Last year everyone was going bonkers for Bitcoin, and that’s no surprise, seeing as how the number one cryptocurrency had an absolutely explosive price performance in 2017. Things have cooled off in 2018 as prices fell significantly, however many are still bullish about Bitcoin’s long-term potential.
To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response.
Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly.
No similar supply response can never happen with bitcoins. There will never be more than ~21 million, and even contemporary estimations say more than 3 million BTC have been lost for good, making BTC considerably scarcer than many realize.
That means the BTC could potentially shoot up exponentially in future years. But how high? Let’s take a look at some of the more prominent projections we’ve seen thrown around in recent days.
Wall Street Macro Trader Novogratz Sees $40k BTC
Once renowned for being a prominent Wall Street hedge fund manager, Mike Novogratz has now set his sights on the cryptocurrency space, and he’s not turning back. Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests.
“Bitcoin could be at $40,000 at the end of 2018,” Novogratz said. “It easily could.”
