Sunday, 11 June 2017

Bitcoin Price Set to Hit ₦90.5 Mln ($250K) by 2020 If 7-Year Trend Continues

BitGo Software Engineer Jameson Lopp revealed that when the seven-year trend of Bitcoin price continues, Bitcoin will soon be valued at around ₦90.5 Mln ($250K)  by 2020. Lopp calculated the seven-year trend of Bitcoin price centered on daily value change. With the exception of 2014, that has been suffering from the downfall of now-defunct Mt. Gox, Bitcoin has continuously recorded positive daily value change since 2010.

Previously four years, Bitcoin price has increased exponentially, surging by 0.09, 0.22 and 0.66 percent in 2015, 2016 and 2017 respectively on an everyday basis. In 2017, Bitcoin price increased by 0.66 percent on a regular basis, as Bitcoin price surged from ₦354K ($980) to ₦995K ($2750) in a six-month period.

If Lopp's Bitcoin daily gain since 2010 is known as, by 2020, Bitcoin price should reach ₦90.5 Mln ($250K) This, needless to say, assumes that Bitcoin price increases at a typical rate of 0.42 percent on an everyday basis.
Bitcoin's value can not be predicted centered on a linear calculation and graph. Bitcoin's growth when it comes to user base and market cap is exponential and due to it, Bitcoin price can't be calculated with one certain formula.


However, Lopp stated that the miracle of compound interest makes the $250,000 by 2020 calculation nonlinear.
“It's not linear because of the miracle of compound "interest." 0.42 percent of tomorrow's value is > 0.42 percent of today's value,” said Lopp.


We reported, an increasing quantity of mainstream media outlets and analysts have began to compare Bitcoin and its growth to that of reserve currencies and major assets such as for example gold.
Lately, ABC News, a national news service in Australia made by the Australian Broadcasting Corporation, and The Wall Street Journal have now been offering extensive coverage on Bitcoin price by comparing the cryptocurrency to the performance of the US dollar, euro, Japanese yen and British pound.
Alan Silbert, senior vice president at Capital One Healthcare and founder of BitPremier, revealed that the standard Wall Street Journal newspaper demonstrated the growth chart of gold and Bitcoin on its front page as interest and demand toward Bitcoin have now been on the rise.
If scaling issues of Bitcoin become resolved and more investor begin to buy Bitcoin as both an electronic currency and digital gold, it's feasible for Bitcoin to develop at the predicted rate of Lopp. Actually, Xapo CEO Wences Casares shared that Business Insider CEO Henry Blodget recently claimed Bitcoin price may go as much as $1 mln.

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