Why the Price of Bitcoin will increase dramatically?
Nowadays there are many people complaining because the price of bitcoin fell from about 20.000$ to less than half its value. Currently, it's trading
Nowadays there are many people complaining because the price of bitcoin fell from about 20.000$ to less than half its value. Currently, it's trading on global markets at about 6000$.
What many don't know or at least appear not to, is that Bitcoin is a digital currency with finite and controlled supply. Miners nowadays receive 12.5 BTC for each mined block. Approximately every 10 minutes a new block is found, meaning that every day 6 blocks/hour X 24 Hours X 12.5 BTC = 1800 BTC are injected into the Bitcoin Ecosystem.
1800 BTC is definitely a lot of coins.. approximately 10$ Million per day and every day.
The good news for people that want the bitcoin to go up in price is that in few years, in reward era 4, the block reward would decrease to 6.25BTC, and later on, on reward block 5 the block reward would drop to 3.125BTC. At this stage more than 95% of the total bitcoins that will ever be mined will be out trading hands. The demand would decrease significantly and bitcoins could for sure increase several degrees of magnitude.
What is your opinion about the Bitcoin Price? Do you agree with the vision of this article? Where do you think Bitcoin Price could be in 5 and 10 years?