Bitcoin is going unstoppable. One week Back it was $11K and today within three hours it hiked to $16K , Which is making trade market more conscious on future of Bitcoin.
Who Controls Bitcoin Price?
Technically it’s controlled by the community. What is the community?
Consists of developers / miners / traders / those who hold currency
So what influences bitcoin direction / updates then? (part of this Vladislav mentioned)
- Developers: You can find the Bitcoin source code here – – it says there are 376 contributors, which you can see here – – and you can make your own contributions / adjustments (they may or may not get approved)
- Bitcoin miners: These people have bought the hardware / pay for the electricity to make the transactions and the network “function”.
- Bitcoin traders: Large stake holders who move the markets in certain ways by altering liquidity.
- Bitcoin holders: Those who are not necessarily in the “trading” realm, but have been buying and holding the currency (thus removing tokens from circulation / the ecosystem)
I would add to this that you will see other factors influencing the direction of bitcoin in the near / far future.
- Possibly governments (positive or negative regulation will have an effect),
- Technology (advent of AI, better tech advancements),
- Mass adoption / main stream adoption (ie. more companies start using it)
Also Read : 10 Interesting Facts About Bitcoin
Why Bitcoin is going miserably fast?
As discussed above, Bitcoin’s price depends on whole community who owns some percent of bitcoin in the market and as said before that bitcoin’s price will increase as the mining of bitcoin will increase.
Now days if we see the awareness of bitcoin among people Which is increasing and as a good investment in cryptocurrency people are taking there steps into it.This is the main reason why bitcoin is going unstoppable.
Still, it will be not a good idea by saying that bitcoin is increasing because of investor’s number. rice can be reaching Sky or it will fall down to ground in a couple of seconds without supporting logical reasons. Rather there is a debate whether Crypto-currencies are commodities or currencies.
Prediction On Bitcoin’s rising
Two Saxo analysts write. “Bitcoin will continue to rise – and rise high – during most of 2018 but Russia and China will together engineer a crash.”
According to longforecast bitcoin will reach upto $80K by the end of 2018 and by 2020 it will cross $100K. In the latest report by Saxo Bank this predication seems more true, which also says that it might crash to $1000.
Remember, these predictions are somewhat tongue-in-cheek — the bank deliberately concocts unlikely scenarios. However, Saxo did foretell “huge gains for bitcoin” in last year’s edition, although the bank’s “outrageous” prediction that bitcoin would rise as high as $2,100 has proven to be shockingly conservative.