Investing in Bitcoin has been an extremely lucrative business for many people recently. Some people quit their 9 to 5 jobs and have moved into crypto trading.
The extreme volatility of Bitcoin attracts many investors. This infographic will attempt to make a valuable prediction of how Bitcoin will reach the $10,000 benchmark in the nearest feature.
The infographic and article should not be considered as 100 percent accurate statement. If you would like to invest your money into Bitcoin, I would say right now is the time, however, I strongly suggest that you should also contribute with your own research.
Demand will Shoot the Price Through the Roof
This infographic was designed and released in a sensitive time for the Bitcoin price. I was skeptical about this Bitcoin phenomenon at the beginning. However, my research continued and I discovered that this is the feature of money. On 24th October, Bitcoin will release new hard fork called: “Bitcoin Gold”. Previously on August 1st Bitcoin split into Bitcoin Cash triggering price boom.
If you have read and understood this infographic correctly one of the main fundamental reasons for Bitcoin to reach the $10,000 benchmark is the increased demand.
Bittrex has already officially made a statement that the company will undertake “snapshots” of the digital wallets to their customers.
What does that mean for BTC holders?
“If you have a BTC balance at Bittrrex during the split
You will receive an equal amount of the “Bitcoin Gold”. The entire process will be occurring at block 491,407, October 24th 3 am PT. “
This might trigger last-minute price rise due to the increased demand, resulting Bitcoin to increase its market value before the hard fork.
“Warning: Experts believe that the value might also go for a deep dive after the split. The very simple reason is the lack of confidence on the investors’ side. If all of the investors start to dump their BTC at the same time, then it is clear that Bitcoin is going for a deep dive and you might lose money.”
“Warning: The major exchanges gave clear warnings to their users regarding Bitcoin Gold:
Bitcoin Gold does not have:
- The fully formed consensus code.
- Protection of Replay
- Testing and Auditing Code
- Public Code for Developers
At the moment, Bittrex noted that BTG does not currently meet their requirements to be listed on the exchange.
Overall the price of Bitcoin will potentially go up after the settlement of the upcoming fork.”
“We observed similar behavior during the previous split”
“The graph below aims to display the price rise and dip right before and after BCH fork.”
The Limited Supply of Bitcoin
As you might know, Bitcoin has fixed limited supply of 21 million. This supply will not be increased.
If you wonder, what does the supply means? The supply is a number of coins that will be ever produced during the mining process. If you are struggling to understand the mining process, please refer to the infographic.
Our fiat currency has a supply. The only difference is that government decides, when and how much money to be produced and released into circulation.
The supply of BTC, on the other hand, is limited and is very closely related to the demand itself pushing the prices even higher. If something that is actually wanted by the people and has a limited supply. This will trigger a price increase. Consequently, the demand will increase causing the price to soar to record levels.
The Mining Affects the Price
The mining itself is a process well described on the infographic itself. This section will closely pay attention to how the mining will affect the price of Bitcoin to increase.
Many countries and companies see Bitcoin mining as a very lucrative business. One of the latest news is that Venezuela uses Bitcoin “mining” to escape from the inflation.
This action on its own is affecting the price, forcing the Bitcoin price to increase.
In some countries, the electricity is so heavily subsidized, it is almost free to use. The Bitcoin mining becomes a reasonable option for those ready to invest at least $2,500 for the expensive mining equipment.
Investing into Bitcoin
This “gold rush” created around the Bitcoin is turning into a profitable business for everyone. Many people have made their millions from Bitcoin alone. Investing in Bitcoin also hides risk. However, before you go into investing all of your money into Bitcoin my suggestion is to go and do your own research.
Experts in the field of the crypto world believe that the price has only one way and that is going up. Above are the three main reason why BTC will reach the $10,000 benchmark in the nearest feature.
(Infographic by Techinfographics: bitcoin price)
Dimitar Dimitrov, the owner, and PM of Techinfographics.com. Dimitar is a young entrepreneur who is into technology and innovation. He is an investor and key figure into several other online projects. He travels and writes about technology and business.