$100,000 Bitcoin - A Timeline and Reviewbitcoin depot
As is well known to most cryptocurrency traders and non-traders alike, the more the demand a coin has, the more the value increases which leads to an inevitable increase in the price. Bitcoin has been increasing in value for years, and although it has seen its good and bad days, it seems like this coin clinching a price of $100,000 is inevitable… but the question is: What will finally make it happen?
What Can Cause Bitcoin to Kiss $100,000?
Apart from mere interest, one major factor that can determine if Bitcoin reaches this (once seemingly outrageous) price, is a little thing you may have heard of called supply and demand. The total supply of Bitcoin is capped by design, which is why it is often related to gold instead of fiat currency. In fact, there are only 21 million bitcoins that can be mined in total. Once miners have unlocked this number of Bitcoins, the supply will be exhausted.
Increased Corporate Adoption
Big companies are making the push to invest in and start allowing customers to use Bitcoin within their ecosystems. Because of this, public interest is piquing and investors are noticing. The increased visibility is leading to an increase in utilization of cryptocurrencies, which is driving demand for more supply.
Reduced Government Interference
Governments have always played a huge part in the overall cryptocurrency space. In March of 2021, India proposed a law banning cryptocurrencies, fining anyone trading in the country, or even holding such digital assets. As a decentralized currency, Bitcoin does not belong to any particular government or entity. This creates an issue for many of the world’s top governments as they try to reign in and capture some type of control over this new wild west.
Rightfully so, these decisions can cause a lot of fear among individual and institutional investors alike. In order for Bitcoin and cryptocurrencies to truly prosper, there needs to be a catalyst event that removes this fear from lingering.
Positive Coverage in the Media
Another thing that can catalyze Bitcoin hitting the big six-digit dream is the media. Bitcoin has been making waves in the media for the last 5 years. More often than not, the mainstream media sensationalizes the topics surrounding cryptocurrency with fear, uncertainty, and doubt - which is even more compounded by the often misunderstood technology that’s being reported on.
As cryptocurrency continues to enter the mainstream and the technology, principles, and use-cases become more obvious, the media will start to shift to a more informed and positive outlook on cryptocurrency. Beyond that, jumping from $3,000 to $60,000 in a little over a year is starting to make it difficult for big outlets to ignore what’s going on, and that’s a huge win for the battle for a $100,000 Bitcoin price.
Easier Barrier of Entry
One of the absolute biggest issues that cryptocurrency has always (and continues to) faced is that it has been difficult to acquire and use for non-technical users. There’s no tech support line or customer service. Up until a few years ago with the rise of Bitcoin ATMs, if you called up your broker and asked for some Bitcoin, they’d probably give you a crazy look.
Today, it’s never been easier to get into cryptocurrency and start using it. Big tech companies are taking over that essential 3rd-party service to offer a white-glove service for less technically-inclined investors.
The Big Bitcoin Race
Over the years, when you zoom out - the value of Bitcoin has kept on a positive trendline. But when you zoom in, the path has always been fairly tumultuous and volatile, filled with huge price leaps and drops in both directions.
As the price of Bitcoin increases, more people are interested in getting the coins for themselves as they see it as a good investment and as this continues to happen, the value of these coins will continue to go up. Being the most expensive and most well-known cryptocurrency in the world, it’s very possible for Bitcoin to kiss the $100,000 mark - and many analysts think we’re fairly close… but only time will tell.
April 14, 2021