Bitcoin cost lasted in its upward motion by beating the $3,000 mark.
Bitcoin is your very first and consistently leading cryptocurrency. Based on Kumar Gaurav, Creator of Cashaa – Auxesis Group, it had the longest period to successfully launch and older when compared to some other cryptocurrency.
This achievement can’t only be viewed from the constant growth over the previous decades but also in the rate of recovery following so-called “crisis.” The fork has eventually turned out in favour of Bitcoin, with investors dumping Bitcoin Cash, purchasing more Bitcoin and altcoins, together with nearly all leading 100 cryptocurrencies gaining hugely.
Other reasons summarized by Gaurav due to their optimistic outlook towards Bitcoin comprise the fact that the more institutional money is moving into Bitcoin, together with all the cost boost in itself attracting more investors.
He tells Cointelegraph:
“There is increasing legal recognition, increasing media attention, a growing usability and acceptance, while the original, political reasons leading to Bitcoin’s popularity are strong as ever. Most recently the EU announcing the possibility for it to freeze bank accounts to prevent banks from failing, reminding of what caused the first ever Bitcoin rally, the Cyprus savings raid.”
Bitcoin to Reach $10,000 in three years
Gaurav proceeds by noting that when considering exactly what Bitcoin has already become during its first decades, despite having just a very small fraction of the populace alone encouraging it for only a few of its many benefits, most significant of which is the freedom it brings to individuals in almost any troubled system, then we could only imagine how large of an effect we’re beginning to see today with recognized associations and mainstream media ultimately embracing it.
In addition, he notes that within the previous decades, Bitcoin price could be regarded as a parabolic curve, that sooner or later may require it to over $10,000 in the next 3 years.
Bitcoin is not controlled by anyone
Another strong believer in Bitcoin, Simon Dixon, CEO BnkToTheFuture.com, highlights that Bitcoin is the sole cryptocurrency on the planet which isn’t controlled by anyone, is procured by the greatest network of computer power on earth and contains a solid financial policy.
Dixon describes to Cointelegraph that Bitcoin has confronted many challenges that the most recent of which was climbing. He notes that since nobody controls Bitcoin, it required three decades of debate to make it to the next stage for climbing answers given the massive increase in demand through recent years.
With more climbing, Bitcoin can fulfill the massive demand that it’s getting as an increasing number of use cases appear and huge pockets of cash enter the marketplace.
Dixon also notes that Bitcoin will definitely experience more challenges in the course of its own development as the community works to enhance scalability further, resolve more privacy Issues along with additional features that the community feel is essential.
There is an increasing demand for Bitcoin
Concerning the rally at Bitcoin cost, Dixon claims that we’re pushing beyond $3,000 as it’s been demonstrated that Bitcoin truly is commanded by nobody. No matter how hard men and women try, the money supply has been consumed by higher and greater need as Bitcoin becomes increasingly more useful.
He also says:
“I remain bullish as alternatives to Bitcoin keep adding value to Bitcoin and proving there is only one store of value in the crypto market. At the end of the day, people speculate and invest in alternatives, but there is only Bitcoin that they run to as a store of value to lock in any profits or losses they make from alternatives.”
Dixon concludes by noting that central banks and governments will soon realize that holding Bitcoin on their balance sheet could be a wise move as financial institutions are realizing today. They will also create their alternatives to compete, but they will all be controlled, centralized and follow a similar monetary policy as traditional fiat money, providing more value to Bitcoin.
“This type of financial innovation will only happen once in many people’s life time,” he says.
Bitcoin is diversified
For Michael Vogel, CEO of Netcoins, dismissing market hysteria and appearing only at the principles of what Bitcoin is explains its own value proposition.
Vogel clarifies Bitcoin as a very strong and diversified cryptocurrency. He notes that the fact that Bitcoin has a number of use cases including remittances, online payments, store of value, Blockchain software etc., which makes it crystal clear that Bitcoin isn’t a one-trick pony.
Coupled with all the free advertising and publicity which Bitcoin receives from the mainstream media (oreven when mainstream advertising is negative, it leads to Bitcoin consciousness), and it’s apparent the Bitcoin is your gold-standard from cryptocurrency.
$3,700 is in sight
Vogel likens the development of Bitcoin to how the internet fared in its early years. Vogel notes that even the Internet itself has gone through its own scaling challenges beginning from the days of dial-up Internet.
He concludes by predicting even a higher price rally for the cryptocurrency in the near future:
“Now that the Bitcoin civil war is over, I think we’ll see a rapid influx of investors that had sold off in July rushing back into the market. Goldman Sachs has predicted that Bitcoin is headed for $3,700, and it seems we’re well on the way there.”