9 Reasons Bitcoin Could Hit $100,000 Or More

Cryptocurrencies and especially Bitcoin more than caught the attention of investors in 2017, they became infatuated with it. Bitcoin started the year at $963.38 and ended at $13,850.40 for a gain of 1,338%. It nearly reached $20,000 coming close at $19,870.62 on December 17th. This has led to Bitcoin and other cryptocurrencies getting huge media exposure and the creation of thousands of new ones. (Note for this article I’ve abbreviated cryptocurrencies as CCs).

A visual representation of the digital Cryptocurrency, Bitcoin. Photo by Dan Kitwood/Getty Images

There are many reasons that CCs could increase or fall in value but the underlying reason will be supply and demand. To get a handle on what could drive the price of Bitcoin significantly higher I’ve outlined 9 reasons below. I’ve arbitrarily picked $100,000 as I’ve also heard that it could go to $1 million but I suspect that is to get media attention.

Limited to 21 million Bitcoins

At most there will be 21 million Bitcoins (or there are supposed to only be 21 million) “mined” or created. The first one was mined on January 3, 2009 and there are currently about 16.8 million in “circulation”.

As you can see from the logarithmic chart below it is becoming harder to create additional Bitcoins. Having it be harder to mine along with a limit on how many can be created makes the supply side come into play.

Number of Bitcoins in circulation

First mover, network effect and media exposure

Comments

comments

Filed in: Mainstream Bitcoin Tags: ,

You might like:

Most of the World's Biggest Cryptocurrencies Are Down Today Most of the World's Biggest Cryptocurrencies Are Down Today
Metropolitan Bank Denies Policy Change on Crypto Wire Transfers Metropolitan Bank Denies Policy Change on Crypto Wire Transfers
Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading
Mark Cuban: Dallas Mavericks to Accept Bitcoin, Ether 'Next Season' Mark Cuban: Dallas Mavericks to Accept Bitcoin, Ether 'Next Season'
Maersk, IBM Spin Off Blockchain Trade Platform Maersk, IBM Spin Off Blockchain Trade Platform
France Creates Working Group for Cryptocurrency Regulation France Creates Working Group for Cryptocurrency Regulation
Blockchain Startup Cypherium Partners with IC3 for Scaling Research Blockchain Startup Cypherium Partners with IC3 for Scaling Research
Shipping Blockchain: Maersk Spin-Off Aims to Commercialize Trade Platform Shipping Blockchain: Maersk Spin-Off Aims to Commercialize Trade Platform
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.