The crypto market is yet to start the much expected bull run. All the digital currencies in the market are still deep in the red.
According to Forbes, the co-founder of BTC China – Bobby Lee – no longer believes in the use cases of blockchain technology outside the world of Bitcoin. The DLT (Distributed ledger Technology) is the main deal that is more likely to transform our lives. No doubt, the government have also used this technology for a lot of pilots.
For instance, blockchain technology is used for land registry in Georgia. This has greatly reduced the time, as well as the cost, of registering a property. Many governments, all over the world, have adopted this technology for one thing or the other.
Bitcoin technicals suggest an imminent correction before the next leg up ss demand for Bitcoin rises to record highs, the outlook becomes astonishingly bullish by the day. Nonetheless, a correction seems overdue, which will help propel prices even higher. The past few weeks have been eventful in the cryptocurrency market. With the massive flow of institutional investors and asset managers, the bullish thesis for Bitcoin keeps getting reinforced going into 2021.
Another Bitcoin (BTC) Whale Moves Over $250 Million Worth of Bitcoin (BTC)
A big Bitcoin (BTC) whale was recently spotted in the crypto verse. According to a report, a Bitcoin (BTC) whale just moved Bitcoin (BTC) worth over $250 million. The fund was moved from a very old Bitcoin address. A move of such magnitude could have a huge effect on the value of the digital currency.
Nevertheless, orders of this nature don’t go through normal trading platforms. This would greatly disrupt the price of the coin in the market. Hence, they adopted another route in the movement of the fund.
Bitcoin Price Today USD Live: Bitcoin (BTC) Price Today / USD
Bitcoin Price Prediction 2021
In a statement after the hack, Bithumb said: “We checked that some of the cryptocurrencies valued about $30,000,000 were stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of the assets are being transferred to a cold wallet,” the platform wrote in the official Twitter account.”
Bitcoin Price Today
Reasons of Price Changes in Bitcoin: Popularity and Regulations
First, individual owners have less power over the price of Bitcoin, and, second, it creates stability since more people have a stake in the cryptocurrency. The other possibility is that government regulation could help stabilize Bitcoin. In the short term, that could cause its value to drop drastically (like what happened in China and South Korea), but in the future it could help calm down speculation and drive out the types of sketchy Bitcoin-related business that threaten to drag down the entire concept of cryptocurrencies. Bitcoin has been the top-performing currency in the world in six of the past seven years.
There are individuals within the financial world who believe bitcoin will breach the $100,000 mark this year.Kerim Derhalli, CEO of investment app Invstr, said: “Bitcoin is the next logical stage of the information revolution. This time a year ago it was worth under a $1,000. I predict next year it could hit the $50,000 to $100,000 mark.
“Bitcoin is something that has gone against the established government system and seems to be winning.”
“Bitcoin is now tested and proven to the market: more importantly, people now separate the Blockchain’s incredible abilities from outside issues, so bitcoin is gaining more solid confidence from users and outsiders as this understanding improves. These perceived downsides are being taken care of, while the upside for bitcoin is virtually limitless.”
Expect stability only after 10 years – Kristjan Dekleva (Hedge)
The Swiss-based financial expert will have us brace up for a decade of turbulence before any hope for a stable bitcoin. This he suggests will coincide with a general acceptance of Bitcoin even in hard-stance China. This though, not as a fiat replacement but a viable alternative.
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“In my opinion, it will be at least 10 years before we see stability”. – Kristjan Dekleva (Hedge)[/perfectpullquote]
The finance expert at cryptocurrency project Hedge sees Bitcoin investments as all-too-similar to the DotCom bubble of the 90s.
Bitcoin to shrink to $100 – Kenneth Rogoff (Harvard Prof & ex IMF chief)
Known for his disparaging remarks against Bitcoin, a former chief economist at the International Monetary Fund’s (IMF) Kenneth Rogoff has poured icy water on hopes of Bitcoin making it to the moon.
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“I think Bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now…I would see $100 as being a lot more likely than $100,000.” – Kenneth Rogoff[/perfectpullquote]
Rogoff’s prediction is based on his long-held belief that governments will rise against anonymous virtual currencies like Bitcoin. Government regulations, according to Rogoff, will pop the Bitcoin bubble but a Bitcoin pioneer on Wall Street thinks along very different lines.
Bitcoin is the future; Fiat is Past – (Tim Draper, Venture Capitalist)
In 2014 with bitcoin at only $413, popular VC, Tim Draper predicted bitcoin to reach $10,000 in three years. This was fulfilled a month earlier than he predicated earning him a reputation among crypto fans. He said he expected the Bitcoin to continue its growth in an interview with Bloomberg last year. Tim Draper has made successful bets with Tesla, Skype, and Twitter in the past.
Assuming this growth happens at the same pace as the 3-year journey to $10k then we’re in for six digits. Maniacal right? That’s exactly how Draper feels about Bitcoin prospects. Now onto someone who understands a lot about bitcoin’s foundation.
Bitcoin Will hit $320,000 someday – Cameron Winklevoss (co-founder, Gemini)
One of the popular Winkelvoss twins, Cameron Winklevoss recently said that he could easily see the price of BTC go up 40% someday. This year maybe? Not likely. The twin said he and his brother were taking longer outlook, 10 to 20 years.
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“Bitcoin is actually fixed in supply so it’s better than scarce … it sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.” – Winklevoss [/perfectpullquote]
The fourth wealthiest cryptocurrency investor weighed bitcoin’s prospect against gold and came up with a resounding verdict. “We believe bitcoin disrupts gold,” He said.
Bitcoin will reach $1million – Bobby Lee (CEO BTCC Exchange)
Bobby Lee, CEO of China’s first Bitcoin exchange speaking at the London Blockchain Week went overboard with his prediction. Lee said bitcoin will surpass $1 million but unlike McAfee, he could see this happen in 20 years’ time.
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“Bitcoin, I think will get to $1 million per bitcoin…Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000.” – Bobby Lee[/perfectpullquote]
A good number of analysts have also had their say though very few would be drawn into actual predictions. We observed a general trend in their assessments.
Expect Price Fluctuations:
At this stage, bitcoin and cryptocurrencies will be greatly affected by speculations. Even small developments in governments, traditional will likely affect prices. Most say the fluctuations are normal and wouldn’t affect the longer term outlook.
Experts would prefer to make predictions over a longer period. It is more common to have bitcoin price predictions for 2020 or a 10 to 20-year outlook. While the current reality may suggest some gloom, it’s worth remembering that the heights achieved last year came amidst similar corrections along the way. It’s only the 1st quarter of the year.
Bitcoin will be the standard for virtual currencies.
Though bitcoin may have a limited use case, it has been tipped to remain the king of all cryptocurrencies. It’s not going to be a case of “which altcoin will overtake bitcoin” rather how they will impress with their special use cases. It is a fact that the technology behind bitcoin is less sophisticated when compared to many other projects like ethereum.
Bitcoin as a store of value
Gradually, bitcoin is being seen more as a store of value that an actual currency being compared to gold and other assets. Bitcoin was originally designed as an alternative currency to bank the unbanked. Most decision making bodies and financial experts, however, see Bitcoin more as a store of value, an asset rather than a medium of transaction.
Many Altcoins will suffer
Part of the process that will lead to general acceptance of cryptocurrencies will include a clean-up of “useless” cryptocurrencies. A good number of the 2000 coins will naturally go away as their value become worthless—some, only a fraction of cent. Brad Garlinghouse, the CEO of Ripple and Llew Claasen of Bitcoin Foundation are among those raising this alarm.
Economics of Scarcity
The limited supply of bitcoin—a fixed supply 21 million BTCs—will play a role in its price; if not now, in the future.
Outside factors will play a significant role
Many observers believe that outside factors which affect the adoption of bitcoin will ultimately dictate the price in the short-term. The creation and performance of futures markets, for instance, is expected to tilt the price either way.
There are still concerns about bitcoins used for illicit purposes
Due to the anonymity of Bitcoin transactions, it has been used to conduct illegal activities giving Bitcoin a general bad image. This image, analysts believe will affect its adoption and ultimately its prospects in the future.
Finally, Caution against risking your life savings
Crypto investments are new and super-risky. Remember ethereum founder saying that cryptos are so risky the prizes might actually drop to zero. Well, that doesn’t seem practical but the message was clear. Do not invest your life savings in bitcoin or cryptocurrencies generally. Just like John Draper noted, you still need to buy stuff in fiat. So while bitcoin will likely worth a lot more in the future, it’s advisable to invest just as much as one can afford to lose.
What is the Bithumb hack?
Cryptocurrencies are always vulnerable to hacks, but several digital token thefts have rocked the market in a short period of time.
Most recently Bithumb is reported to have lost $30 million in cryptocurrencies after a massive hack hit the exchange.
Bithumb is one of the largest exchanges in Asia, trading million in crypto assets every day.
It is yet to be confirmed which digital coins were stolen in the attack, though bitcoin traders will fear significant losses in the coming days.
This is the second significant hack to hit a South Korean exchange in as many weeks after CoinRail was hit for more than $40 million last week.
The continued breaches have seen prices plummet, a symptom which is yet to hit the market after the most recent attack.
Analysts are expecting the digital currency to see significant drops in the coming days.