Bitcoin price prediction 2030-2050
As the very first cryptocurrency, Bitcoin (BTC) still has the largest market capitalisation in the crypto market as of 16 September 2022. It has managed to move far beyond being a peer-to-peer version of electronic cash to becoming a store of value and a hedge against inflation.
In 2021, BTC’s value surged from $29,374.15 on 1 January to $46,306.45 on 31 December, managing to surpass the $60,000 mark twice.
While it’s trading around the $19,800 mark at the time of writing – over 57% down year-to-date (YTD) – questions surrounding the cryptocurrency’s future continue to arise.
So, will Bitcoin go up in the long term and what are the Bitcoin price projections for the decades ahead?
In June 2022, Bitcoin hit its lowest level since December 2020 amid the wider cryptocurrency crash and a shift to risk-off sentiment. There still appear to be many Bitcoin advocates, however, who are willing to stick with the coin.
“In Bitcoin We Trust” tweeted Michael Saylor, founder and CEO of MicroStrategy (MSTR), on 13 June. He added that in his opinion, during times of stagflation, the “best investment strategy is [to] HODL scarce, desirable property you can afford to maintain”.
The number of Google queries for Bitcoin has surpassed 2019-2020 bear-market levels despite ongoing recession fears, wrote Glassnode co-founders in a recent tweet. Plus, the number of people interested in buying the dip spiked, according to Santiment’s analysis, during BTC’s recent downward slide.
“As a crypto pioneer, I have of course seen this volatility play out before. In 2017, the value of Bitcoin fell from $20,000 to $3,000,” said Viktor Prokopenya, founder of VP Capital, in an interview with Crypto Investor.
“Now, with the war in Ukraine and rising inflation, we are witnessing instability across all asset classes. Seasoned investors will ride out this volatility, understanding that the market will bounce back,” Prokopenya added.
He added that crypto would not go anywhere and the community is resilient. However, he said: “This does not mean the crypto market will bottom and head straight back up. It will take restructuring, a redemption cycle, consolidation and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one.”
Novogratz also warned that “picking bottoms is dangerous and if you do, scale in slowly”.