Bitcoin reaches 10KUSD, is it going to pop soon?
Bitcoin (BTC, ₿), the first cryptocurrency based on the revolutionary Blockchain technology, is now over 10KUSD. A new milestone for the most popular cryptocurrency and also a good sign for all the other cryptocurrencies such as Ethereum. But is it only a bubble that’s going to pop soon? Is this the start of another climb?
A look at Bitcoin‘s past, present… and future
$0-$1000: 1789 days
$1000-$2000: 1271 days
$2000-$3000: 23 days
$3000-$4000: 62 days
$4000-$5000: 61 days
$5000-$6000: 8 days
$6000-$7000: 13 days
$7000-$8000: 14 days
$8000-$9000: 9 days
$9000-$10000: 2 days
$10000-$11000: ?#Bitcoin $BTC #CryptoCurrencies
— Bitcoin (@btc) November 29, 2017
Bitcoin was born in 2008 by the mind of the mysterious Satoshi Nakamoto. In the early days of the cryptocurrency the coin was worth no more than a few cents, a notable transaction involved using 10000 Bitcoins to purchase two pizzas; those pizzas, if paid today, would be worth 100000000 USD!
After a few spikes the price of the crypto stabilized in order: around 1$, 20$, 120$ and 200$, each period culminating with a spike and a correction. But it wasn’t until this year, which we may very well call “The year of Bitcoin” that the most popular cryptocurrency really reached its highest up to date: 10K. So it was when I was writing this article, but in a matter of hours, a new highest was reached: 11k.
Although Bitcoin started the year with a value around 900$ it is now over 11000$. Not bad considering all the events that took place this year. Let’s have a quick look:
- Ethereum rise.
- Concerns about the scalability of the Bitcoin network.
- SegWit/SegWit2x proposals.
- Birth of Bitcoin Cash (BCH).
- JP Morgan calling it a “fraud”.
- China banning ICOs and subsequently closing some important exchanges.
Has the new climb started?
When people started saying that Bitcoin would’ve reached 10K by the end of 2017, there was a lot of strange-looking skepticism around the affirmation. Many people wouldn’t even think it would be possible at the time. But here we are, with the goal reached and the affirmation becoming truth. There’s not much to say about it, it was unthinkable, but it happened. Thanks to speculations, belief or whatever, but it actually happened.
The question will naturally arise: “Is it the end? Is this the beginning of a new climb?” And here we start with the next round of predictions! The first in line is none other than John McAfee, founder of McAfee, Inc, tweeted about drastic actions he would take if Bitcoin failed to reach 500K USD in three years. Some say 5 other 10 years at least, although we’re still not sure the most popular Bitcoin is the evolution of money or just a bubble one thing is for sure: people won’t stop making predictions.
Is it just another bubble? Is it going to pop soon?
Every Bitcoin investor has thought this at least once. What if Bitcoin isn’t the “Next Big Thing“, what if it is just a bubble. From time to time, fear and panic selling undermine the credibility and the stability of the most famous cryptocurrency, however this year many important personalities, such as Jamie Dimon, CEO of JP Morgan, publicly said that Bitcoin is a “fraud” even saying that he would fire any employee trading Bitcoin. That’s not very encouraging for something as volatile as a cryptocurrency.
Whether it is just another bubble, or if it is going to pop soon we can’t really know for sure. But one thing we can steadily observe: today is a great day for the non-bubble Bitcoin.