Since the millennium turn, the global financial systems have seen radical changes – some good, some bad, some mind-blowing, and some terrible. From the rise of debt stocks to the financial crisis of 2008, the world has witnessed several ups and several downs during the past couple of decades.
However, something happened in January of 2009, just a few months into the global financial crisis, that completely changed the finance world. Satoshi Nakamoto launched the first cryptocurrency, Bitcoin, and since then, both the creator and the creation have attained legendary status.
It has been 11 years since the launch of Bitcoin, and it is already among the world’s highest-valued monetary assets. And in these, it has garnered an equal amount of controversies and support, making it the most talked-about digital asset in finance circles globally. So, what could be the future like for Bitcoin? Will the bubble burst, as the critics often claim? Or will it replace USD as the global currency, as the supporters say? Let’s try to figure it out.
A Decade Review on Bitcoin
To figure out what the future could be like, we need to assess the past. So, here’s a price chart for the last ten years, between 2010–2020. 2010: $0.08
- 2010: $0.08
- 2011: $2
- 2012: $13
- 2013: $650
- 2014: $320
- 2015: $430
- 2016: $963
- 2017: $14,150
- 2018: $3,725
- 2019: $7,193
- 2020: $28,786
What you see here portrays more than mere numbers. It describes a story—a story of tremendous success and devastating losses. Very few assets showed such growth the way BTC has shown, and not many assets had a fall from grace as painful as BTC. And despite the turbulent times, the market continued to grow, not just in terms of trade volumes and value, but also in terms of the number of users. Therefore, it is safe to conclude that the first decade of Bitcoin’s existence has been phenomenal, both in progress and uncertainty.
What the Future Beholds for Bitcoin: A Realistic View
The great visionary, Satoshi Nakamoto, intended to replace the global economic system, which is controlled by a handful of elites. He wanted to create a financial system that enabled each individual’s economic freedom regardless of their socioeconomic or political status. Unfortunately, it panned out to be another investment asset for investors in the initial years, which caused booms and falls ever so often.
Prices climbed up and down with massive strides on either side, drawing more criticism from investment stalwarts like Warren Buffett. Hacks happened, thefts happened, and countless scams happened. Individuals lost money, and so did premier exchanges. But Bitcoin survived the storms and continued to grow.
And now, after thousands of scathing criticisms, and rising hundreds of times after massive falls, Bitcoin has become what it truly was intended to become—decentralized storage of monetary value. People have started to realize Bitcoin’s true potential, and the myth “Bitcoin makes you quick money” has seemingly faded away for good.
So, what could the future be? It is a tough one and no one can answer the question with certainty. However, with a long-term perspective, say for the next 10-20 years, a few things are happening for sure.
Will Become the Global Storage of Monetary Value
Yes, it will. Major banks of the world have started adopting it, more than 200 of them. The most important financial institutions, like JPMorgan and HSBC, have started dealing in the apex cryptocurrency. With an ever-increasing user base, Bitcoin has a great chance of becoming the monetary value of global storage. The growing geopolitical and economic tensions between the US & NATO allies and China, Turkey, Iran, & Russia—it is a given that the biggest US Dollar could soon lose its dominance. A need for a genuinely global currency will be felt, much like what John Maynard Keynes suggested in the form of “Bancor,” proposed between 1940-1942. With all its power & might of blockchain and a mammoth user base, Bitcoin could be the one!
Cryptos Will Come and Go, But Bitcoin Will Last
Bitcoin was the first crypto. It is the highest transacted valued crypto. Several hundreds of cryptos have popped up since 2009, and several have withered away. Bitcoin remains unshaken. A few have managed to survive and even thrive, like ETH, BCH, LTC, etc. However, none will ever be able to topple Bitcoin. The reason is simple – it is the original one! Everything else is inspired by outcomes. Moreover, Bitcoin is genuinely decentralized, and Satoshi chose to live life in anonymity to keep it that way. The sacrifice has proven to be well worth it as Bitcoin has emerged as the most trusted crypto even after stiff competition.
Bitcoin Price Will Continue to Rise Steadily
Bitcoin prices have been rocking up and down for the longest time, but one thing that no one can deny is that historically, Bitcoin prices have gone up. And it will continue to grow, except a few fall every once in a while. “Experts” who predict million-dollar price points are too optimistic, while critics who think Bitcoin will shatter and fade away are too pessimistic. Bitcoin has successfully managed to hold the middle ground and stabilize itself after quick rallies and slowdowns. In the next 20 years, Bitcoin will be priced much more highly than today’s, but it will have jumps and falls in the journey to keep the speculators alive and kicking. Till the date, many people & inventors make lots of money from Bitcoin and become a billionaire. There are many exchanges and trading platforms that can help you to make money from Bitcoin. But the Bitcoin robots like Bitcoin Aussie System are legit platforms that can help you to make good money from BTC trading. If you want to know about the Bitcoin Aussie System in more detail, then check out Bitcoin Aussie System Review by experts.
The utility of Bitcoin and Other Crypto Will Grow
One of the most important determining factors of the future of Bitcoin is utility. The utility of Bitcoin has grown multi-fold, especially in the last couple of years, thanks to the rise of utility tokens like XRP and TRX. For instance, XRP has managed to partner with 200 financial institutions worldwide, making crypto accessible for more than a billion people. Another example can be of the TronWallet, which has made Bitcoin-based payments available to many users, becoming the top-ranked payments application of Google Play Store in several countries. In the coming years, Bitcoin is bound to become a standard mode of payment. With the growing digitalization in user-intensive markets like India and Asia, demand for crypto payments can only rise from here.
As you already know that Bitcoin is a digital currency, and it has no physical form. It ca…