Since 2009 and the introduction of cryptocurrencies to the public, the road to glory this concept has experienced was a rocky one. At first, nobody cared about it. Both people and institutions have perceived it as something insignificant that will simply cease to exist in a short period. We all know that this is not what happened.
Later, we can see that it got much stronger and valuable. Therefore, more people became interested in this kind of trading. It is possible through numerous software, like profit-revolution.com. Still, official institutions weren’t interested in making it a legal method of payment. The reason is that there is no way they could have control over it.
Bitcoin, as is the case with all other cryptos, has emerged from the blockchain system, which is a heavily decentralized system. To be precise, it has a mind of its own. In 2023, when its value has declined severely many thought that this is the end of BTC.
However, the first quarter of 2023 has brought a significant rise once again. As we’ve said in the beginning, the road was rocky. That’s why many people wonder what the future holds for BTC and all other cryptos. Without further ado, let’s take a look at what we know so far.
Over the years, BTC has gained and lost a significant percentage of its price. However, the most significant declines occurred in 2017 and 2023, when they’ve lost between 30% and 50% of the value in a short amount of time. The latest recorded drop occurred in 2023 when the value got lowered by 50%, from $61,000 to $32,000 in less than a week.
The drop was caused by Elon Musk’s statement that he doesn’t see BTC being so powerful in the future because it is not enough environmentally friendly. The response from many traders was immediate. Many of them have stopped invest and they withdraw their investments. However, many people believe in the theory that this was a trick.
Behind it was the idea of halving the price was to avoid any kind of inflation in the future. If you didn’t know, this is the original intention behind these occurrences, whenever these happened in the past. Especially in the last two years, when only Elon Musk has invested more than a billion US dollars into BTC. Besides that, countless companies have decided to adopt it as a method of payment.
What Can We Expect in the Second Part of 2023?
Despite the rise and a heavy drop BTC experienced in the first half of 2023, we can still expect that it will rise once again until the end of the year. We can see that it is still pretty unstable. For instance, the value jumps between $32,000 and $34,000. Since this is a pretty big jump, we can see that there is something big that will happen in the following months.
Sure, we cannot expect it to drop completely for a variety of reasons. If we take a look at some predictions made by people who have significant experience in this field, we can see that there are indications that it will reach $50,000 by the end of the year.
At the same time, many experts are saying that it will go up more than that and that it will reach $100,000. There are some indicators that this is what will happen. However, there is no way that we can take these for granted. There are still a couple of months when we will see whether these are proper or not.
The Prediction for the Next Decade
Despite there are many things in the history of BTC that we can call significant, many experts say that the next ten years will be even more important for the evolution of this cryptocurrency. There are many reasons for that. One of these is surely the fact that these transactions are much faster than any other you can use these days. Chances that others will improve in the future are not high.
That’s why many believe that people will turn to BTC for a much better experience. Furthermore, we can see that there are many indicators that some countries have started developing their cryptos to replace their fiat currencies. The first country that has done this already in China, with its Yuan Pay. How will the development of these affect BTC and others?
Nobody knows, but it is highly unlikely that they will be too disrupted with their appearance on the market. The reason is that they have reached a certain position in the financial world, and that position can be described as solid. Therefore, we cannot expect anything to move them out of these. Also, we can see that El Salvador became the second country, after Belarus, which legalized all the cryptos completely. The only difference is that Belarus made them untaxable until 2023.
According to many sources, Bitcoin is on the road towards becoming some kind of medium digital currency. Meaning, it will serve mainly for the conversion between these national cryptos. When you think about it, this is not a bad position at all. Also, some think that it will take the place the US dollar has in today’s world, as the main fiat currency. All in all, we will just have to wait and see how it will play out in the end.
As you can see, many possible scenarios that point us in the direction we can expect BTC to reach in the future are considered. Sure, all of these are just predictions that can easily change, practically overnight. The global pandemic of COVID-19 has impacted all the industries out there, and we can see that its effects will not pass as quickly as many people believed they will. That’s why there needs to be some kind of reserve whenever making financial predictions. One thing is for certain, BTC is here to stay and there is nothing that can change that in foreseeable future.