The recent crash in the price of Cryptocurrency Bitcoin does not mean the end for people who have invested in it, as experts predict that another spike in price per coin is due sometime this year and one that could even skyrocket the value to $50,000 per coin.
It can be recalled that at the start of the year, the price of Bitcoin has dropped significantly, ranging from $17,000 per coin to just below $10,000 right now, its lowest point was observed a few weeks ago when it only amounted to below $6,000 per coin. Experts, however, believe that the cryptocurrency will bounce back as it did in 2017 and will become much more profitable again.
This is because new technological developments as well as the entrance of institutional capital can both contribute to Bitcoin as a preferred digital currency. Thomas Glucksman, head of APAC business development at cryptocurrency exchange Gatecoin, has claimed that "There is no reason why we couldn't see bitcoin pushing $50,000 by December."
Another expert named Mick Sherman, co-founder and CEO of Hercules Tech, has stated similar predictions due to the capacity of Bitcoin to allow for powering blockchain technologies. With this in mind, Sherman explained that "The revolutionary nature of blockchain technology is what's driving the hype and even though we may be years away from viable blockchain-based assets, we may very well see several more bubbles."
For those unfamiliar with blockchain technologies, a blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It is essentially an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. This is where Bitcoin comes in, as computers are used for processing these blockchains where participants are paid with cryptocurrencies, mainly Bitcoin and other popular ones.
Regardless, experts are indeed confident that Bitcoin will become a lot more profitable than it is now. Still, people who have some Bitcoins stocked should know that risks are always involved in trading in their Bitcoins for real money, so they should decide wisely on when to cash it in.
