I've been reading stuff on Bitcoin predictions that it could hit $10K or higher. I hope it does. I mined some several years ago (not a lot) and have done some trading over the past year and have made a little profit, but I think the current state is a game changer. Here are my thoughts on the subject:
Will this trend continue and for how long? I think it will and unless the government steps in to screw it all up, I think we are in for the long haul. In fact, I am going to predict that it will rise $1000 a day or more at some point. It should eventually balance itself out, but not for a while.
How can I predict this? Well, I guarantee the price of Bitcoin is rising due to the Ransomware attacks. Entities who are being attacked can only pay the their ransom using Bitcoin. They are having to convert USD$ to Bitcoin to pay their ransom. As they buy bitcoin, the price continues to rise. These attacks are going to continue for a very long time and as more companies are affected, Bitcoin will sky rocket.
Is it the best thing for Bitcoin? No, I don't think its the best thing for Bitcoin. The best thing would be more and more real commerce using Bitcoin. Perhaps as people are watching Bitcoin grow, they get into the game and start using it to pay for more goods and services. Maybe someday we'll thank the Ramsonware attacks for getting the Bitcoin market going!
One more thought, could this be the beginning of the end for the USD$?
Just my two cents worth ;)
