It has been a very good week to be an owner of bitcoin. The world’s most popular cryptocurrency went up 3.7 percent. This was welcome news for investors who have seen the bitcoin price sputter over the past six months. There has been a lot of talk about it going up in value a lot this year. However, nobody knows for certain what the value will be in the future. It seems that every financial expert has their own theory about what the value of bitcoin will be six months or a year from now. It all depends on who you believe.
The $8,400 that one bitcoin is worth is the highest it has been in two months. Could this be a sign that there are bigger things to come later this year? Only time will tell. There are many different factors that will play a large role in the value of bitcoin down the road. There are certain countries that are talking about putting very strict rules in place for the trading of bitcoin within their borders. These regulations could hurt the value. This is especially true if the companies that impose these regulations are very rich and powerful countries that have large economies.
The tension that is currently going on right now in the Middle East will also have an impact on bitcoin value if the situation escalates to a certain level. There are many people in Iran who are already turning to bitcoin as a means of protecting their assets in case of an economic collapse caused by a war with the United States. This shows that people in Iran are clearly very nervous about the government possibly seizing assets of citizens if a conflict with the United States gets to a level of national crisis.
There are plenty of people who are bullish on bitcoin this year. You will find no shortage of financial analysts who feel that 2020 is the year that bitcoin exceeds all expectations and explodes in value. All of these analysts have their own models that they use to base their projections on. However, there are so many factors that these people are not aware of that will make their models inaccurate. It will be very interesting to see what the value of bitcoin becomes this year. There is also a chance that the presidential election later this year will play a role in the future value of bitcoin.
Dil Bole Oberoi
