It’s been a wild ride for Bitcoin over the past few years. From being worth almost nothing to reaching highs of over $60,000 last November and then falling by 69% to $19,500 as of late October 2022, there’s no doubt that Bitcoin has made its mark on the financial world.
Today investors and companies are darting to embrace this innovative technology for the countless benefits it offers. Tech giants such as Microsoft, PayPal, and even Tesla have adopted Bitcoin in one way or the other for better customer experience.
Carl Runefelt is a global crypto leader and investor who has invested money in more than 360 crypto startups. Why? Because he believes that Bitcoin is the future of money and will eventually replace the fiat currency.
While speaking on his YouTube channel, The Moon, he says, “I am very confident that this will be a very good investment. I believe that Bitcoin is not only going to go to $500,000, I think that Bitcoin is gonna go to five million dollars per Bitcoin in today’s money. Obviously, with inflation, bitcoin could go to trillions of dollars per Bitcoin.”
But where does Bitcoin go from here? Will it continue to rise in value, or is this just a bubble that’s about to burst? Only time will tell, but one thing’s for sure – Bitcoin is here to stay.
Let’s discuss this further.
A Vision in Shambles
When Bitcoin saw the light of day in 2008, it was born with a simple yet revolutionary vision; a force of decentralization that will resist the status quo of a centralized banking system that controls the currencies.
It put its first step with the conviction that it will break the shackles of slavery from the omnipresent, ravening financial system that is robbing people with unjustified transaction fees and never-ending delays – and it was possible because Bitcoin does not rely on third-party intermediaries but on blockchain technology that verifies and authenticate every transaction on its colossal network.
Carl Runefelt, in one of his interviews, says, “Bitcoin is the best form of money that we have and have maybe ever seen in the history of humans. Bitcoin is the only money in the world that has no political attachment. Your bank money can get frozen, or your gold can get confiscated but with Bitcoin, you can literally cross a border with your private keys in your head, and you can travel the world with millions of dollars literally stuck in your brain.”
It has been fourteen years now, and this vision seems to fade away! Today, Bitcoin itself has become a threat to the principle of decentralization – and has introduced its own flavor of centralization!
Bitcoin whales – investors which hold a massive number of Bitcoin or cryptocurrencies – can control and manipulate the crypto market with their decisions. Bitcoin’s technology is also afflicted by scaling problems.
Despite some concerns, the crypto market has been rapidly expanding. The market cap even touched 3 trillion dollars (about $9,200 per person in the US) at one time, regressing to 900 billion dollars as of today after the market crash. Around 20,000 cryptocurrencies are circulating the market and many of them are offering innovations never imagined before.
Where is Bitcoin Headed in the Next Decade?
The importance of the upcoming decade for Bitcoin is extremely significant. It wouldn’t be wrong to say that the next ten years are the make-it-or-break-it period for Bitcoin.
Currently, hardened investors are jumping on the rising tide of crypto popularity and making huge profits due to the erratic volatility of crypto prices and businesses are readily adopting virtual currencies – a massive mainstream embrace is in the process!
The Bitcoin ecosystem is fast expanding. Despite the recent fall of Bitcoin – from $63,000 to as low as $18,000 – large banks are continuing to take notice of Bitcoin. For instance, Goldman Sachs recently reopened its crypto trading desk.
Cryptocurrency servers are a hot commodity these days. With Bitcoin at an all-time high, people have been flocking to cryptocurrency in droves for both speculation and adoption purposes–but is it too late? Should governments be concerned about this rapid rise or will they eventually become accustomed to its value once inflation rates slow down again?
The short answer seems like yes because while cryptocurrencies may very well still hold some promise as payment methods across various industries including retail stores begins adopting them more widely over time; right now, there is no telling what could happen if another country adopts restrictions against trading bitcoins.