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Bitcoin forecast: What’s next short and long-term?

Photo of: Joseph Stone
by Joseph Stone

There are now 17,000 Bitcoin millionaires. At least, this is what an analysis of network portfolios allows us to deduce, assuming that any one address is equal to one owner (which is probably not true so take 17,000 with a grain of salt). Although Bitcoin is one of the most profitable financial instruments of all time, this analysis also shows that the distribution of wealth over the network is more supported than for the dollar. Indeed, only 0.1% of Bitcoin holders can claim to be millionaires thanks to the value of their crypto assets.

This analysis also shows that 158,545 addresses contain more than $100,000 in Bitcoins and 869,463 contain more than $10,000.

The success of Bitcoin as a project that was only an idea born ten years ago is beyond doubt. How do we move to the next stage in its evolution? According to Jack Dorsey, the creator of Twitter, making it intuitive to use would take it to the next level. Dorsey believes that Bitcoin is already the “national” currency of the Internet. To increase its success and use, two things need to happen, he told Reuters in an interview. “One is transaction times and efficiency. So let it be cost-effective and time-efficient”. The other, all the more significant, is that digital money should become “intuitive to people; that they understand why they might use it, that they understand where it is, and that they can access it in a way that resembles simply handing over paper money. »

Peter Schiff, a well-known investor and a great defender of gold as an asset, has always had an unfavorable view of Bitcoin. Last July, he predicted that the price of gold would skyrocket while the price of Bitcoin would plummet. In a Twitter exchange with Tyler Winklevoss this week, Schiff admitted he was wrong. “I was right about gold, but wrong about Bitcoin,” Schiff said. “It managed to get through the resistance and climb as high as $12,000, largely due to its correlation with gold and a massive television ad buy by Grayscale. »

Schiff persists nevertheless in his pessimistic predictions. He estimates that the price is currently consolidating before a fall. On the contrary, Winklevoss argues that $10,000 represents the new floor for the digital asset. Let’s hope that Schiff only follows up on his erroneous predictions regarding Bitcoin.

After last week’s drop in prices, the goal for this one was to stay north of the significant $10,000 zone. It was successful, with volatility being strangely low after such a tumultuous first week of September. Maintaining this level remains crucial for the future, especially considering the stock market indices have been declining in parallel.