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Speculators Eye the Day When Bitcoin Price Hits $1 Million

Avatar Gautham 3 years ago

Cryptocurrency speculators and investment gurus are having a great time predicting Bitcoin’s future as the popular digital currency’s price continues to break records on a regular basis. A well-informed prediction, a random guess or just wishful thinking, everyone is coming up with a new Bitcoin price forecast. The latest one puts the cryptocurrency’s price at $1 million in the future.

Television personality and former hedge fund manager Jim Cramer has recently voiced his opinion, backing another similar speculation made by the CEO of Business Insider, Henry Blodget. Bitcoin price has been exhibiting a positive trend since late 2016, registering an almost 200% growth in value. The price rise from under $1000 to close to $3000 in over six months’ time is driven by various factors including community growth, legalization of cryptocurrency in few countries, geopolitical uncertainties, conflicts and more. While these happen to be the standard set of conditions influencing the cryptocurrency’s price, a new one has just been added to the list by a recent report on one of the leading business news portal.

bitcoin price

The report includes the recent move by many businesses to stockpile Bitcoin as a last resort solution against potential ransomware threats. In the same article, Cramer was quoted saying,

“”I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys.”

However, as logic dictates, there are those who believe that there is no connection between businesses stockpiling cryptocurrency and rising Bitcoin prices. These opinions resonate with the statement made by Adam White from Coinbase, who states that the correlation is a bit farfetched.

While the future of Bitcoin does look positive in terms of price, the same can’t be said about its network at the moment. The continuing scalability issues and rising interest in altcoins may shift the balance in favor of altcoins anytime.

Ref: CNBC | Image: NewsBTC | CoinMarketCap
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