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Bitcoin Price Prediction: Forecasting the Future and Past of Bitcoin's Price

Since bitcoin's creation over a decade ago, venture capitalists, economists, politicians, and speculators have offered their opinion on what they think the pioneer digital currency is worth and whether it will survive in the future.

Since bitcoin's creation over a decade ago, venture capitalists, economists, politicians, and speculators have offered their opinion on what they think the pioneer digital currency is worth and whether it will survive in the future. 

Some, such as Warren Buffet, have dismissed the top cryptocurrency while others, such as Jamie Dimon of JP Morgan Chase and Kevin Roose (Author and Journalist), who were previously skeptical, changed their stance in support of Bitcoin.

Simply put, there is a long list of Bitcoin skeptics and pundits with varying opinions on what they think the digital asset will be worth in the future. Even though no one knows the future, this article will look at the different Bitcoin price predictions ranging from 2021 predictions to as far into the future as 2050.

But first, let's recap on the history of Bitcoin and its price evolution.

History of Bitcoin & Pricing

In the early days, when Bitcoin was barely worth a dollar, one of the most iconic tales that highlight enormous growth in Bitcoin's price is the two pizzas for 10,000 Bitcoin story. As the story goes, a Florida developer named Laszlo Hanyecz purchases two pizzas with Bitcoin worth a measly $40 at the time. Based on the current Bitcoin price at the time of writing, those 10,000 BTC would be worth over $350 million today.  

In those early days, there were no Bitcoin exchanges as is the case today, and the only way to access Bitcoin was through buying it from a peer or mining. At the time, the block reward for mining Bitcoin was at a staggering 50 BTC, and since there was practically no competition, anyone with a home computer could mine hundreds of Bitcoin in a matter of hours.  

One of the very first ever to be recorded Bitcoin transactions was that of a BitcoinTalk forum member called NewLiberty Standard, who set up an exchange and sent 5050 BTC to another user for a price of USD 5.02. That would set the first price of Bitcoin at $0.00099. Considering Bitcoin's current price of about $35,000, we can see that Bitcoin has appreciated by price has appreciated over 35 million times. 

Bitcoin Price Prediction 2021

Although Bitcoin has seen more than 50% price correction from its recent all-time high above $60,000 per BTC, analysts are still hopeful that the coin will retrace its previous ATH by the end of this year and maybe even surpass that mark.  

Gov. capital, for instance, predicts that the coin will still sustain a bullish rally for the remaining part of 2021, closing above the $44,000 mark by the end of the year. Tom Lee, a wall street strategist, believes that Bitcoin will hit the $100,000 mark by the end of 2021 even as other prominent figures such as Elon Musk continue to give mixed signals over his stance on Bitcoin.  

Other market analysts such as Mike McGlone, a senior commodity strategist from Bloomberg Intelligence, predict that it is more likely for Bitcoin to hit a value of $100,000 than go further below the $20,000 mark. 

The Future of Bitcoin – Can It Reach $1 Million?

In just 12 years of its existence, Bitcoin has already hit the 1 trillion market capitalization. Having risen in value more than 10 fold since 2020, it remains to be seen whether Bitcoin's undisputed rally will continue to a point where one Bitcoin is worth $1 million. 

One particular investor and analyst, Ollie Leech, believes that the coin is likely to hit $1 million in the next five years. According to Leech, the next big rally that will push Bitcoin to $1 million is likely to happen in 2024. 

Former Gold Man Sachs hedge fund manager Raoul Paul who predicted the financial crisis of 2008, wrote in his paper predicting the use of Bitcoin as a haven during the covid-19 pandemic.  

2025

Alex Mashinky, CEO of Celsius, believes that while it is hard to predict the future of Bitcoin accurately, the asset shows fundamental strength enough to stretch its value beyond $200K by 2025. Zac Prince, the CEO of Block, believes that Bitcoin will surpass $200K in the next 4 years considering the deflationary halving event. In 219, Prince predicted that Bitcoin will hit an all-time high of $60,000 per coin. 

2030 Price Predictions

By the end of the decade, the majority of Bitcoin will have been mined. Anthony Pompliano, the co-founder of Morgan Creek Digital Assets, estimated that Bitcoin will eventually hit a $1 million mark; however, he does not give a specific timeline. The Bitcoin evangelist predicted that Bitcoin will hit $100,000 by the end of 2021.

Another outrageous BTC price prediction is from a major Tesla investor who estimates that Bitcoin will be worth more than $1trillion in under ten years.  

2040 Price Prediction

In 2030 and beyond, market analysts believe that Bitcoin's price will be further up ahead. Because of the currency's rising value, market analysts predict that Bitcoin could be worth between 1 and 10 million USD.

2050

If Michael Saylor's opinion is anything to go by, Bitcoin's market capitalization will hit an all-time high of $200 trillion by 2050. The billionaire investor spoke while on a conference call on YouTube, saying the long-term value of Bitcoin is greater than any other asset class in the world. 

When Do You Think Bitcoin Will Reach $100,000,000?

Final Thoughts: There Are No Perfect Predictions

According to Tim Draper, Bitcoin is similar to the Microsoft and Amazon of the software world. For early investors, Bitcoin can give great returns as its decentralized nature keeps it from the control and manipulation of central systems. In the next 4 to 5 years, Bloomberg analysts predict that Bitcoin could hit $100,000 as most measures of demand and adoption support an upward trajectory of the pioneer digital currency. 

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