The June issue of the Crypto Research Report, in which a large number of Bitcoin and cryptocurrency experts analyze and detail market movements, contains forecasts that the market will see a massive surge in the next decade.
The report reveals predictions by the field experts that the price of Bitcoin could reach $ 397,000 by 2030. They also estimate that altcoins like Ethereum, Litecoin, Bitcoin Cash and Stellar will see a similar surge and will hit new price highs before 2025.
The coronavirus on the global economic and cryptocurrency market
The report, which touches on the impact of the global pandemic of the COVID19 coronavirus on the global economy, comments:
“The stimulus that it took the Federal Reserve two months to inject is greater than all of the stimulus it injected in response to the” Great Recession of 2008 “. The Federal Reserve has acted so quickly because it knows how fragile the financial system is and how dependent the markets are on cheap money. Traditional markets no longer reflect the state of the economy. Instead, they reflect the central bank’s efforts to keep the pension system alive and get Trump re-elected. Unfortunately, there is none now Back more. Any hiccups in the economy will have to deal with even higher inflation, creating an even wider gap between reality and finance. “
The report goes on to say that bitcoin price rose from $ 3,600 in March to $ 10,000 in May before falling to $ 9,000. Referencing the Bitcoin halving in May, the report comments that the event did not have a significant impact on the market as most traders and investors expected. However, the experts speculated that the uncertainty over the economy as a result of the coronavirus may have contributed to what dampened investments that might otherwise have been made. The researchers are optimistic that national currencies and policies surrounding export and import markets could lead individual investors to alternative assets such as Bitcoin investments.
Read More: What Is The Bitcoin Halving?
Bitcoin at the beginning of the adoption curve
In the report, the researchers state that they believe Bitcoin, which was introduced just over a decade ago, is still in the early stages of adoption, saying:
“We believe that Bitcoin is still at the beginning of its introductory curve. The $ 7,200 price in late 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. When this penetration reaches 10%, the undiscounted utility price should reach nearly $ 400,000. “
Source: The Crypto Research Report
In the future price forecast, this would mean an increase of more than 4,000% for Bitcoin by 2030. The altcoins, namely Ethereum, Litecoin and Bitcoin Cash, would expect increases of 1,600%, 5,000% and 5,400%, respectively. Stellar’s XLM would rise with a strong increase of 11,000%, should the forecast come true. While it sounds like an incredible spike, it’s worth remembering that there is still a ten-year gap between the current price and the forecast amount in 2030, and Bitcoin has seen some outrageously bullish increases in the past.
Expert Predictions: Where Will Bitcoin Be In Five Or Ten Years?
There are numerous articles, data, and analysis that document the history and potential future of the Bitcoin price. As you’d expect with speculative analysis, not all reports agree on where the token might be heading. This could be due to a difference in the justification of the price predictions according to the assumptions made.
For example, the cryptocurrency exchange Kraken and the Economist predict the price of Bitcoin will reach a whopping $ 1.91 million by 2022, Satis estimates the price of Bitcoin at $ 96,000 by 2023, and Vision & sees Bitcoin $ 65,000 by 2028 reached.