Bitcoin prediction is undoubtedly proving particularly challenging, owing to the fluctuating nature of the cryptocurrency. But the performance of Bitcoin in 2017 has been nothing short of sensational, following its massive increase in value. Ethereum is the next cab off the rank, considered the second largest cryptocurrency in the world, and one with huge potential for growth. So what do experts make of the future direction of Bitcoin and Ethereum?
Bitcoin chaos
Certainly some experts make the Bitcoin prediction that the cryptocurrency has huge potential for further growth in the coming years. Those who are enthusiastic about the concept of the digital payment system believe that it will inevitably reach new heights due to its finite nature. Only 21 billion Bitcoins can ever be produced, and this figure is rapidly approaching.
This prompted Mike Dumont, a senior editor for Bitcoin.com, to make the Bitcoin prediction that the cryptocurrency will reach a value of $60,000 by this time next year. This would be an approximate four-fold increase based on the current value.
Bullish on Bitcoin
Medicalchain COO Mohammed Tayeb offered a similar Bitcoin prediction. “Bitcoin could reach $50,000 by this time next year, if not more. I think all of us are less and less surprised by the headlines that are coming out nearly monthly about the breakthrough Bitcoin is making and it should come as no surprise when it does reach $50,000,” Tayeb commented, in an interview with Futurism.
Jeremy Epstein, the CEO of blockchain startups marketing firm Never Stop Marketing, is also extremely optimistic about the future of Bitcoin, indicating that the crypto coin could reach a value of $250,000 in the next five years. However, even this individual with a massive vested interest in Bitcoin acknowledged that the next few years will be “a coin toss between huge success and total failure” for the cryptocurrency.
Bubble warning
Meanwhile, many observing the rapid rise in value believe that this is nothing more than a bubble. Naturally this leads to negative Bitcoin prediction, and the suggestion that investors will ultimately lose a lot of money if they are not extremely careful.
Armindo Araújo, the head of finance, planning and control at French corporate and investment bank NATIXIS, is just one of many experts in the finance trade who believes that the cryptocurrency is in a massive bubble. Araújo also acknowledges that the demand for Bitcoin will probably increase in the near future, but that ultimately the digital payment system is heading for a massive correction.
“My understanding is that [Bitcoin’s] position in one year will depend, on one side, on the evolution of regulation and acceptance by the global markets, and on another side, on the increasing demand and acceptance of Bitcoin as it grows mainstream,” Araújo commented.
Meanwhile, a Bitcoin prediction made by William Galvin, Massachusetts’ Secretary of the Commonwealth, is extremely bearish for the future of the cryptocurrency. Galvin suggests that the digital coin is open to manipulation, and that it is likely to decline in value in the foreseeable future. Galvin had previously issued a warning on Apple stock back in the 1980s, but believes that this situation is far more serious.
“With Apple, there was at least a theory of a product, there is no product here. This is entirely speculation. That’s already been proven by the wild duration of the value.”
Ethereum rival
It is this sort of Bitcoin prediction which has made the digital currency such a hot topic in 2017, and this is set to continue into the New Year as well. But another major player in the niche next year will be Ethereum, already established as a viable alternative to Bitcoin.
Certainly, 2017 was a strong year for Ethereum as well, and this has led to some strong examples of Ethereum prediction for 2018. Andrew Freedman, the CTO of cryptocurrency social network InvestFeed, believes that the cryptocurrency will continue to make gains next year.
“The amount of transactions the Ethereum network has been processing recently has only been an indicator of increased adoption rates. With the amount of work being put into Ethereum in relation to addressing its scalability, the sky is the limit,” Freedman told the International Business Times.
With the number of Ethereum transactions continuing to grow rapidly, it seems that the potential for this cryptocurrency contender is pretty high in 2018. Indeed, Geoffrey Smith, a Finance Professor at W. P. Carey School of Business at Arizona State University, is another market observer with a positive Ethereum prediction.
“I think the market will continue to grow as people find more uses for blockchain technology and digital currency. The only concern I have is that the price volatility needs to settle down,” Smith commented.
Market scepticism
However, many experts are sceptical about the potential of both Bitcoin and Ethereum, suggesting that the ongoing volatility and crippling government legislation could scupper the future of both digital currencies. It is certainly the case that several countries have already legislated against cryptocurrency, and it can begin to seriously impact on the value of the payment method in the foreseeable future.
This hasn’t prevented tech investment firm Profit Confidential from making a big Ethereum prediction, though. $1,000 is the target for the digital currency in 2018, with InvestingPR making the Ethereum prediction that the cryptocurrency could reach $5,000, and the Bitcoin prediction that it could be superseded by Ethereum as the market leader.
It is undoubtedly exciting times in the cryptocurrency niche, with supporters and detractors both believing that dramatic action is on the horizon. Making a Bitcoin prediction at this time is undoubtedly fraught with danger, but those who have backed the cryptocurrency thus far have certainly been rewarded financially.
