The Rise and Fall of Bit Coin: Price Predictions
Scroll DownOn February 11th, Zhu Fa made a prediction that Bitcoin (BTC) prices could reach over 5 million yuan, or $738,000 U.S. dollars according to 8BTC, a cryptocurrency news outlet. Mr. Fa is the co-founder of a Chinese-based cryptocurrency mining pool. Zhu notes that it feels like a bear market right now, but predicts that prices will be anywhere from 10 to 20 times higher during the next bull run. He also believes that massive price spikes similar to one during the $20,000 BTC high in 2017 may never happen again. The next bull run may likely be the last time something like this does happen. Predictions from numerous experts in several aspects of the crypto industry ranged anywhere from very bearish to bullish. In April of 2018 during a blockchain event, Tim Draper, an investment tycoon, made a price forecast of $250,000 for Bitcoin by the year 2022. Earlier in the week, the founder and CEO of Grayscale Investments and Digital Currency Group, Barry Silbert, made a prediction of his own when he said that the value of digital tokens would eventually be 0, which means they would no longer be of any value. He goes on to say that nearly every ICO (initial coin offering) was an endeavor to raise money, despite the fact that the tokens aren’t of any use. According to BTC.com, Poolin, Zhu’s mining pool, has a global network share of 10.45%. The present bear market is hitting miners of cryptocurrency particularly hard, so much so that some Chinese mining companies have been selling all of their hardware off by the kilogram. Earlier on Friday, Argo Blockchain, a cryptocurrency miner located in the United Kingdom, made an announcement that they were going to refocus their business operations in an effort to cut costs. One of Argo’s operations, Mining-as-a-Service, or MaaS, is ceasing operations in April, which will save the company as much as 35%.
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