase in 2017 followed by a 65 percent decline so far in 2018.
From the beginning of September, however, bitcoins were constantly traded around $ 6500, still fluctuating by a few hundred dollars.
This trend has been fostered by the lack of destabilizing news in the cryptocurrency space, together with a broader consensus on how to tackle some of the technological challenges facing bitcoin.
If this trend continues, the cryptocurrency expert Iqbal Gandham, who works for the eToro online trading platform, believes that the price of bitcoins will see steady gains over the next few years.
"Bitcoin has shown great resilience over the past decade, managed to ride the wave of volatility and started answering questions about scalability," Gandham said. L & # 39; Independent.
"Its price, although volatile at times, will shrink to other assets as its usefulness increases and speculation is reduced. The next decade could see Bitcoin being accepted as a norm when it comes to money transfers and payments. times are always risky, but I feel that now they are few and far between. "
$ 10,000 by the end of November
A new tool that predicts the future of 15 leading investment choices puts bitcoins on a strong upward trajectory in the next month.
Using an algorithm to track the market performance of cryptocurrencies, raw materials and companies, How rich would you be? predicts that bitcoin will reach $ 10,104 by November 18, with a 60% increase over the current price.
The dramatic gain very probably reflects the huge price increase experienced by bitcoins in the last months of 2017, where its value rose from $ 6,000 to $ 20,000 between early November and late December.
The biggest short-term gains, however, should come from other cryptocurrencies such as bitcoin cash and ethereum.
Using the same price forecasting tool, it is expected that the etheeum will explode by 282% in mid-November, bringing its value above $ 750.
"The future the forecasts reveal that the cryptocurrencies will suffer the highest percentage increase, getting more profits than raw materials or companies, "said a spokesman for the tool in an e-mail to L & # 39; Independent.
"Despite the unpredictability of the cryptocurrency market, historical data show that, when compared to investments in raw materials and companies, EOS, Bitcoin and Ripple boast three of the top five investments".