Despite the losses registered over the past few months, the total market cap of the cryptocurrency market remains above $2 trillion. The market is getting wider day by day and so do cryptocurrency value.
Bitcoin reached an all-time high value of $66,930.39 on Oct 20, 2021, similarly, Ethereum too reached its all Time High value of $4,366.09 on Oct 21, 2021. After the hefty jump, some enthusiasts and crypto experts theorized that soon Bitcoin will worth $1 Million. Soon the news goes viral and it was published on various online media platforms. In this article, we will analyze this rumor and if it is real then we will talk about all the possibilities and changes it will bring.
Could Bitcoin Really Be Worth $1
“Bitcoin is going to a million dollars a coin,” said CoinDesk Learn editor Olly Leach. “I really believe that this, at some level, with just the scarcity aspect, will make it an incredibly exciting asset to hold…Bitcoin is uncontested.”
The cryptocurrency market is growing and so is the value of Bitcoin. It is getting support and encouragement by a few factors, including the fact that more institutional investors are adopting cryptocurrencies. There are various well-known brands and reputed people that actually started accepting Bitcoin as payment for their goods and services.
With the increase in crypto exposure with Mastercard, PayPal, and Visa over the past several months, crypto is also gaining momentum in the payments space as well.
There are some big names who have shown interest in investing in Bitcoin as well, the list includes Tesla that invested $1.5 billion in bitcoin, JPMorgan, Morgan Stanley, and Goldman Sachs also shown interest in this market.
Another reason supporting this theory is the next halving of bitcoin. This is a significant technical event when the amount of bitcoins paid to miners is halved. The event is scheduled to take place in 2024 and is likely to cause a huge price jump. Bitcoin’s last halving was in 2020, and so far this year we have seen an explosion in prices.
Despite warnings from skeptics that bitcoin is highly speculative and overvalued, investors are still investing in it. Bitcoin was valued at $61,169.10 at the time of publication, which is still near the all-time high, but an increase of 94% since January 1. And if Leach is correct, we could see more than 1,6500% growth over the next six to seven years.
No one can validate this rumor or thought but the future of Bitcoin is bright. Many industry experts believe that Bitcoin can reach $1M but it could only happen after 5–6 Years.
What About Other Currencies?
For now, Bitcoin has no competition in the market, Cryptocurrencies that are closer to Bitcoin are Ethereum and YFII which are not even half of the Bitcoin Value, however, they are growing at a stable pace.
Big banks and payments companies are getting into digital assets as a result of customer demand. A recent Mastercard survey found that 40% of people plan to use cryptocurrency in the next year. Thus, more and more people will start using cryptocurrency and due to it the price of all the active and popular cryptocurrencies will increase at a rapid pace, but they can’t reach $1M anytime soon.
Bitcoin will be worth $1 million by 2030, maybe more, and maybe earlier. The bad news is that 1 million by then will only be worth half that in today’s money, but still, it’s better than having cash. It is always the right time to invest in cryptocurrency because as per the current scenario, each and every day they are crossing new milestones. Investors can generate good ROI on their investment and also can avail various other benefits. Thus, spend some time in research and invest in a good Cryptocurrency in India.
