Since the price of Bitcoin hit another lifetime high level of above $6200 level, Analysts and brokers are now confident on Bitcoin scaling the $10000 level in short span of time with little effort. There are multiple factors now supporting the continued uptrend in the prices of cryptocurrencies.
The price of a Bitcoin has increased tremendously this calendar year which was around at $990 level at the start of the year and now it is more than 6 times the initial value. The growth in the cryptocurrencies has proved many industry experts and economists wrong over years who were suggesting of the impending bubble similar earlier financial bubbles. The digital currencies are witnessing huge subscription in new wallets which now stands at 30000 wallets per day and an ETF is also planned on the cryptocurrencies. In a technical analysis done by an influential analyst and investor, it has been predicted that the price of Bitcoin may reach towards the $7400 before any major corrections kicks in.
In a tweet by Max Keiser, he said: “30,000 new #Bitcoin wallets a day. ETF coming soon. Wall St. just getting started. Regulators waking up to their impotence. Hello $10,000!” indicating his bullish view on Bitcoin.
Still, some economist and influential investors hold their ground on their views on the growth in cryptocurrencies. The primary reason being the lack of any fundamental value of the currencies. Cryptocurrencies tend to be more volatile against any fiat national currencies. Other reason being the totally decentralised structure which restricts any governments and Banks to interfere with its pricing. Lack of control in pricing increases the percentage of risk by a greater margin.
It is difficult to predict the future of cryptocurrencies or any private currency now because of its potential and efficiency it can bring into the existing system of currency and its pricing.