After a significant correction last week, bitcoin has returned to a position near $15 thousand, and on Wednesday its price was returned even to $16 500.
Experts, including the anti-virus industry pioneer John McAfee the founder of hedge Fund Ari Gender, expressed optimism in relation to short-term and medium-term trends in the growth of bitcoin, given its recent momentum and the total cost increase for 2017.
«As I predicted, the price of bitcoin has fallen and rises quickly after Christmas. This is still the best long-term cryptocurrency investment, and I firmly stand by my prediction: $1 million by the end of 2020,» said John McAfee.
Historically, bitcoin has shown a tendency to recovery soon after a big correction. Therefore, rapid restoration of bitcoin after Christmas was expected by most investors in the cryptocurrency market.
However, the forecast concerning McAfee $1 million in bitcoin by 2020 is noteworthy, since other investors such as the CEO of Overstock Patrick Byrne and investor Mike Novogratz suggest a similar figure.
Analysts believe that once the market capitalization of bitcoin will exceed a trillion dollars, it will be able to surpass the market valuation of traditional assets such as gold, and, ultimately, to enter the global offshore banking market.
«We have all these currency price fluctuations from the time of Bretton woods. Perhaps the dollar remained the standard of value, but the rest fell by 95% in comparison with the fact that it is impossible to control gold and bitcoin. So it [bitcoin] price can reach $1 million,» says Byrne.
Investors in the cryptocurrency market can expect a variety of factors and events that will lead to a sharp rise in the price of bitcoin. For example, decisions on submitted applications for 8 exchange-traded funds (ETF) on the new York stock exchange (NYSE) and ITS.
Given the success of futures on bitcoin on HIS own and CME, experts say that the probability of approval by the Commission on securities and exchange Commission (SEC) of at least two ETFs is very high.
Another important factor that can significantly raise the price of the bitcoin is the solution to the problem of scaling, to eliminate the overload in the network of Bitcoin.