Bitcoin will lose at least half of its value
At the beginning of the year, I predicted that bitcoin would lose at least half of its value twice during the course of the year. Between the beginning of the year and early February, bitcoin dropped to nearly $6,000 per coin, which was far less than half of where it began the year ($14,156 per coin). I’m sticking by my early-year prognostication that it’ll happen once more before the year is over.
What’ll cause bitcoin to be halved for a second time in 2018 is what remains to be seen. It’s possible that increased regulation in one of bitcoin’s key markets, such as the U.S. or South Korea, could be the culprit. The entrance of institutional investors, which some on Wall Street view as the validation of digital currencies as an accepted asset, may also be a downside catalyst as it introduces their crypto skepticism and deep pockets into the equation. Even bitcoin’s slow transaction-processing times, relative to most other virtual currencies, could prove to be its downfall. Regardless of what “X-factor” is to blame, I’d be looking for another swift move lower in bitcoin before the year is over.
