Looking at the constant high and low in the worth of bitcoin, people get sceptical about the worth of bitcoin in the upcoming future. Bitcoin is one of the first digital currencies that Satoshi Nakamoto launched in 2009. The cryptocurrency was discovered after Nakamoto presented a white paper that talked about the peer-to-peer electronic cash system. Within ten months of the white paper presentation, bitcoin’s market started with $1= 1309.03 BTC. The cost of the first token was determined based on the electricity cost of minting a single bitcoin. To get details, you can check about bitcoin wallet.
The rise in bitcoin price
The first northward movement of bitcoin was made in 2010 when the coin was traded at $0.08. But there was constant volatility in the price because of different factors. Some of the significant factors that caused the volatility in the price of bitcoin included the presence of an unregulated market and everyday rumors concerning bitcoin frauds. In 2011, the price of bitcoin was so volatile. The price jumped to $32 and then within a day, and the price dropped to $2.
With time, the digital currency gained popularity among technology enthusiasts as well as many investors. Thus, from 2012 through 2017, the price rose from $4 to $1200. However, even after the massive rise in bitcoin price, the bitcoin market was quite volatile, and there were many security challenges associated with the digital currency.
In 2017 itself, bitcoin exceeded all expectations, and the price rose to an all-time high of $20,000. It then tumbled to $7000 just after a month. There were phases of price recovery in 2018 and 2019 because of the awareness that people got. Many institutional investors also got awareness about digital currency.
We all know how the Covid-19 pandemic hit the global economy. But, regardless of the pandemic, bitcoin went on to rise. There was a more than 200% rise in the price of bitcoin. The enormous price rise of bitcoin was due to the inclination of institutional investors towards bitcoin. In addition to this, due to the tumbling of other financial markets, people participated more in bitcoin investment. More use of the digital currency by institutional investors and corporates was an essential factor that led to the price growth in 2020.
The current market value of bitcoin
As a budding investor, it is essential to be aware of the current market value of bitcoin. In 2021, bitcoin was valued at $29048 due to an increase in demand. But the bitcoin market was still volatile.
Elon Musk announced on Twitter, and it increased the worth of each bitcoin even more. Next, Tesla’s founder announced that they bought $1.5 billion bitcoins. This announcement led to a bull run of bitcoins. In April 2021, bitcoin was valued at $63729.
But, the cryptocurrency started tumbling in Mid-May due to China’s crackdown on bitcoin mining activities. In another case, Elon Musk also said that bitcoin mining harmed the environment. Thus, it led to an immediate fall in the value of bitcoin, and bitcoin came at a value of $30,895.42. So, in a real sense, bitcoin has been the most volatile currency in trading history.
What will be the worth of bitcoin in 2025?
Most investors who want to make a long-term investment in bitcoin want to know about the worth of bitcoin in 2025. No doubt, bitcoin has lost more than half of its value. But, still, this currency has bright prospects. Many institutional investors are adopting and using bitcoin.
We all are aware that the supply of bitcoin is capped at 21 million. In addition to this, almost 18.5 million bitcoins have already been mined in a decade. Thus, checking the current situation clarifies that the demand for bitcoin will rise, but the supply will diminish. Thus, there is a certainty that the price of bitcoin will rise exponentially by 2025.
Predictions by experts
Different experts and investors have different claims and opinions when it comes to the price of bitcoin. As per a report, a panel of crypto experts predicted that the minimum price of bitcoin will be $318,417 by 2025. But, the price may rise to $4,287,591 by 2030. This price prediction of bitcoin may be accurate because of the increasing use of bitcoins by industry experts and institutional investors. In addition, the upcoming bitcoin halving in 2024 will also play an instrumental role in increasing the price of bitcoin.