What is Bitcoin price prediction 2021

What is Bitcoin price prediction 2021

The world today has adopted an online money system called cryptocurrency, these currencies are known as coins which we hear different types of everywhere. Cryptocurrency is known worldwide. It is used in some online shops for transactions, and also its wallets are one of the safest online wallets with very low to the impossible probability of hacking. 

What is Cryptocurrency?

According to investopedia.com, A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger enforced by a disparate network of computers.

Bitcoin was the first cryptocurrency released in 2009 by Satoshi Nakamoto. He integrated lots of ideas from the cypherpunk community. Bitcoin was designed as a medium of exchange online which uses cryptography to control its creation and management. 

Since the release of bitcoin, it has experienced rapid growth, surging from just a few dollars to thousands of dollars. Currently, bitcoin is the number one cryptocurrency in the world, reaching a very high value for 1 bitcoin. 

Bitcoin Creation 

The domain name bitcoin.org was registered on the 18th of August 2008. Satoshi Nakamoto authored a paper titles Bitcoin: A peer to peer electronic cash system, which a link to the paper was released on the 31st of October and was posted to a cryptography mailing system. 

The bitcoin network came into existence on the 3rd of January 2009 with Satoshi Nakamoto mining the first-ever block of bitcoin ( block number 0), which had a reward of 50 BTC (bitcoin). Embedded in the Coinbase of the block was the text 

” The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

This referred to a headline in the British paper The Times published 3rd January 2009. This has been described as a timestamp of the block.

Sourceforge hosted the first open-source Bitcoin client released on the 9th of January 2009. 

Hal Finney was the first contributor, adopter and supporter of bitcoin and also the first receiver of bitcoin transaction. Finney got 10 bitcoin after downloading the bitcoin software the day it was released. This was the first bitcoin transaction carried out on the 12th of January 2009. 

Nakamoto was estimated to have mined 1 million bitcoins, before handing over to Gaven Andresen who then became the lead developer in bitcoin at the bitcoin foundation. 

Bitcoin prices since the creation

Since 2009 bitcoin has seen different prices for 1 btc. Bitcoin was released 2009 to the world by Satoshi Nakamoto and was just at the price of a few dollars as of then. Since then, bitcoin has increased in price and also hitting a record high. 

In 2009 bitcoin price was basically nothing with no price tag. At March 2010 bitcoin was rated at $0.003 and then moved to $0.08 as of July 2010.

Bitcoin has increased over the years and we are still expecting a huge increase of the price of the coin as the year goes by. 

As at December 2017 bitcoin reached its highest price at $19783. This was the highest price bitcoin reached and since then I dropped a little.

Today being 25th December 2020 bitcoin is valued at $19239 dollars. 

Bitcoin price prediction 2021 

With the fluctuations in prices since bitcoin was first released, we have a prediction on how the price of bitcoin will look as in 2021

Bitcoin is predicted to keep increasing in price as the year goes by. 

Bitcoin is predicted to hit above $100,000 as at August 2021. The popular crypto fund manager, Dan Morehead, founder and CEO of pantera capital recently predicted a very bullish increase in bitcoin stating that, if history were to repeat itself then bitcoin will reach above $100,000 come August 2021. 

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Bitcoin is predicted to rice immensely next year hitting a very high price range since the creation of bitcoin in 2009 by Satoshi Nakamoto.

According to leak from Citibank, the bitcoin price is expected to hit $318,000 by December 2021. This report is titled bitcoin 21st century gold. Bitcoin is expected to have more than 200% increase rate as of 2021. Bitcoin being the world’s best cryptocurrency having shown great price increase in 2020, is expected to hit highs that no other coin has done so far. Prices of bitcoin are expected to have a 9times increase from its current price of $17000.

Bitcoin has already gained 160% increase since the beginning of the year till date. Bitcoin started 2020 at a price of $7000 and its currently at $17000 and its still expected to move at a very high increase. The coin reached a record high of $19000 in December 2017 and it is expected to move above that 2021. Bitcoin has massively been outperforming gold as a hedge against G7 central banks so far but they are not mutually exclusive.

In conclusion, it is predicted that bitcoin will rise immensely come 2021 and will hit a hight of above $100,000 and its likely to be around $115,000 come August 2021. Bitcoin is the most popular cryptocurrency in the world and also the first cryptocurrency released. 

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