Bitcoin had a pretty interesting 2018. It all started with an incredible rise in December 2017 where it reached a high of $19,000. Soon after that, it dipped to a low of just above $3000. For the rest of 2018, Bitcoin maintained a low range and the cryptocurrency market as a whole experienced several false starts.
Now that we are in 2019, Bitcoin is coming back strong, and since the beginning of the year, the coin has recorded 100% growth. As of yesterday, May 15th, Bitcoin had managed a gain of 2%, and by the end of the day, BTC/USD was holding steady at over $8000.
The resurgence of Bitcoin has led to a myriad of predictions with some speculating that 2019 may be another crazy bull market. Whether that will prove true or not, below are some of the most interesting predictions.
That the price will go to zero
According to Joe Davis, Vanguard’s Global Chief Economist, there is a decent chance that the price of Bitcoin will dip to a low of zero by the end of the year. He notes that due to the digital currency’s volatility, it is a poor store of value, and people are better off investing in tried and true assets.
It is not a surprising sentiment from the economists given he is a firm proponent of the traditional financial sector. However, considering his knowledge and experience in the financial sector, one cannot dismiss his prediction either.
That said, the fact that some leaders in the traditional financial sector such as Goldman-Sachs have permitted their investment arms to investigate Bitcoin potential is a good sign.
That Bitcoin will hit $100,000 a coin
That will hit $100, 000 is a prediction by Max Keiser. Quite the bold statement and it has a lot of people scoffing.
Max Keiser is an American broadcaster and filmmaker. He is a known critique of the US dollar and a great proponent of Bitcoin. Last year—2018—he made a similar prediction, that Bitcoin would hit an equivalent of 100,000 dollars per coin.
Of course, that prediction never came true. However, during a recent interview with Kitcoin’s news, Keiser reaffirmed his prediction and noted that BTC’s excellent performance in April and now May is an indicator of great things to come.
That this is the year of repair for Bitcoin
In March of this year, Tom Lee appeared on a segment of CNBC known as ‘Futures Now.’ Lee, Fundstrat Global Advisors co-founder, was there to give his opinion on Bitcoin.
He stated that 2018’s Bitcoin Cash hard fork and the resulting fork wars—Craig Wright’s threats that he would attack Bitcoin ABC side of the split—massively deteriorated investor confidence. Consequently, Bitcoin did not achieve the heights it was meant to achieve in 2018.
2019, therefore, would be a year of repairing investor confidence. Moreover, he noted three key factors that he believed would help the Bitcoin market to rise. One, previous macro headwinds such as the excellent performance of the dollar in 2018.
Second, the improvements in infrastructure, for instance, the launch of the Bakkt platform that allows the storage of digital assets and Fidelity’s custom solutions.
Finally, Lee said that the fact that Bitcoin was experiencing a 200 moving average per day at the time also indicated Bitcoin would continue to rise.
When prompted, Lee hesitated to give a precise figure which makes sense considering that he has been spectacularly wrong about Bitcoin in the past.
Other random Bitcoin quotes and predictions from leaders in the industry
cryptocurrency manager Jeet Singh said that Bitcoin could rise as high as $20,000 in 2019. On the other hand, BTCC co-founder, Bobby Lee, used Twitter to predict $333,000 by 2021.
Finally, recently, Warren Buffet, who detests Bitcoin, called it ‘a seashell.’ That is an improvement from an earlier metaphor that saw him brand Bitcoin ‘rat poison squared.”
From the above predictions, it is clear that most think Bitcoin will increase in value. Depending on how Bitcoin does in the coming few months, some of these predictions might change but probably not by much.
Either way, December 31, 2019, will ultimately prove who was right. One this is for sure, though, Bitcoin is definitely not ‘rat poison squared.’