Following Japan’s acceptance of Bitcoin as a legal payment method, the value has continued to rise. In fact, it’s gone up about 100 bucks in the past week. Russia is now considering regulation, which could contribute to even higher values. One of the guys behind the Snapchat app sees the major potential and believes each Bitcoin could be worth $500,000 by 2030. Intrigued?
"The Japan virtual currency act has likely had a major impact, as there has been a lot of buzz in Japanese media over the ruling over the last few months," said Aurélien Menant, founder and CEO of Gatecoin, in response to spike the value of Bitcoin.
In terms of growth, the virtual currency has established an impressive track record over the last 7 years. When it was introduced, it was worth nothing, but these days each unit of currency goes for approximately $1,1190. With this in mind, is it unreasonable to think that its worth could skyrocket to half a mill? Snapchat’s first investor, Jeremy Liew, bases his theory on what we’ve seen with Bitcoin thus far. The cryptocurrency has already shown exponential growth and is expected to grow 61 times by 2030. Other factors include the market cap and overall supply of the virtual currency.
Another supporter of Liew’s theory is Blockchain CEO and co-founder, Peter Smith, who has his own opinions on the possibility of a “hard fork”: "Bitcoin has strong economic incentives to prevent this. If the last two years of healthy contention and debate lead to a conclusion, it's that Bitcoin is incredibly resilient and stable. In fact, the bitcoin Blockchain has operated for 7+ years with no downtime, a feat no other back-end system operating at this scale can claim."
Do you see the potential or is this just crazy talk? Let us know in the comments.
Sources:
‘The first investor in Snapchat thinks each bitcoin could realistically be worth $500,000 by 2030 — Here's how’, Jonathan Garber, businessinsider.com, April 8, 2017