Did you miss out on the Bitcoin Bandwagon? Own some but want to know if you should sell them or wait? I reached out to 10 Bitcoin experts for their informed predictions about Bitcoin over the next 5 years. The following is what they shared with me.
Eric Chen, Student at NYU Stern, Blockchain Analyst at Innovating Capital, Founder of NYU’s first cryptocurrency club
,
,
Why I Know More About Bitcoin than Your High School Buddy:
-Currently running the first NYU Blockchain Club, Blockchain Collective
-Working as a blockchain analyst at Innovating Capital. Helping VCs invest in blockchain startups
-Trading Cryptocurrency since Jan 16 ( Involved in Bitcoin community since 14 ), started with $500 and made enough to travel throughout Europe for 3 months.
-Previously ran a private investment group 2020 capital, trading traditional financial instruments, later decided to transition to cryptocurrency.
-Developed Ethereum Decentralized Applications and contributed to Ethereum Ecosystem
-Previously a high school startup founder
Here’s the Inside Scoop:
Right now Bitcoin is going on a spectacular run. But this has overshadowed its many issues: As of 12–10–2017, average transaction cost is 109 USD (all time high) and it still takes 1–10 hours to process a transaction. This number will increase as the network grows. The bitcoin core developers has tried to implement a solution to fix this with Segwit2x but the bitcoin community could not reach a consensus on the change. If the Bitcoin community remains divided, the network will be essentially unusable when it scales up.
In 5 years, Blockchain, bitcoin’s underlying technology, will revolutionize our way of life but the change will likely be in the back-end, meaning you might not notice it (like the Voice Over IP revolution). The cryptocurrency market may dominate the financial market but Bitcoin won’t be the number 1 coin, that position will likely belong to its competitors like Ethereum or Litecoin, which has a much stronger developer community and can implement change swiftly.
Yet Another 9 Bitcoin Experts Share Their Predictions About The Fate Of Bitcoin Over The Next 5 Years Areiel Wolanow, Managing Director, Finserv Experts
,
,
Why I Know More About Bitcoin than Your High School Buddy:
Areiel Wolanow is the managing director of Finserv Experts, an independent consultancy providing advisory and delivery services in blockchain and cryptocurrency. Areiel has led the implementation of distributed ledger solutions for global banks and insurance firms, including Bank of America, HSBC, and Lloyd’s of London (his current client). He has advised financial regulators and central banks around the world on digital currency adoption, as well as advising the UK police force on cryptocurrency-related law enforcement and the ICAEW on the impact cryptocurrency will have on the audit profession.
Areiel is passionate about financial inclusion, having delivered solutions in Kenya, Indonesia, and over 40 other countries around the world, and has addressed the G20 on the potential of technology to make capital more available to small businesses in the developing world.
Here’s the Inside Scoop:
The answer to the future of Bitcoin can be seen by looking at the past. The most common critique given about cryptocurrency is its lack of intrinsic value, but the same is true of all earlier forms of money, and outside its niche value to jewellers and electronics manufacturers, the same is true even of gold. Money has value only because people agree it does. Money is perhaps the strongest, most enduring social contract in human history; people made it for three reasons: convenience, exchangeability, and safety.
These benefits have driven currency innovation since ancient times; each major innovation (coin, paper, card, crypto) has significantly improved all three. Cryptocurrency isn’t yet as convenient or safe as the money technologies it replaces, but is already more exchangeable in some parts of the world, and has the potential to be far more convenient and safe than any earlier form of money.
All previous innovations in money have taken decades if not centuries to reach general acceptance. Bitcoin adoption is likely to take less time than previous money innovations, but there is no reason to believe it will be anything like instantaneous. Also, none of the prior innovations has ever completely eliminated its predecessors. Today’s users of debit cards still use paper currency and coin (and sometimes even gold); users of Bitcoin will likewise continue to use earlier forms of money as well.
Despite the current bubble (and make no mistake, it is beyond all doubt a bubble), adoption of cryptocurrency is inevitable, but it is by no means certain that Bitcoin will emerge as the cryptocurrency of choice. Yet as with most innovations, the first mover to gain critical mass holds a huge advantage. The success of Bitcoin over the next 5 years would be very difficult to bet against.
Trevor Koverko, CEO of Polymath
,
,
Why I Know More About Bitcoin than Your High School Buddy:
Trevor Koverko founded Polymath in 2017 to disrupt the securities industry by creating an open platform that gives businesses access to the blockchain, smart contracts, and token creation technology. Prior to Polymath, Trevor Koverko was a Silicon Valley entrepreneur, blockchain speaker, and cryptocurrency investor. Trevor founded eProf.com, an online education platform, and Digital Assets International, a world-leading tech private equity firm. Trevor graduated academic All-Canadian from Canada’s top business school, Ivey, and was formerly a National Hockey league player, drafted by the New York Rangers in 2005.
Trevor played six seasons of professional hockey in Division A and the junior leagues in North America and Canada. In 2015, Trevor’s Oculus Rift-based project became the world’s first VR exit. He has since invested in dozens of blockchain companies and was an original advisor/investor to the $30 billion USD Ethereum project. Trevor is 30 years old. He lives in Toronto but travels to the US very frequently.
Here’s the Inside Scoop:
“We’re going to see Bitcoin emerge as a payment network. Currently Bitcoin is being used as a speculative asset and store of value. But as scaling solutions like the lightning network emerge, bitcoin’s utility dramatically increase along with its price. The real question is will it be the bitcoin ‘main chain’ that has the courage to adopt these upgrades or will it be another chain like Bitcoin Cash?”
Mike Poutre, CEO of The Crypto Company
,
,
Why I Know More About Bitcoin than Your High School Buddy:
With more than 25 years in the Banking and Corporate Finance industry, Michael Poutre has successfully led companies as CEO and Director, securing funding and executing IPO’s on NASDAQ. He serves as CEO of Redwood Fund LP, and has raised over $100M for venture and banking deals. With a reputation for providing outstanding returns and liquidity to investors, The Crypto Company is set up for success with a leader like Michael Poutre at the helm.
Here’s the Inside Scoop:
“2018 will be the year institutional investors enter the cryptocurrency industry. Less volatility in Bitcoin will allow continued expansion in alternative cryptocurrencies. We will also see the rise of securities tokens in response to increased regulation. Conservatively, I’ll predict the entire industry to reach a market cap of $5 Trillion by the end of the year.”
Michael Drago
,
,
Why I Know More About Bitcoin than Your High School Buddy:
29 years old. I studied at the University of Cincinnati where I got my Bachelors in Business. I’ve only been investing in cryptocurrencies since late 2016. However the marketcap has seen a 100x growth to date which put myself in a very sound position. I study technical analysis on charts, constantly am reading market trends, incoming news on coins and social media. Combined, all of these are used as catalysts on finding the next 10x coin. I run a public slack channel named “The Apollo Group” where followers can see my entries and exits on the market. I am also on twitter under @CryptoM1KE.
Here’s the Inside Scoop:
I predict bitcoin to be worth $50,000 by the end of 2018, and by 2022 if market trends follow there is no reason in seeing bitcoin at $1,000,000. The total bitcoin dominance in the cryptocurrency market is around 70% at the time of writing. The marketcap has increased to 450+ billion from 7 billion in early 2017 alone. At this pace combined with the mass adoption in retail & futures being listed there is no stopping this monster.
Shawn Wilkinson, Cofounder and Chief Strategy Officer at Storj Labs
,
,
Why I Know More About Bitcoin than Your High School Buddy:
Shawn Wilkinson is the cofounder and chief strategy officer at Storj Labs, a decentralized cloud storage provider, where he oversees company strategy, vision and architecture of the Storj network. Shawn led the company’s initial token sale in 2014. The company did a second, $30M token sale in 2017, when it migrated from the Counterparty blockchain to the Ethereum blockchain. Shawn was an early bitcoin miner. He graduated from Morehouse College with Bachelor of Science in Computer Science.
Here’s the Inside Scoop:
Right now, Bitcoin is the current cryptocurrency star and the interest in the platform is largely driven by network effects of being the first and most well established cryptocurrency. But being first in an emerging space doesn’t necessarily mean that Bitcoin will be the winner. The roll-out of Lightning Network is critical for Bitcoin to maintain its dominance and continue its success, especially with the high fees and slow transaction time we currently see. In fact, our team at Storj Labs switched our company’s digital token from Bitcoin to Ethereum due to these issues. In the next five years, either another cryptocurrency platform will beat Bitcoin to the punch, figure out how to scale, and address these issues, which will cause Bitcoin will lose its dominancy, or Bitcoin will roll out Lightning Network first and maintain its leadership. Fortunately for Bitcoin holders, there are many talented developers working day and night on this problem, and we hope they succeed.
Michael Tamez, Financial & Investment Blogger, Sunshine Gold Investments
,
,
Why I Know More About Bitcoin than Your High School Buddy:
Michael is the Investment and Financial Blogger for Sunshine Gold Investments. His goal is to educate people financially, while recommending bright retirement options for financial security. Michael provides expert written articles, Bitcoin and gold-backed investment news, and free investing resources. He strives to empower readers with knowledge and tools to secure their retirement. Learn more at http://SunshineGoldInvestments.com
Here’s the Inside Scoop:
As You Read This Headline… The Price of Bitcoin is Skyrocketing!
If you haven’t heard or noticed, the price of Bitcoin is skyrocketing over the past several weeks. For the first time in its 7-year history, Bitcoin’s price has risen above $17,000 (as of December 11, 2017).
Two months ago, the price of Bitcoin was $4,830. The current price is $17,200, which reflects a massive $12,370 gain. That’s a whopping 250%increase! There’s no other investment in history that has been able to provide returns like that.
To further understand the ridiculous potential of Bitcoin, let’s compare the current price of $17,200 to its price in 2010, which was $0.21.
Yes, you read that correctly — Bitcoin was worth 21 cents in 2010! And… the price has increased over 8 million percent in just 7 years!
So… if you would have bought a couple hundred dollars of Bitcoin in 2010, you’d be a Bitcoin multi-millionaire today… The surge beyond $17,000 also pushes Bitcoin’s market capitalization above $250 Billion for the first time ever. In fact, market capitalization is rapidly approaching $300 Billion as you read this article..
Even the inflated stock market (which recently achieved an all-time high as well) has not been able to keep up with the Bitcoin digital currency revolution. Remember — People Laughed at Predictions of $1,000 At the rate Bitcoin is surging, there’s no telling what the future will hold in relation to its price.
After analyzing historical data and price graphs, there’s literally nothing stopping Bitcoin from busting through the $100K mark in the next couple years. And further, with the amount of countries dumping cash in favor of digital currency, the price soar will only continue. And it will continue to soar… at an astronomical pace.
When Bitcoin was under $1,000, people laughed at predictions of $10,000. Currently, with Bitcoin priced at almost $20,000, the same people(again) are laughing at predictions of $50,000 — $100,000. There are still plenty of opportunities to invest in digital cryptocurrency and will be for many years to come. Let them keep laughing at price predictions. When Bitcoin hits the six-figure mark, you’ll the one be laughing…
Lane Campbell / Humble Advisors
,
,
Why I Know More About Bitcoin than Your High School Buddy:
I am a lifelong entrepreneur
Here’s the Inside Scoop:
Bitcoins success is largely predicated upon its continued success of being sold through exchanges in developed countries. If governments decide to turn that mechanism of trade off through legislation then the party will come to a screeching halt. The real future will be built on blockchain. I see today’s alt coins as the modern equivalent of railroad companies that laid down tracks that still generate profits over 100 years later. That’s what blockchain companies are doing and it’s why so many people are investing in ICO’s.
Felix O. Hartmann, Founder of CryptoAcademy.us
,
,
Why I Know More About Bitcoin than Your High School Buddy:
Felix Hartmann is a Tech Entrepreneur, Trader, and Dystopian Author. A professional Crypto Currency trader, Hartmann is the founder and head-instructor of Crypto Academy, the premier community and educational platform for active Crypto Traders with more than 3000 members from all continents on earth. From debating Bitcoin back in 2011, to analyzing it in 2014, to running a crowdfunding site that had bitcoin integrations as early as 2015 before ICOs were popular, Felix had observed the crypto community and its staggering evolution since close to its inception. Now he is focusing full time on trading and investing crypto-currencies, while also getting involved in advisory of crypto projects that could change the world.
Here’s the Inside Scoop:
In 5 years I consider Bitcoin Core to be the dinosaur of cryptocurrencies. At the current point in time, Bitcoin has the primary utility of being a store of value, and a secondary utility of being a transactional crypto currency. Already now its transactional capabilities in terms of speed, cost, and scaling, are wildly inferior to competitors. By 2022, it will likely have died out from a utility standpoint and become a high priced relic. Like a limited edition piece of fine art, I consider it to hold its value far beyond what it is worth now. However the long game is won by superior utility and tech, which I think we will see emerge from alt-coins or bitcoin forks.
All that aside, in the short term (12–36 months), we will see the price of Bitcoin get carried beyond our wildest dreams, championing a new paradigm and concept, taking us closer to mass adoption, while paving the way for those that will ultimately replace it. Bitcoin in a way, will be crypto folk-lore, “the coin that started it all”, but one day be nothing but a memory, and more than likely worth at least hundreds of thousands for its collector value if we do end up living in a crypto dominated world.
Daniel Moravec, Founder of Bitcoin Mavericks
,
,
Why I Know More About Bitcoin than Your High School Buddy:
I’ve been involved in Bitcoin since 2012/2013 have am a professional cryptocurrency trader. At the suggestion of friends and clients, I’ve recently began focusing on building my social influence and have already built a Facebook Group with ~1500 members in only 6 weeks. I also run an exclusive private WhatsApp groups where I give my best advice to close friends and paying members.
Here’s the Inside Scoop:
We are seeing a lot of interest in the world of Bitcoin this year and have 17x’d since I began publicly reporting on it. This is not the end, its only the beginning. Bitcoin isn’t a bubble because its not simply a speculative instrument, it is an asset that can be transferred quickly, easily, and without interference of government or banks. Its superior to most traditional banking products of today.
Source: Cryptocurrency