What will be the price of Bitcoin in 2023?
Philip Bitcoin is a decentralized financial technology that could replace fiat currencies across the globe. Because it holds such potential, Bitcoin price predictions reach as much as $1M.
Intro
is the first cryptocurrency to ever be created, sparking the birth of an entire industry and thousands upon thousands of altcoins to be created in its image.
Not only is Bitcoin the first of its kind, but it has been designed to disrupt and replace paper-based fiat currencies to become the global digital currency used by the entire population, regardless of what country or region they live in.
Because Bitcoin is so powerful and has so much potential, Bitcoin’s projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin’s long term value could reach over $100,000 to as much as one million dollars per BTC in the future.
But when will Bitcoin reach such prices? This BTC price prediction guide will help investors answer questions like “how high will Bitcoin go” and “what could Bitcoin be worth in 10 years.
What is Bitcoin and Why is Bitcoin Going Up?
Bitcoin was created by the mysterious Satoshi Nakamoto to be the first peer-to-peer electronic cash system. Because Bitcoin is peer-to-peer, it is considered decentralized and doesn’t require a controlling third party – such as a bank or government – to confirm or monitor transactions.
Instead, Bitcoin transactions are confirmed by miners who are rewarded with BTC for each block that is verified and added to the blockchain. This reward is what incentivizes miners to continue to confirm transactions and keep the Bitcoin network growing.
Every four years, Bitcoin’s block reward is reduced in half, resulting in miners receiving less and less BTC as time goes on. This is referred to by the crypto industry as a halving.
Bitcoin’s supply is hard-capped at 21 million BTC and combined with each block halving, gives Bitcoin a deflationary aspect and provides the asset with a scarcity similar to gold. In fact, Bitcoin has been commonly referred to as digital gold.
These unique properties are said to make Bitcoin not only a borderless transactional currency, but also a store of value, and even a safe haven asset during times of economic crisis.
Bitcoin was designed by Satoshi Nakamoto in the wake of the 2008 economic crisis, as a way to put power and control back into the hands of users and out of the reach from banks and governments that have long controlled the flow of money.
Together, all of these aspects make Bitcoin an incredible financial technology with the potential to change the world. And as a result, Bitcoin projected growth is expected to be substantial and reflect its true value as a global currency.
The History of Bitcoin Price Action
Bitcoin price today is trading at around $10,000, but given how volatile the asset is and its propensity to go on parabolic runs, Bitcoin price tomorrow could double or set a new all-time high.
Bitcoin started off its life virtually worthless, with a value of far less than a penny when the Bitcoin Core client code was released into the wild. Years later, it began trading at over $1,000 and started to be considered as a serious financial asset with long term potential.
In 2017, Bitcoin potential took the world by storm, as many became rich beyond their wildest dreams once Bitcoin reached its all-time high of $20,000 per BTC coin. Mainstream media ran BTC news story after story, causing retail investors to rush into buying the asset.