Bitcoin Will Hit $1 Million? cryptocurrency

This is a rather bold prediction, and several analysts and experts have come out to say that it could indeed be possible within this very decade, just as Cathie Wood of ARK Invest hypothesizes. The next steps take the following factors in considering how Bitcoin reaches this milestone: cryptocurrency

Scarcity and Halvings cryptocurrency:

Bitcoin undergoes what is called a “halving” every four years. At the time of that halving, the reward for Bitcoins is cut in half. This is an event that reduces supply.

Throughout history, scarcity has led to much sharper price rises in the absence of greatly increased demand.

The growing interest of institutions in using Bitcoin as a store of value will increase demand, hence forcing the price upwards.

Major companies and financial institutions are inclined towards looking for an alternative investment in Bitcoin.

When Bitcoin reaches the level of mainstream usage as global currency or digital gold, the demand may shoot through the roof, pushing prices to $1 million.

Although these would indeed form a very strong case,

it is unlikely that Bitcoin would vault over quite imposing barriers such as regulatory change and competition in digital assets to such a valuation.

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