Bitcoin Value Breaches $10,000 Milestone in Record-Breaking Week, Multiplies 1,759,998 Times Since 2010
Bitcoin has turned so many people into millionaires that traders have dubbed the coin "lambo", which refers to the amount of time it will take before they can cash out with enough to buy a Lamborghini, says Elliott Prechter, president of Qualitative Analytics, a tech-powered financial forecasting firm. Over the course of seven years, Bitcoin's value has multiplied 1,759,998 times. If an investor had decided to spend five dollars on about 2,000 Bitcoins in 2010, that stake would be worth $8.8 million today. With $1,200 spent on some 480,000 Bitcoins, the investor would be worth at least $2.2 billion.
Xapo CEO: A Bitcoin Could Be Worth $1M in 10 YearsBitcoin keeps soaring in 2017, gaining legitimacy in countries like Japan, while more and more people begin to embrace the idea of a decentralized currency. As the number of businesses and governments that accept crypto coins is increasing, they continue to go up in value. Bitcoin, while still the biggest cryptocurrency around, is not the only driver of growth. According to Coinmarketcap, the total value of all major cryptocurrencies put together now stands at around $150 billion. Bitcoin accounts for less than half of that, with a $69 billion market cap, while Ethereum and Ripple have grown to $28 and $8.3 billion, respectively.
Because there is no central bank or government which controls it, Bitcoin is also viewed as a safe-haven asset, and it benefits from a problematic geopolitical climate, such as renewed Korean Peninsula and South China Sea tensions.
Wences Casares, a member of PayPal’s board of directors and CEO of Bitcoin wallet Xapo, recently predicted that Bitcoin will hit $1 million within 10 years while speaking at the Consensus 2017 conference in New York. Wences Casares has been called Bitcoin’s “patient zero” by the Silicon Valley elite. He got Bill Gates, Reid Hoffman, and countless other luminaries into Bitcoin at gatherings of the rich and famous such as Sun Valley. Casares formula for Bitcoin riches is simple: "Take 1% or less of what you own, invest in Bitcoin with it. You either lose one percent of your net worth, which most people can take, or you make millions".
Experts predict that a single Bitcoin will be worth as high as $1,000,000 within 10 Years
Casares pegs the odds of Bitcoin failing completely and going to zero dollars at 20%. “If it fails, it will be worthless,” he says. “If it succeeds, in five to seven years a single Bitcoin will be worth more than a million dollars.” He puts the chances of success at greater than 50%.
Casares has an interesting reply for those people who believe they have already “missed out” on the bitcoin train and are afraid that they are joining too late. He said he’s seen people who bought bitcoin at cheap prices—as low as $13 who lost money because they tried to trade their way to profits, while those who bought at high prices even just a month ago have done “spectacularly well” by simply buying and holding.
Blockchain CEO Peter Smith joined Snapchat investor Jeremy Liew in saying $500,000 would be the price per Bitcoin by 2030. At the time, Bitcoin was around $1,200. We suspect they have raised their forecasts following Bitcoin’s rapid rise to above $10,000. “We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount will make Bitcoin a strong contender for investment at a consumer and investor level” , the pair told Business Insider.
Smith and Liew calculated that the average Bitcoin user will end up holding $25,000 worth of the cryptocurrency by 2030. They also assume that the number of Bitcoin users will grow from 6.5 million to 400 million. Multiplying those two numbers (25,000 times 400 million) gives a Bitcoin market cap of $10 trillion. Dividing that by the fixed supply of Bitcoin in 2030, 20 million, yields the $500,000 Bitcoin price prediction.
Just very recently, trading crypto currencies required highly complicated software configurations, and transactions had to go through less than trustworthy exchanges. Luckily, there's a new, safe way for casual investors to get in on the cryptocurrency market using fully regulated platform.
Step One
Click this link to register a free account in Etoro. Why Etoro? Etoro is a fully regulated platform and a brand you can trust. There are endless reviews about Etoro world-wide, and people are very happy with their services. It is much safer to buy Bitcoins with a regulated brand like Etoro than any other service.
Step Two
Make the minimum deposit of £$€250 or more, depending on the amount you wish to invest.
Step Three
Once you’ve made your deposit, enter in the top search bar the word “Bitcoin” or “btc.”
Step Four
Click the “trade” button in order to buy the Bitcoin currency. Since you’re not going to do any trading, do not touch any settings like “leverage.” Simply select the amount, for example, $250 or any amount for which you wish to buy Bitcoins. Set the “stop loss” to let the system know the lowest price your Bitcoin price can go to, and then set “take profit” at the highest price in which you’d like to convert back to your currency. For example, in the screenshot below, as soon as I make a profit $5,000, I wish to sell my Bitcoins and take it in the US dollars.
Step Five
Click the “open trade” button, and you’re done.
Congratulations! You are now part of the Bitcoin community. If the price of the Bitcoin rises – you can withdraw your money from Etoro as cash… whenever you want. Think about this – the most you can lose in the deal above is $500, but if you were to make the same deal 6 years ago, this same amount you just put in would be now worth over $4,000,000. So how much will you have this time next year?
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