Bitcoin (BTC) seems to be unstoppable.
The world’s first cryptocurrency by market cap is trading above $15.000, with a 54% growth rate in the past 7 days.
How long will the bullish trend last and what can possibly go wrong?
Quick recap first of how long it took Bitcoin to cross various psychological levels, via zerohedge:
- $0000 – $1000: 1789 days
- $1000- $2000: 1271 days
- $2000- $3000: 23 days
- $3000- $4000: 62 days
- $4000- $5000: 61 days
- $5000- $6000: 8 days
- $6000- $7000: 13 days
- $7000- $8000: 14 days
- $8000- $9000: 9 days
- $9000-$10000: 2 days
- $10000-$11000: 1 day
- $11000-$12000: 6 days
- $12000-$13000: 17 hours
- $13000-$14000: 4 hours
- $14000-$15000: 10 hours
- $15000-$16000: 5 hours
- $16000-$17000: 2 hours
- $17000-$18000: 10 minutes
- $18000-$19000: 3 minutes
Bitcoin is transforming the way money can be stored and transferred all over the world, and many people are starting to realize the revolution that will occur from this amazing technology. In only 8 years Bitcoin was able to reach a $260 billion market cap.
There is a huge increase in demand and the entire Bitcoin trading infrastructure is suffering from this level of adoption.
Coinbase for example, which one of the most trusted web wallets in the market, is experiencing weakness, while LocalBitcoin, a peer to peer service where users can buy Bitcoins directly from other users, has stopped accepting new customers subscriptions, due to the huge amount of new daily applications.
The need for scaling will continue to increase as long as we see this level of adoption.
And while the number of people interested in Bitcoin is growing unprecedently, the risk of a massive retracement has been expressed by several financial experts. However, crypto investors seem to maintain a positive attitude toward the cryptocurrency.
The price curse will depend a lot on the general sentiment and behavior of main investors and the adoption rate.
Many professional investors, including Alan Greenspan, John Quiggin, Jamie Dimon, Robert Shiller and Warren Buffett — have expressed their doubt in the long-term prospects of Bitcoin.
According to these experts, Bitcoin has exhibited many of the characteristics of a speculative bubble. While others, like John McAfee, the cybersecurity and privacy expert, believes that the cryptocurrency will reach $1 million in value before the end of 2020.
Everyone seems to have a different idea about Bitcoin. But there is no doubt that the technology behind Bitcoin is going to transform our financial system and that many people will benefit from these transformations.
Feature image by Berin