Why I – m Predicting a $650 Bitcoin te 2016

Richelle Ross is an independent cryptocurrency consultant and a laptop science major at the University of Florida, whose interests include programming and cryptology.

On 23rd July, I predicted on Quora that the price of bitcoin at the end of the year would surplus around $420.

It shows up at press time that I wasgoed not far off. Spil of 30th December, the bitcoin price is around $425. It seems I identified what many te the cryptocurrency community were predicting – 2015 wasgoed the year the bitcoin price would practice the slow and steadier growth it needed.

Ter previous years there were a lotsbestemming of unknowns te the cryptocurrency world. It wasgoed often believed that a better currency may come along or that bitcoin wasgoed just another form of the fabled ‘Tulip Mania’, a period ter the Dutch Golden Age used spil an example for when the price of an asset outpaces its intrinsic value.

And thesis concerns were real possibilities because bitcoin wasgoed fresh, and there were growing agonies it had to overcome.

Institutional acceptance

This year wij learned that bitcoin is very likely not going away anytime soon, spil evidenced by the continued rise te transaction volumes and legitimization from mainstream leaders and institutions.

Larry Summers, Blythe Masters and UK Chancellor George Osborne have all given approving statements on bitcoin or the blockchain.

Not only are the statements positive, tho’, they’re increasingly bullish. For example, Summers, the head of US Department of the Treasury under the Clinton Administration, said he is behind the technology spil he wished to side with the “history of switch”.

Elsewhere, everyone from politicians to musicians wasgoed seeking to find fresh and novel ways to use and support the technology.

US presidential candidate Zoom Paul began accepting bitcoin donations, becoming the very first presidential candidate to do so, and indie songstress Imogen Heap released a song on the blockchain.

The list goes on: Patrick Byrne’s blockchain-backed stock podium wasgoed recently approved by the SEC, Cameron and Tyler Winklevoss launched their long-awaited exchange Gemini, more bitcoin investment vehicles have bot commenced, the Coinbase service reached Three million users, and bitcoin startup funding surged to total almost $1bn all-time.

Maturing conversation

Analyzing the bitcoin economy for the last duo years, I have bot fascinated by the evolution of conversations inbetween bitcoin skeptics and evangelists. But it’s effortless to leave behind how it used to be almost unlikely to read a bitcoin article without it featuring sources labelling it a Ponzi scheme or scam and an evangelist who claimed bitcoin’s price wasgoed going “to the moon” next week.

But, wij’ve moved beyond thesis simplistic sides this year.

Now, the debate centers more on whether bitcoin can maintain its values and whether there will be a role for private or independent blockchains ter a decentralized financial technology stack.

Ter essence, bitcoin is being discussed with more complexity and the pessimistic voices attempting to write obituaries are dying out.

Whenever I’ve spoken to colleagues about bitcoin, what usually intrigues them is the global payment rail system.

It parallels the trends wij see te communication and cloud networking – nation states are becoming less relevant to junior generations with global systems like the Internet, and that conversation came into the zoeklicht this year.

Reasons for optimism

Assuming that bitcoin remains the most popular token to run the blockchain and transaction volumes proceed to rise, the next few years should be spectacular for the price of bitcoin.

While 2015 wasgoed a relatively tranquil year for the price, it seems likely that 2018 will be much more action-packed with the block halving next summer, where the amount of bitcoins awarded to miners harshly every Ten minutes will be cut ter half.

Wij’ve laid down the tracks so to speak, permitting for there to be more confidence than everzwijn before that bitcoin is, and can proceed to be, a credible store of value.

With this te mind, I’ve determined to suggest another price prediction for next year since I had some luck for this year. I believe bitcoin will surpass $500 by the middle of the year and average out to a $650 price range ter the 2nd half of the year.

Of course, there are too many unknown factors when predicting price to know with any certainty, but the maturing infrastructure has lead mij to believe that next year will be an titillating one for investors.

Still, many of bitcoin’s best days come ter reaction to world crises ter places like Greece, China, and Argentina, meaning at the end of the day, there’s no predicting where the price could go.

Spil wij proceed to patch up leaks te the global economy’s submerging ship, I have to wonder will 2018 also be the year wij are reminded of why Satoshi created bitcoin ter the very first place.

Want to share your opinion on bitcoin or blockchain ter 2015, or a prediction for the year ahead? Send ideas to [email protected] to learn how you can join the conversation.

The leader ter blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests ter cryptocurrencies and blockchain startups.

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