Bitcoin hit $10,000!
October 26, 2019 was a good day celebrated by the ‘Bitcoinists’ when the cryptocurrency had touched $10,000 in its debut since September 24. However, it only lasted for 24 hours before being in the range of 7,000 – 8,000 USD.
Bitcoinists including experts, predicted the position, following the world’s second-largest economy, China’s announcement to fully support and adopt the blockchain technology.
As everyone in the crypto sphere knows, cryptocurrency values are undeniably driven by speculation. It is no surprise that there were a few founders for other coins who took advantage of this situation. The question arises, will Bitcoin continue to be a hero among the top coins or disappear to a zero, if it keeps relying on speculation?
According to Kevin Feng, COO Ve Chain, “Bitcoin was created 11 years ago, but there is no valuation model yet and we believe most cryptocurrencies are based on speculation. The industry wants cryptocurrencies to be run on the basis of business, through the growing popularity of blockchain, instead of speculation.”
Experts who believe in traditional financial methods will soon find out, cryptocurrencies, including Bitcoin, will find their way to failure and eventually disappear.
Ironically, the infrastructure and systems are steadily improving, and the network created over a decade ago shows no sign of stopping it. Despite the fact that Bitcoin’s value is uncertain, users will continue to make transactions. From time to time, there are new exchange platforms and coins established. Every day, miners continue to mine. Is Bitcoin going to be zero? Impossible.
There are three scenarios that are expected to occur to Bitcoin over the next two or three decades, as it will be 1) the national currency; 2) a commodity asset; or 3) listed as the top digital asset.
Although Bitcoin continues to strengthen and gradually become mainstream, the community still hopes that its value will be driven by business and professional interests, rather than mere speculation.
So, what will be your predictions for the future of Bitcoin? Share with us!
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A keen researcher who believes in enriching her knowledge. For Shuhada, the crypto world intrigues her sense and offers plenty of high delicious 'crypto cuisines'.