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Requests for a much higher Bitcoin price have been less frequent this year. While it was easy to find Bitcoin bulls last year, 2018 was difficult to encrypt optimists with a short-term time horizon. Thomas Lee, founder of Fundstrat Global Advisors, continues to demand much higher bitcoin prices and believes that his "fair value" is around $ 13,800 and $ 14,800 USD.
According to Thomas Lee, the number of active Bitcoin Wallet addresses means that current Bitcoin prices are too low. He also believes that there are macroeconomic factors that keep the price of Bitcoin low, including the aftermath of last year's speculative fever and the sale of Treasury securities during the first coin offerings (ICO).
The analyst was quoted by Bloomberg as mentioned,
"In fact, working backwards, to solve the current price of Bitcoin, this implies that cryptographic portfolios are expected to fall to 17 million from 50 million at the moment."
He also thinks that the growing adoption of Bitcoin would help its price to rise. Mr. Lee speculates that if Bitcoin was widely adopted as an asset class, the price could go up to $ 150,000 USD for Bitcoin.
Falling utilization rates may hold Bitcoin back
Recent research suggests that the use of Bitcoin as a payment platform has significantly decreased this year. As the price declined during 2018, the use of Bitcoin for commercial transactions decreased up to 80%. Data compiled by Chainalysis examined 17 payment processors to find out how much Bitcoin has decreased this year, and other studies seem to come to the same conclusion.
The Canadian company Coinpayments estimates that the value of Bitcoin transactions from January to October of this year has halved. For the time being it seems that the use of Bitcoin in the real world seems to be falling, which could make the most precious crypt in the world vulnerable to further declines in the short term.
Chanalysis reports that the total value of Bitcoin payments fell from $ 427 million USD last December, to $ 96 million USD in September this year. There is no complete set of data for the Bitcoin market, because the transactions are distributed on numerous exchanges that can not freely share their data.
Reasonable arguments
Many negative comments emerged from the traditional financial community as the cryptos gathered higher last year, and some of them contained well-founded arguments. Probably Bitcoin was not designed to replace the global financial system and probably will never be able to challenge a platform like Visa.
Bitcoin was also the first cryptocurrency. He has inspired other platforms, such as Ethereum, Dash and Ripple, which could challenge the current centralized system. Other programs like the Russian ruble crypto are also potentially revolutionary and would not have happened without Bitcoin.
Still open for business!
Despite falling prices and market volatility, there are still many sellers who will accept Bitcoin as payment.
Overstock.com is still one of the biggest companies that will accept Bitcoin, even if founder Patrick Byrne could sell online retailing to focus on the blockchain. Overstock may change its Bitcoin payment policy once the sale passes, but for now, they are still happy to take Bitcoin.
Like Overstock, BitPlaza offers a range of products and is open to new sellers wishing to use their platform. Newegg.com will also accept Bitcoin for the computer and almost anything in the personal or commercial electronics world.
There are a number of other Bitcoin payment options, such as CheapAir.com, which will also allow Bitcoin users to purchase hotel rooms and a range of other travel related services.
While a global network of cryptographic ATMs is likely to be far off in the future, there are services like Uquid, Xapo and Bitpay that allow encrypted users to fund accounts that will work at ATMs around the world.
Not bad for a decade
It is easy to forget that Bitcoin is still a new invention. In a decade he has moved from an obscure heritage to an international sensation, which has inspired many other cryptosides. Now the scrambled are offering alternatives for people in nations like Venezuela, where their national fiat currency has become useless.
Bitcoin may or may not be one of the crypts that eventually becomes a commonplace for personal and commercial settlements. There are scalability issues to be addressed and other encryptions that are probably best suited for global trade. Regardless of this, its long-term value will probably be higher than where it is today.
