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In November of last year, when the price of a bitcoin reached $ 20,000, John McAfee, the supporter of cryptocurrency, reached the headlines claiming on Twitter that he would eat his penis in his currency forecast, which would reach $ 1 million by 2020 – You have not come true.
The explicit nature of the complaint was the parity for the course at that time. Cryptographic prices skyrocketed in the last months of the year. Despite warnings that it was a bubble, investors without any knowledge of financial technology were rushing into action, pouring money into little-known startup initiatives that promised them easy riches and quick rewards.
If it seemed too good to be true, maybe because it was. Experts this week have warned that the market, often defined by its volatility, remains in a state of flux. But what will happen next?
"How low [the price] can go is anyone's guess," Niels Pedersen, a senior fintech professor at Manchester Metropolitan University, said Newsweek . "If cryptocurrencies become mainstream, prices could go much higher, otherwise many become useless, even if you believe in cryptocurrency, choosing the long-term winner is like looking for a needle in a haystack." [19659002]
Predicting the Future
But the jury is all but unanimous. In February of this year, the American economist Nouriel Roubini tweeted that the bitcoin could soon collapse to zero, effectively becoming useless.
Other experts were confident that it would soon massively reach $ 25,000. This week, the former head of PayPal stated that bitcoin had "no value" as a payment method. Crypto CEO Danial Daychopan told Newsweek that the value of bitcoin will reach £ 50,000 over the next two years.
Danny Scott, managing director of the CoinCorner trading platform, said the fund is around $ 6,000. "We have already seen strong support for this figure over the last two months and we believe that support will continue," he said. "However, it is not possible to predict with significant accuracy when this price point can be tested." It must be over $ 15,000 by December, he said.
The trend is clear: there is no solid answer, there is only speculation.
"I do not think anyone can provide a reliable prediction on bitcoins today," said Ilia Kolochenko, CEO of the Internet security company High-Tech Bridge. "As seen in the past, immense fluctuations were suddenly caused by cybercriminals, governments and alternative currencies.
" Despite a semblance of relative stability, bitcoin is a puppet of market speculators and computer bands that can suddenly fall or splash to the stars, "He added." Today you can make a lot of money speculating with bitcoins, but be prepared to run the risk of losing everything. "
Several sources have said that short-term forecasts are not helpful, but most conserves hope. "The general tendency of bitcoin's value is still going north," said Daychopan of the Plutus crypt.
Wednesday 24 hours after the market downturn, bitcoin was valued at $ 6,300.
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