Bitcoin price predictions mean nothing unless you do this.
Recently, an analyst at Fidelity said Bitcoin would reach $1 billion by 2038. That is 17 years from now.
Many analysts and Bitcoin gurus have made predictions over the years and most are usually wrong. It doesn’t matter if the person had a Ph.D. in finance or investing. People have made their predictions and most were wrong.
Hedge fund manager Michael Novogratz predicted Bitcoin would reach $40,000 in 2017.
Michael Hayes, CEO of Bitmex, predicted Bitcoin would reach $50,000 in the same timeframe.
Then some people even undervalued the price of Bitcoin.
Spencer Bogart, Equity Research analyst, Needham & Co., predicted Bitcoin would reach $848 in 2017.
Elizabeth McCauley, Global Business Head at Coinsecure, said Bitcoin would reach $1,000 in 2017 and possibly go higher.
A lot of people make guesses and they were wrong. There is nothing to say that Fidelity’s analysis is correct either.
Plenty of people have done their analysis and research but there are other factors that have decreased or increased the price of Bitcoin. Then there is the external factor of the Bitcoin Whales who usually have their own agenda that can send ripples in the market.
There are a lot of external factors that have thrown the Bitcoin price for a ride. Anything and everything has influenced the Bitcoin price predictions that people have come up with.
Bitcoin will have 21 million produced. At this point, 18,805,412.5 Bitcoin is in existence. Almost 90% of Bitcoins are held.
Jurrien Timmer, Director of Global Macro Fidelity, came up with Plan B. He has come up with the most bullish price for Bitcoin that I have seen. Others have mentioned half a million, a million, and $10 million. But $1 billion is hard to imagine.
I’m not here to discuss a price target. Whatever price Bitcoin reaches, it will reach a number that is more than you or I could imagine. Bitcoin, itself, is very volatile and will probably continue to fluctuate for years to come.
There are people who control the price and they sell as they please. They will probably continue to do so and take in their profits.
Then you have the external factors by countries, big business, and people in politics. This is another area that you have no control over. Their actions will cause the Bitcoin price to continue to swing up and down.
What you really need to know are these questions for you to consider and think about. These questions will help guide you and hopefully make plans for what you’ll do with your Bitcoin whether it’s $50,000, $100,000, or a million.
You need to have your own Plan B.
Questions you should consider:
1. Does Timmer’s timeline fit your end state?
2. Can someone access your account in case you pass away?
3. Can you wait that long and handle the ups and downs of the cryptocurrency market?
4. Could you sell earlier and reinvest the money somewhere else?
5. Should you take profits before the next market crash?
6. Are you storing your Bitcoin properly and do you own the keys rather than an exchange?
7. Do you plan to create a legacy and leave your Bitcoin to the next generation?
These are just some ideas to get you thinking.
Everyone gets excited when they read articles or see a video about price predictions. You need to remember some of the basics about what you are currently doing with your own Bitcoin and cryptocurrencies.
You need to have your own Plan B.
Can you think of other ideas that I didn’t mention?
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.