I am a Bitcoin enthusiast, I am not a financial advisor, analyst or trader and my opinions are not to be interpreted as investment advice. I only share my experience and my observations of the Bitcoin market.
Golden Years of Bitcoin Currently we are experiencing the golden years of Bitcoin, the time to accumulate Bitcoin and be ready for the coming Bitcoin explosion, where we will experience Bitcoin prices that will shock even the greatest believers in Bitcoin.
Understanding Bitcoin is vital and I am going to look at some of the reasons why I think Bitcoin will grow in the next 3 months and then continue to grow in the longer term.
Bitcoin is currently holding its current $10000 value despite the fact that many people have predicted that it will pull back to below the $9000 level. Why Bitcoin has not dropped lower than $10000 is the real question.
BAKKT – On the 16th of August, Bakkt announced that it will go live with physically-settled bitcoin futures contracts and a crypto custody service, called Bakkt Warehouse, on September 23 to enable investors to trade and store bitcoin in a regulatory-compliant manner.
The announcement, in my opinion, is the cause of the price of bitcoin (BTC), holding $10000 and this points to the potential that physically-delivered bitcoin futures may have on bitcoin going forward.
The difference between the Bakkt offering and the cash-settled bitcoin futures contracts available currently, is that physically-settled bitcoin futures contracts will deliver bitcoin upon maturity.
As a result institutional investors, who are betting on the price development of bitcoin, will end up holding actual bitcoin and not just the difference of their buy and sell price in cash (as is the case with CME bitcoin futures).
This will should cause a higher rate of institutional investor adoption and could potentially lead to a new rally in the price of bitcoin. My belief is that institutional investors are currently buying Bitcoin whenever the price dips slightly.
What about the next few months and the longer term?
I am part of a group of enthusiasts just like myself and our view is that the price of Bitcoin will increase by 30%-100% in the next three months, if not sooner. Potentially Bitcoin prices could reach $14000 by the end of November.
Then in the longer-term view, many traders and analysts are saying that we will enter a big recession like we saw in 2008 within the next 12 months. Bitcoin was created in 2009 as an answer to the global financial crisis of 2008 so we have no idea how Bitcoin will react. However, I believe that the price of Bitcoin could easily rise to $50000 and higher in 2021.
My focus is to grow my Bitcoin. If I had $1000 in Bitcoin today, it could easily be worth $2000 by the end of this year and my $1000 has the potential to reach a value of more than $5000 in the coming 2 years. I could realise a growth of more than 500% in the future, there is no other investment that I know of that could give me that sort of return.
My personal bitcoin is with Mirror Trading International and daily I receive bonuses that also cause the amount of Bitcoin I have to grow. This is what I do with my Bitcoin, and I am not offering financial advice. I encourage you to do your own research and make your own decisions about Bitcoin.