After a long period of inactivity, i hopped back on steemit last week. The site is little slow right now. Maybe because some steemians are enjoying summer and most of them are busy collecting steem and buying bitcoins, as the prices of BTC have dropped.
Lately, I have been reading a lot of posts about steem, BTC and cryptocurrencies on steemit and even in news articles and magazines . A lot of people are curious about the future of cryptocurrencies specially Bitcoin as it has dropped to a very low point, as compared to the last year, on the graphs. People are concerned that this might be the end of the bitcoin era. So is it really ? Is Bitcoin really on its last leg ?
Well,personally, I don't think so. The most important thing that we neglect when making predictions about bitcoin is its history. We should know that this is not the worst year for BTC. 2011 and 2013 were much brutal. Bitcoin has survived worse conditions and every time its value fell, people started questioning its existence in future but its still here.
Another fact is that bitcoin went up by 3000% in 2017 and the drop this year is about 60 %. So, as compared to its growth, the drop down is not that bad.
Expert Opinion
Most investors and business tycoons believe that cryptocurrency is the future. Experts believe that cryptocurrency will replace fiat money in future because it's very liquid and easy to use.
Tim Draper, an American venture capital investor, was interviewed about the future of bitcoin and crypto. He said :
“ I think people are going to be able to spend cryptocurrencies, like Bitcoin, in mainstream situations. Cryptocurrencies will eventually replace credit cards and will be something you can access on your phone. I actually think cryptocurrency will replace fiat currencies entirely.
For instance, right now there is about $80 trillion worth of fiat currency in the world. I believe that cryptocurrencies will expand that market. I think that cryptocurrencies will eventually grow to maybe $100 trillion and fiat currencies will fall from $80 trillion to $30 trillion.
I predicted that Bitcoin might end up with a 20% to 30% market share. I sketched that out and I think the asymptote is somewhere around $130 trillion, but only maybe $100 trillion would be cryptocurrency and 20% of that would be Bitcoin. However, it would take 10-15 years to reach that asymptote, so I’m thinking that along the way we are going to see Bitcoin at $250,000 by 2022. That was one way I looked at predicting it. ”
To read the full interview click here
Just a little fact for you guys, In 2014, when bitcoin was about 600$, Tim predicted that BTC will hit 10,000$ mark by 2017 and that's what exactly happened.
In the end, i just wanna say that I don’t think that bitcoin is dying out or it will anytime soon. I believe that cryptocurrency has a bright future and It will revolutionize the world economy.
The beginning of 2018 seemed to be a period of relaxation for crypto. But a come back is expected very soon.
Tell me what you guys think about this situation in the comments.
Hope you guys had a great weekend. Keep steemin !!
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