Bitcoin experts around the world have different opinions about the possible changes in the Bitcoin prices. We can only explore the probable future price of BTC with the presumption that the historical price data indicates the future value of this cryptocurrency. At the time of writing, according to blockchain.info the total amount of Bitcoins in circulation was estimated at 12,995,125 Bitcoins and the price of one Bitcoin was at $617 at Coindesk.
Some crypto-professionals strongly believe that the Bitcoin acceptance will continue to grow as Bitcoin related businesses expand and develop making this digital currency more convenient and more profitable for common users. If governmental authorities do not enforce extreme regulations against Bitcoins, the number of investments that has already surpassed expectations of many skeptics by exceeding 29% of the total amount of investment for 2013 and compiling more than $113.2m, will continue to grow even stronger
Ivan Raszl at Inside Bitcoins News has his own opinion about the development of the crypto-industry, and Bitcoin in particular. Currently, approximately 160,000 unique Bitcoin addresses are used on a daily basis. Approximately 20,000,000 people may adopt and start using this cryptocurrency in the nearest future. The estimation was made with consideration of the following indicators: the size of the global population, the number of Bitcoin users worldwide, the size of the technologically advanced and ideologically open population and, of course, the number of people possessing savings available for Bitcoin investment.
Since 2009, we have observed 3 major phases in the increase of the Bitcoin price. Each step with a drastic peak lasting 1–3 months occurred after a relatively stable period of 6–8 months, and eventually, faced a drop to about half of the peak doubling the price of the original steady period. Some specialists believe that by 2016 governments and large banks will introduce other cryptocurrencies creating significant competition for the Bitcoin.
With regards to Bitcoin’s further exponential expansion and subsequent price development, the graph above demonstrates the expected range of future Bitcoin prices. Evidently, there is high probability that the BTC price might increase to $2,500 in August–September. According to the chart, the price for this cryptocurrency might go as high as $8,000; however, this will only happen if 50+ million new crypto-enthusiasts join the Bitcoin society. An over-optimistic forecast, I would say. Most probably the BTC price in August–September will reside at $3,000 making its way down to $1,500 somewhere in October.
A similar estimation was given by Jason Hamlin, an investment analyst, “In 2014, Bitcoin will continue increasing in popularity and value, Amazon or another major retailer will announce acceptance of the virtual currency. Bitcoin will continue to have wild price swings, increasing in value to $2,500 or higher during 2014.”
It is still very difficult to make accurate predictions about the BTC price. Numerous events in the global financial, economical and political industries can easily change the course of events. Bitcoin traders all over the world have felt the consequences of recent Bitcoin-related happenings, such as the accidental leak of the US Marshal’s office releasing emails of auction participants; Canada’s decision to pass state budget with Bitcoin provision; the ban of Bitcoins in Bolivia; ESPN’s acceptance of BitPay as a three-year sponsor to an annual college football postseason game, the Bitcoin St. Petersburg Bowl; the index availability on Bloomberg terminals for such business entities as Winklevoss Twins’ Bitcoin Fund (WINKDEX), Kraken, CoinBase and BitStamp; the launch of digital currency derivatives for Huobi, Chinese Bitcoin Exchange; Bitcoin acceptance at Digital River, online payment processor, etc.
Although, the prognosis described above might seem surreal and unreasonable, today’s BTC price of $617 also seemed unrealistic two years ago. As Tony Gallippi, the CEO of BitPay said, “Our goal is to continue to move Bitcoin into the mainstream.”