Bitcoin, a word that has got the world on its toes is today bigger than 99% of the Fortune 500 companies listed on various global exchanges in the world. In fact, the craze for Bitcoin has reached such an extent that people have been searching for “Bitcoin Price Prediction” for so much that the keyword has hit its all-time high in the Google Search index. Such a high keyword search index for Bitcoin Price Prediction can only be attributed to Bitcoin’s rally which is breaking its ATH every other week.
There are a lot of people who are seemingly looking forward to investing in Bitcoin and want to know how far it can reach. The price prediction of Bitcoin can be done on two basis. Either we go all technical or believe in the fundamentals and make a prediction. In either case, there are experts, who are currently betting big on Bitcoin. Wanna know more about them? Read further.
Bitcoin Price Prediction by Big Boys
Bitcoin is a virtual currency that has been built on blockchain technology. The algorithm is designed in such a way that only 21 million Bitcoins can ever be created. Not even an ounce more than that.
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Some of the big names who are currently betting on the bigger price movement of Bitcoin at this moment are Tim Draper (Billionaire Investor), Anthony Pompliano (co-founder & partner at Morgan Creek Digital Assets), Elon Musk (Richest Man on Earth), JPMorgan (International Investment Bank), Citibank (Largest Global Consumer Bank), and Chamath Palihapitiya (Billionaire Investor & Virgin Galactic Chairman). All of them are eying big on Bitcoin price and have a different magnitude of upward price movements.
To start off, we have Chamath Palihapitiya, the Social Capital CEO & Virgin Galactic CEO, who predicted the Bitcoin price going all the way to ₹1,45,00,000 (₹1.45 Crores/200,000 USD) in an interview with Business Insider, India. Although he did specify that it might take 5 or even 10 years for such a price movement.
Amongst all the pro-Bitcoin supporters, it is Anthony Pompliano who seems to be very positive on Bitcoin price. In a CNBC podcast “Beyond The Valley”, he is said that Bitcoin can easily hit ₹3,62,00,000 (₹3.62 Crores) by the end of this decade. In fact, he very optimistically predicted Bitcoin reaching $1 Million, but without any specific timeline.
It was, in fact, JPMorgan in January 2021 that released an official note to all its clients sharing a theoretical long-term price prediction of Bitcoin reaching as high as ₹1,05,00,000 (₹1.05 Crores) if it has to compete with GOLD.
We also have Tom Fitzpatrick, Citibank Group’s Global Head of Citifxtechnicals product, who has predicted the price of Bitcoin rallying all the way up to ₹2,03,00,000 (₹2.03 Crores) by the end of 2021. His prediction wasn’t meant to be public. In fact, it was leaked by a Twitter channel @ClassicMacro where he shared the screenshots of Citibank’s internal communication where Tom Fitzpatrick made his prediction. The reports were leaked in November 2020 when Bitcoin was trading around ₹10,00,000 (₹10 Lakhs). Seems like his prediction is moving in the right direction.
Amongst these people, Elon Musk, the richest man on Earth, has lately been quite vocal about Bitcoin as he changes his Twitter bio to “#Bitcoin”. In fact, his company TESLA had recently invested a whopping ₹1,08,74,92,50,000 (₹10,874 Crores) in Bitcoin. If this wasn’t enough, Elon Musk has openly said that he is a supporter of Bitcoin and thinks it will get mass acceptance in a Clubhouse interview.
However, unlike Elon Musk who has just begun supporting Bitcoin, it is Tim Draper, a billionaire investor, who has been supporting Bitcoin ever since 2014. He recently tweeted about Bitcoin reaching a $1 Trillion market cap and predicted more such feats in the future. According to him, Bitcoin will reach around ₹1,81,00,000 (₹1.81 Crores) by the end of 2022 or early 2023.
History of Bitcoin
The word Bitcoin was first mentioned in a whitepaper published by Satoshi Nakamoto in the year 2008. It was then a year later when Satoshi Nakamoto released the first version of Bitcoin on January 3, 2009. Ever since then, Bitcoin has been the apple of everyone’s eye making all big billionaire investors and world governments turn their heads towards it and predict its price and potential.
The first Bitcoin that was ever mined took place in the genesis block where the reward was 50 BTC. In fact, it was Hal Finney, who was the first contributor to bitcoin which made him receive 10 BTC from Satoshi Nakamoto, making the transaction to be the first Bitcoin transaction in history.
Price History
The price of Bitcoin way back in 2009 is still not known to many. But according to a majority of the contributors in various crypto forums, Bitcoin price in 2010 was around ₹2.25. And within the next 4 months, the Bitcoin price shot up to ₹13.05.
Ever since then, Bitcoin price in INR went on a streak of breaking its previous all-time-highs. However, that being said, the Bitcoin traders had their own fair share of red days as well with Bitcoin price dropping in double digits percentage.
The first such incident of Bitcoin price breaking through the roof happened in the year 2011 when it crossed ₹45.01 in April 2011 and went all the way up to ₹1,500 in June 2011. However, the Bitcoin bull rally soon dipped to just $92.5 at the end of 2011.
It was the year 2013 when Bitcoin showed its true potential with 2 back-to-back upward price movements. The first one occurred in April 2013 when Bitcoin reached all the way up to ₹11,923 and later dropping back at ₹3,876. The second upward rally occurred in December 2013 as Bitcoin crossed the ₹60,000 mark and reached its ATH of ₹70,352.
However, soon after this rally, Bitcoin suffered massive blows in terms of price for the next 2 years touching as low as ₹15,680 in mid-2015. That being said, it soon started to regain momentum for the next 2 years and it was the year 2017 when Bitcoin unleashed its true nature as Bitcoin reached ₹13,54,879 in December 2017.
With such a massive upward trend, Bitcoin took the world by storm and got huge coverage by leading media houses and the world governments. However, Bitcoin price soon started to fall down for the next 12 months with the lowest price touching as low as ₹2,67,000 in December 2018.
Considering this dip as a potential entry point, many investors started hopping on Bitcoin and it was in mid-2019 when Bitcoin touched the ₹7,01,824 mark once again before moving sideways for the next 12 months. But till then, many institutional investors started taking note of blockchain technology and Bitcoin as a means to hedge their funds during the COVID-19 crisis times and within the next 6 months, Bitcoin price started witnessing a steep rise from ₹7,39,239 in June 2020 to a whopping ₹32,09,000 in January 2021.
Current Status of Bitcoin Price
At the time of writing this article (Dated: 19 February 2021), Bitcoin is cruising all the way through the $35,00,000 mark and is currently being traded at ₹38,01,837 on Cofinex Spot Market.
Conclusion
With world governments acknowledging the power of blockchain technology, big investment banks hedging their funds in Bitcoin, millions of people starting to use Bitcoin as a mode of payments, both the retail and institutional investors locking their funds in Bitcoin, the price movement of Bitcoin definitely seems to go in a positive direction. However, just like any other market, Bitcoin price will see a market correction. Hence, investment in Bitcoin needs to be done with thorough research and technical analysis.
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