Four Potential Long-Term Scenarios for Bitcoin

Some unconditionally support Bitcoin and the revolution it represents. For them, Bitcoin is a real chancerestore fully decentralized andtrust-based financial system. Among these supporters are notorious scammers who carefully dig up bitcoins every month, regardless of price, because they are convinced that in the future the price will reach new heights.

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On the other hand, there are central bankers, economists and politicians who see Bitcoin as a serious risk. The massive adoption of Bitcoin can undermine their ability to create money indefinitely.

There are also media outlets that use Bitcoin and cryptocurrencies for sensational headlines, without even trying to figure out the basics of this revolutionary technology.

Finally, amid all this, the broad masses are notsure to think about Bitcoin, whose excessive volatility and potential role in money laundering are constantly emphasized. Thus, most people are clearly not aware of Bitcoin's potential and how it can change their lives in the future.

Bitcoin's Future Price Awakens Fantasy

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Whatever your position on Bitcoin, at least one aspect of it intrigues you. He intrigues almost everyone on the planet.

Everyone is curious about the price of Bitcoin in the future.

The future price of Bitcoin encourages fantasies. Everyone has their own forecast: everyone, from bitcoin influencers to economists, has their own opinion on this matter.

For example, a well-known venture capitalist withsignificant investments in Baidu, Skype and Tesla Tim Draper has long believed in Bitcoin and that is why back in June 2014 he bought 30,000 confiscated BTC from a government auction. Thus, his prediction of the future price of Bitcoin is biased.

Tim Draper predicts that Bitcoin will be worth $250,000 in 2022!

Images: BitNews

Bobby Lee, CEO of BTC China, Sees an Even Brighter Future for Bitcoin and Predicts the Price$ 1 million in 2028In reality, no one can accurately predict the price of Bitcoin.

On the other hand, one can imagine potential future scenarios for Bitcoin. Here4 Top Potential Long-Term Scenarios for Bitcoin.

1. Bitcoin will become a global reserve currency

Bitcoin Hodlers are convinced that he is in the futurewill become a global reserve currency, squeezing the US dollar. If this scenario comes true in the long run, then real scammers will become incredibly rich.

If Bitcoin becomes the global reserve currency, the earliest hodlers could even becomebillionaires.

For this to happen, you need a real massive acceptance of Bitcoin by the general public. Bitcoin should be accepted by all sellers around the world, along with the US dollar and other fiat currencies.

If a large number of people will useBitcoins as a medium of exchange and payments, its price will become much higher. The high volume of transactions due to the massive adoption of Bitcoin will allow setting acceptable commissions despite the remuneration of Bitcoin miners approaching zero.

Then the original vision of Satoshi Nakamoto will become a reality. Recall that the mysterious creator of Bitcoin describes it this way in his document Bitcoin: Digital Peer-to-Peer Cash:

“The completely peer-to-peer device of the electronic money system allows you to make electronic transactions between participants directly, bypassing any financial institutions.”

As of the beginning of 2019, this scenario is irrelevant, since most bitcoin holders simply accumulate them or use them as a speculative tool in order to maximize profits.

2. Due to the rarity, the price of BTC will continue to grow, for the joy of investors

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The Bitcoin blockchain can be minedmaximum 21 million BTC. Bitcoin’s rarity is further accentuated by the fact that an estimated 4 million BTC are forever lost!

Thus, in fact, in 2140, there will be, in the best case, 17 million bitcoins.

With the increasing success of Bitcoin, more and morepeople will want to keep him. Bitcoin halving or halving will each time reduce the number of new bitcoins received by miners for confirming transactions. The price of bitcoin will constantly grow due to strong demand from the public.

Nevertheless, such strong demand from the general public concerns the speculative side of Bitcoin, and not its use as a medium of exchange.

More and more sellers will acceptBitcoin as a payment method. However, due to the commissions that will skyrocket after the actual disappearance of rewards for Bitcoin miners, most people will prefer to save bitcoins before reselling them for profit.

In such a scenario, Bitcoin will turn into a semblance of securities, which is at variance with the original vision of its creator.

3. Bitcoin will become digital gold

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Since the offer of Bitcoin is known and of course andits mining requires effort, it has always been compared with gold. For many economists, Bitcoin is digital gold, or gold 2.0. American regulators, therefore, see bitcoin as a commodity.

Bitcoin is still young, which explains the very high current volatility of its price.

Over time, the price of bitcoin will continue to rise afterseveral rounds of the bull and bear market. Gradually, its price will begin to stabilize in the same way as the price of gold, which, in comparison with the current price of bitcoin, is very stable.

Bitcoin will play the role of a store of value.

4. Bitcoin will be forgotten

The latter scenario seems the leastprobable. Nevertheless, it is worth mentioning, since there is such a possibility. In the future, Bitcoin may simply be forgotten. Its price will drop dramatically, so it will cost almost nothing more.

Bitcoin Hodlers who dreamed of becoming billionaires would be a big loser!

What could cause such a virtual disappearance of Bitcoin?

Firstly, its crowding out with another cryptocurrency that will become a market leader. There is no shortage of competitors, from Ethereum to Ripple, EOS or Bitcoin Cash.

Also, one should not completely exclude the possibility of the emergence of a new cryptocurrency, which will solve the scalability problem of Bitcoin and convince a greater number of users of its usefulness.

When Bitcoin loses its user base, there is little left for it and its pioneer advantage will not help him in any way.

Second opportunity- this is if the regulators of the largest developed countrieswill be able to put an end to Bitcoin's adventures. Its decentralized nature should protect it from this, but who knows - the worst case scenario must be considered.

Finally, It’s also possible that Bitcoin is never realizingits full potential, as users will prefer to use it exclusively for speculative purposes. Already now, many because of greed really do lose sight of the revolution he personifies.

Conclusion

Images: BitNews

What awaits Bitcoin in the future? What will be the price of bitcoin in 5, 10 or 50 years? Similar questions are asked daily both in the Bitcoin community and beyond.

No one can confidently answer thesequestions, and that is precisely the charm of life. Although Bitcoin may have been the greatest technological revolution since the advent of the Internet, there is no guarantee that it will realize its full potential by becoming a global reserve currency along with or instead of the US dollar.

That is why it is so exciting every dayfollow Bitcoin: you can build the craziest dreams about its future, but nothing is guaranteed, and the community must fight every day so that Bitcoin can realize its full potential one day.

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