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The recent decline in Bitcoin’s price came as an expected surprise to many and initiated a lot of social-media based discussion about the future of the world’s most famous cryptocurrency. However, several tech innovators were quite happy to be able to get their hands on cheap Bitcoin. The Bitcoin price has always been hard to estimate due to the cryptocurrency’s many variables, so trying to guess a future value becomes a challenging task. There is no accurate price prediction for Bitcoin, but some people and companies put forth their best guesses all the time. In order to help our readers get a better grasp of some of the discussions about the Bitcoin price, we have compiled views shared by different companies and cryptocurrency enthusiasts about next year’s price prediction. Their findings suggested that the main cause behind the Bitcoin price surge was, in fact, a bot named Willy.
The bot was apparently responsible for creating multiple accounts on Mt. Gox using fake US dollars to buy large amounts of BTC at regular intervals, ultimately pumping the price. The increasing Bitcoin price also tempted Chinese investors and exchanges to invest in Bitcoin, further increasing the price. By the end of January 2014, Willy quickly started selling large amounts of Bitcoin and this led to an unprecedented price fall. Now, by understanding why Bitcoin rose to such high prices at the time, we are currently in a better position to predict its future course. Bitcoin price projections for 2016 The projections for this year have been somewhat realistic following the previous year’s price fluctuations.
1 million was not considered impossible, but now more than 60 percent of the community believe this is unrealistic. The report predicts that, in future years, Bitcoin will be able to cut down online payment fees from three to eight percent to less than 0. 5 percent, while also reducing the cost of remittances from five to 10 percent to less than one percent. Wedbush estimates that the Bitcoin price will hover around 400 dollars in 2016. The major reasoning behind their claim is the belief in Bitcoin’s ability to take over financial payments such as remittances and online payments.
The company speculates that by 2025 Bitcoin will amount to 10 percent of all online payments, 20 percent of the remittance market and 20 percent of the micropayments market. 596 billion in the financial market. A better world won’t be won with votes, guns, bombs, or tanks. A few days ago, Mathew Roszak, the founding partner of Tally Capital, was recently asked where he sees the Bitcoin price going in the coming year. Furthermore, he explained that with the growing number of companies, industries and individuals adopting Bitcoin, cryptocurrency offers the best opportunities to the investors and entrepreneurs operating in today’s modern world.