With the price of Bitcoin stable, what lies ahead for the digital currency?

by , 16 October 2015

The price of Bitcoin soared in 2013 by a staggering 8,500%. Then it lost 85% of its value by the start of this year.

Speculation was rife about how high the price of the digital currency would go and what it meant for Bitcoin.

So what's happened now? And what does the future hold for Bitcoin?

Read on to find out…

The price of Bitcoin

This year, Bitcoin has done something that may have surprised many. Its price stabilised.

The volatile ups and downs have calmed down. Its price hasn’t been jumping about wildly. Over the past six months, the price of Bitcoin has hovered around $244.

And a more stable price is a good sign for Bitcoin. If the price had continued to fall, this would have been a bad sign.

Where is the price of Bitcoin going over the long-term?

Over the longer-term, the price of Bitcoin has a lot of upside, David Zeiler in Money Morning US explains.

Firstly, there is a huge amount of investment into Bitcoin. This suggests its price will rise. But with much of this money focused on the blockchain technology of Bitcoin and not the currency itself, is this a problem?

A recent survey by Greenwich Associates found that 73% of participants thought that blockchain could do well in the absence of Bitcoin. This is possible if banks create their own blockchain.

There has to be sufficient enough interest in Bitcoin for its price to rise into the future. But in the absence of strong demand, the sky high predictions for the price of Bitcoin won’t happen.

But here is the spanner in the works. The whole thing that makes Bitcoin appealing is that its transactions are public and verified by the Bitcoin network. Would people trust banks as much?

If they don’t, the price of Bitcoin will benefit.

So there you have it. What lies ahead for Bitcoin.

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With the price of Bitcoin stable, what lies ahead for the digital currency?
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