Another epic milestone for Bitcoin as it passed $10,000 this week.
What a year it’s been… starting in January at $800 and today at a historical high of $11,517.40 per bitcoin — and it doesn’t look like it’s going to drop anytime soon.
Why is bitcoin rising?
As more and more people learn about the benefits and disruptive nature of bitcoin, more and more people are jumping aboard the crypto-train. People are starting to understand the value of digital money, and thus the price of bitcoin is sky-rocketing.
We often forget though (or perhaps we fail to realize), the cryptocurrency market is still incredibly young – and relatively small. Apple alone has a market cap just under $900 billion, with the whole of the cryptocurrency market worth $332 billion at the time of writing.
So what does that mean for bitcoins future?
It’s a matter of supply and demand… and there is a finite supply. It’s clear now that people want in.
With that said, it’s likely just reaching critical mass. Mass adoption here we come.
How high will bitcoin go?
After rising so much in 2017 it’s hard to imagine, grasp or believe how high it can actually go in 2018 and beyond. There is a lot of speculation going around with people throwing in radical predictions varying between $25,000 to $250,000.
To name a few:
- Michael Novogratz, former hedge fund investor, claims bitcoin could ‘easily’ hit $40,000 in 2018.
- John McAfee predicts bitcoin is headed to $500K by the end of 2020.
Since then, he has famously tweeted:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Still not convinced?
With rumors of Wall Street investment, and futures markets opening up – one thing is clear – 2018 is going to be a really big year for bitcoin.
Is now a good time to sell bitcoin?
If you’ve been HODLing Bitcoin for a while, maybe it is a good time for a shopping spree. There is always the risk of a Bitcoin dip, so cashing out now, paying off some bills or treating yourself to a new Lambo as Peter Saddington did could be a good idea.
If you’re looking for an easy way to spend it, our Wirex payment card allows you to spend bitcoin like a normal debit/credit card (anywhere Visa is accepted). With Christmas around the corner, it might be the perfect time to start loading up on pressies.
Is it too late to buy bitcoin?
With bitcoin getting more airtime than Prince Harry & Meghan Markle’s engagement – it can only mean one thing: Our team at Wirex certainly believe the mass adoption is on the horizon.
If you’re in this for the long term, and can brave the dips in price whenever they happen – and they often do– then buying now is a great idea. If you look at the predictions being thrown left, right and center – who knows what 2018 will do for the bitcoin price?
Wirex makes it incredibly easy to buy bitcoin. Register for the app if you haven’t already, get yourself verified and purchase bitcoin with a credit card or debit card.
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